Stockholders need accountability

Port of Edmonds taxpayers – I prefer to use the term stockholders, as they own the Port of Edmonds – were told that a tax increase was necessary because of the problems at Harbor Square. On Oct. 14 an increase in taxes of 71 percent was enacted. This tax increase was approved by the port commissioners even after it was known that a $3.1 million settlement had been reached between Unocal and the port. Please keep in mind that there has been a 200 percent increase in taxes since 2002.

The $13.5 million price to be paid for the buildings in Harbor Square should be covered by a revenue bond; the taxpayers already own the land. If this debt cannot be covered by income, the taxpayers will have then paid too much for this asset.

For more than 50 years the taxpayer has provided the port with tax income and the means to borrow money at low interest rates. These rates would be the envy of most private industries.

With a $55 million asset, are we asking too much to break even? If this cannot be achieved, then it is time for a management change, or to sell the assets and distribute the proceeds to the stockholders (taxpayers).

The port should include this in its mission statement as its first priority. A declaration that the port must produce the maximum monetary return, with the least requirement of the taxpayers’ money.

JACK BEVAN

Edmonds