The City Council has unanimously approved a special tax on downtown property owners to finance $160 million in waterfront improvements.
Funds would go to build a waterfront park, a tree-lined walkway, a landing for a new Seattle Aquarium pavilion and street improvements.
The average commercial property owner will pay $91,575 while condo owners will pay $4,656, according to city estimates and a Seattle Times report.
The improvements are part of a larger $712 million city plan for waterfront improvement in conjunction with demolition of the Alaska Way Viaduct that has separated downtown from the waterfront. Leaseholders in the affected Local Improvement District will have to assume increased costs passed on by their landlords. During debate on the issue, commercial owners persuaded city officials to reduce the size of the tax from $200 million to $160 million, The Times reported.