S-235                 _______________________________________________

                                                   SENATE BILL NO. 5068

                        _______________________________________________

State of Washington                               51st Legislature                              1989 Regular Session

By Senators Patterson, DeJarnatt and Matson

Read first time 1/11/89 and referred to Committee on  Economic Development & Labor.

AN ACT Relating to removal of property from industrial development districts; and amending RCW 53.25.040.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF WASHINGTON:

        Sec. 1.  Section 4, chapter 73, Laws of 1955 as amended by section 53, chapter 469, Laws of 1985 and RCW 53.25.040 are each amended to read as follows:

(1) A port commission may, after a public hearing thereon, of which at least ten days' notice shall be published in a newspaper of general circulation in the port district, create industrial development districts within the district and define the boundaries thereof, if it finds that the creation of the industrial development district is proper and desirable in establishing and developing a system of harbor improvements and industrial development in the port district.

(2) The boundaries of an industrial development district created by subsection (1) of this section may be revised from time to time by resolution of the port commission, to add land area or to delete land area therefrom, if the land area to be deleted was acquired by the port district with its own funds or by gift or transfer other than pursuant to RCW 53.25.050 or 53.25.060.

As to any land area to be deleted under this subsection that was acquired or improved by the port district with funds obtained through RCW 53.36.100, the port district shall deposit funds equal to the fair market value of the lands and improvements into the fund for future use described in RCW 53.36.100 and such funds shall be thereafter subject to RCW 53.36.100.  The fair market value of the land and improvements shall be determined as of the effective date of the port commission action deleting the land from the industrial development district and shall be determined by an average of at least two independent appraisals by professionally designated real estate appraisers as defined in RCW 74.46.020 or licensed real estate brokers.  The funds shall be deposited into the fund for future use described in RCW 53.36.100 within ninety days of the effective date of the port commission action deleting the land area from the industrial district.  Land areas deleted from an industrial development district under this subsection shall not be further subject to the provisions of this chapter.  This subsection shall apply to presently existing and future industrial development districts.