PORT OF SEATTLE 
MEMORANDUM 
DATE:    August 08, 2016 
TO:      Audit Committee 
FROM:    Joyce Kirangi, Internal Audit Director 
SUBJECT:  Audit Termination Memo -- Project Deemed Low Risk 
Marel Seattle Inc. Lease & Concession Agreement 
Included in the 2016 Audit Committee Annual Work Plan was a lease and concession audit of
Marel Seattle Inc. The audit objective was to assess whether Port management monitoring
controls are adequate and effective to ensure Marel Seattle Inc. complied with the lease and
agreement terms as stipulated in the agreement. After conducting our planning and assessing
management controls, Internal Audit did not identify significant risks related to this agreement.
We concluded that further audit testing would add no value. 
Background 
Marel Seattle Inc. is the leading global provider of advanced food processing systems and
services. The company provides equipment and systems to help food processors (poultry, fish,
meat) of all sizes, in all markets. 

Agreement Section 3.3.1, as amended stipulates: 
in addition to the Base Rent, also pay the Port a percentage rent equal to one
percent of Lessee's annual Gross Income in excess of $20,000,000; provided, however,
the Percentage Rent shall not exceed $150,000 in any single year of this lease. 

FINANCIAL HIGHLIGHTS 

KEY FINANCIAL RESULTS FOR MAREL SEATTLE INC. AGREEMENT 
AGREEMENT YEAR           REPORTED GROSS         BASE RENT & 
REVENUES       CONCESSION PAID 
2014  2015                       43,058,000               731,183 
2015  2016                       48,004,000               795,581 
TOTAL                       91,062,000             1,526,764 
Data Source: PeopleSoft Financials and Propworks