(1) A port commission may, after a public hearing thereon, of which at least ten days' notice must 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)(a) 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 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.

(b) 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 or 53.36.160, the port district must 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 or 53.36.160 and such funds are thereafter subject to RCW * 53.36.100 or 53.36.160. The fair market value of the land and improvements must be determined as of the effective date of the port commission action deleting the land from the industrial development district and must be determined by an average of at least two independent appraisals by professionally designated real estate appraisers or licensed real estate brokers. The funds must 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 are not further subject to the provisions of this chapter. This subsection applies to presently existing and future industrial development districts. Land areas deleted from an industrial development district under this subsection that were included within such district for less than two years, if the port district acquired the land through condemnation or as a consequence of threatened condemnation, must be offered for sale, for cash, at the appraised price, to the former owner of the property from whom the district obtained title. Such offer must be made by certified or registered letter to the last known address of the former owner. The letter must include the appraised price of the property and notice that the former owner must respond in writing within thirty days or lose the right to purchase. If this right to purchase is exercised, the sale must be closed by midnight of the sixtieth day, including nonbusiness days, following close of the thirty-day period.

*Reviser's note: RCW 53.36.100 was repealed by 2015 c 135 s 5, effective January 1, 2026.