The bill amends RCW 79.105.060 to update the definition of "inflation rate" as it pertains to aquatic land leases. The new definition specifies that the inflation rate will be calculated based on the percentage change in the previous calendar year's published Seattle area consumer price index for 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 for the department to designate a comparable substitute index if the CPI-U ceases to be published.

Furthermore, the bill introduces clarifications regarding the classification of water-dependent uses, specifically including a definition for floating structures that are primarily used as residences on the water. It stipulates that such structures must have detachable utilities and that the owner or primary occupant must have held an ownership interest in a marina or a lease for marina space since before July 1, 2014. This change aims to ensure that certain residential floating structures are recognized within the context of water-dependent uses, while also streamlining the rule-making process related to this classification.

Statutes affected:
Original Bill: 79.105.060
Substitute Bill: 79.105.060