Port of Seattle Executive Director Stephen. P. Metruck yesterday officially released the proposed 2020 Budget and five-year capital development and investment plans.
Port Commissioners will consider the budget and capital development and investment plans at their November 12 and November 19 public meetings.
“ The Capital Investment Plan (CIP), which amounts to $3.4 billion over the next five years, continues our commitment to investing in regional infrastructure to grow our transportation gateways, create jobs and stimulate economic development ,” Director Stephen P. Metruck said in the release.
Among capital projects contained in the plans, the Maritime and Economic Development Division CIP advances the Port’s Waterfront Strategy with significant investments in a new Cruise Terminal at Terminal 46, Terminal 91 uplands development, habitat restoration, and development at Fishermen’s Terminal, including a Maritime Innovation Center.
In addition to its CIP, the Port is also investing $184 million over the next five years in the Northwest Seaport Alliance capital program, which includes modernizing Terminal 5 to make it one of the most efficient container terminals on the West Coast.
The planned improvements at Terminal 5 will accommodate heavier cranes with a longer outreach and provide deeper drafts to simultaneously handle two 18,000-TEU vessels.
The CIP also includes $107 million of additional funding primarily for preservation of critical maritime infrastructure.