The bill amends RCW 79.105.060 to update the definition of "inflation rate" as it pertains to aquatic land leases. The new legal language specifies that the inflation rate will be calculated based on the "published Seattle-Tacoma-Bellevue consumer price index, all urban consumers (CPI-U)," as compiled by the Bureau of Labor Statistics of the United States Department of Commerce. This replaces the previous reference to the "commodity producer price index." Additionally, the bill includes provisions that if the CPI-U ceases to be published, the department will designate a comparable substitute index by rule.

Furthermore, the bill introduces changes to the definition of "water-dependent use" by clarifying that it includes vessels or floating structures designed primarily as residences on the water, provided they have detachable utilities and that the owner or primary occupant has held an ownership interest in a marina or a lease for marina space since before July 1, 2014. This amendment aims to ensure that certain floating structures are recognized as water-dependent uses, thereby potentially affecting their leasing and regulatory status.

Statutes affected:
Original Bill: 79.105.060