(1) A port commission may, by resolution, authorize the managing official of a port district to sell and convey port district property having a value not exceeding the value limit in subsection (2) of this section. The authority must be in force for not more than one calendar year from the date of resolution and may be renewed from year to year. Prior to any such sale or conveyance the managing official shall itemize and list the property to be sold and make written certification to the commission that the listed property is no longer needed for district purposes. Any large block of the property having a value in excess of the value limit in subsection (2) of this section must not be broken down into components having a value not exceeding the value limit in subsection (2) of this section and sold in the smaller components unless the smaller components be sold by public competitive bid. A port district may sell and convey any of its real or personal property valued at more than the value limit in subsection (2) of this section when the port commission has, by resolution, declared the property to be no longer needed for district purposes, but no property which is a part of the comprehensive plan of improvement or modification thereof must be disposed of until the comprehensive plan has been modified to find the property surplus to port needs. The comprehensive plan must be modified only after public notice and hearing provided by RCW 53.20.010
Nothing in this section repeals or modifies procedures for property sales within industrial development districts as set forth in chapter 53.25
(2)(a) Beginning on July 23, 2023, the value limit in subsection (1) of this section is $22,000. Beginning December 2024, and each December thereafter, the department [of revenue] shall adjust the value limit for the following calendar year by multiplying the current value limit by one plus the percentage by which the most current consumer price index available on December 1st of the current year exceeds the consumer price index for the prior 12-month period, and rounding the result to the nearest $10.
(b) For purposes of this subsection (2):
(i) "Consumer price index" means the consumer price index for all urban consumers, all items less food and energy, for the Seattle area as calculated by the United States bureau of labor statistics or successor agency.
(ii) "Seattle area" means the geographic area sample that includes Seattle and surrounding areas.