Port of Vancouver commissioners on Tuesday unanimously authorised a $112.7 million price range for 2025.
“This plan allows us to modernize our marine terminals to efficiently handle current cargo and future commodities, invest in our buildings and infrastructure, and continue transforming Terminal 1 into a regional destination,” Port of Vancouver CEO Julianna Marler stated in a Tuesday assertion.
The port’s Terminal 1 lies simply west of the Interstate 5 Bridge, the place an workplace complicated, lodge, waterfront boardwalk and cruise dock have already been accomplished. The port eliminated a century-old dock there to ultimately make method for a brand new dock and a much-anticipated public market, akin to Seattle’s well-known Pike Place Market.
The port plans to spend $50 million on capital tasks subsequent yr. Different bills complete $59.7 million. That features $46.6 million in working bills, about $1 million greater than in 2024. The elevated spending will go towards dredging transport berths and hiring further workers, in accordance with the port’s assertion.
The port’s price range anticipates $69.8 million in income subsequent yr. That features $50.6 million in working income, primarily from marine and terminal operations and industrial leases, in addition to $13.77 million in property taxes, about 2.8 p.c greater than in 2024.
Due to development within the complete worth of property inside the district, owners will proceed to pay 21 cents per $1,000 assessed worth, in accordance with the port’s estimates. For the proprietor of a $500,000 home, that’s about $105 in annual property taxes.
“Our focus is to maintain strong economic benefits for our community,” Marler stated.
The Port of Vancouver helps practically 20,000 jobs, in accordance with its newest financial affect research launched in 2022.