This bill amends RCW 79.105.060. It revises the definition of "inflation rate" to mean the percentage change in the prior calendar year's Seattle area consumer price index for all urban consumers (CPI‑U) as published by the U.S. Bureau of Labor Statistics, and requires the department to adopt by rule a comparable substitute if that index ceases publication. It also defines "real rate of return" as the average, over the most recent ten calendar years, of the average rate of return on conventional real property mortgages (per the Federal Home Loan Bank Board or any successor) minus the ten‑year average inflation rate. The amendment changes how certain water‑oriented uses are classified for rent purposes: activities conducted on state‑owned aquatic lands on October 1, 1984, or that were actually conducted there for at least three years before that date, are classified as water‑dependent; if an activity that was water‑dependent after October 1, 1984 is later changed to a use that is not water‑dependent, it is classified as nonwater‑dependent. The bill also provides that any rulemaking necessary under the floating‑vessel‑as‑residence provision (subsection (24)(b)) is not subject to the requirements of RCW 43.21C.030(2)(c). The section restates or updates many statutory definitions used in chapters 79.105 through 79.145 RCW, including terms such as aquatic lands, beds of navigable waters, first‑ and second‑class shorelands and tidelands, harbor area, improvements, inner and outer harbor lines, log booming and log storage, nonwater‑dependent and water‑dependent uses, water‑oriented use, person, port district, public utility lines, terminal, and valuable materials. Affected data sources and entities named include the Bureau of Labor Statistics and the Federal Home Loan Bank Board (or successor) and references to port districts and the Shoreline Management Act; key dates used are October 1, 1984 and a ten‑year averaging period. The extracted text repeatedly refers to "the department" but does not identify which state department is meant, and only RCW 79.105.060 is shown here; it is unclear from these excerpts whether other sections of the bill are amended or whether additional provisions appear elsewhere.

The bill changes the measures used to adjust and calculate financial benchmarks for state aquatic lands by specifying the Seattle-area CPI-U as the inflation measure (with a required substitute if that index stops) and by defining "real rate of return" as the ten-year average conventional mortgage return minus the ten-year average inflation rate. It also clarifies which historical water-oriented activities are classified as water-dependent for rent purposes (those present on October 1, 1984 or in place for at least three years before that date), treats certain residential floating vessels tied to long-standing marina ownership or leases as water-dependent, and exempts the rulemaking for that floating-vessel provision from one listed environmental review requirement. Practically, the state agency that administers aquatic lands must adopt rules and apply these new definitions when setting rents, fees, or financial benchmarks, which can change revenues and the amounts paid by leaseholders; port districts, marina owners, and tenants—especially those with long-standing marina interests or floating residences—are most affected because their lease classifications and charges could shift. The excerpt does not name the specific department responsible nor show other bill sections, so the precise changes to rents, fee schedules, or overall fiscal impact cannot be determined from these facts alone.