P.O. Box 1209 
Seattle, Washington 98111 
www.portseattle.org 
206.787.3000 
MINUTES OF THE 
ANNUAL MEETING OF THE BOARD OF DIRECTORS 
OF THE INDUSTRIAL DEVELOPMENT CORPORATION 
OF THE PORT OF SEATTLE 
April 9, 2013 
The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on April 9, 2013, during a recess of
the Port Commission regular meeting on the same date, which convened at 1:05 p.m. at
Port of Seattle Headquarters, Commission Chambers, 2711 Alaskan Way, Seattle,
Washington. The annual meeting of the Board of Directors of the IDC convened at
1:29 p.m. Directors present included Tom Albro, Bill Bryant, and Courtney Gregoire.
Director Creighton was excused to attend to Port of Seattle Commission business. 
1.     Approval of Minutes 
Minutes of the IDC meetings of March 6 and September 11, 2012. 
Motion for approval of the IDC meeting minutes of March 6 and September 11,
2012  Bryant 
Second  Gregoire 
Motion carried: 
In Favor: Albro, Bryant, Gregoire (3) 
Absent for the vote: Creighton 
2.     Election of Board of Directors Officers 
ACTION REQUESTED: Request Board approval of the IDC Board of Directors and
Officers for 2013. 
Request documents:  IDC memorandum dated March 22, 2013, provided by Diane
Campbell, Senior Corporate Financial Analyst, Finance and Budget. 
Presenter(s): Ms. Campbell. 

Minutes of April 9, 2013, IDC meeting proposed for approval on March 18, 2014.

Port of Seattle Industrial Development Corporation Minutes of April 9, 2013          Page 2 of 3 

Pursuant to the IDC Bylaws, Article 5, Section A, Ms. Campbell presented the following
slate of proposed Board of Directors and Officers for 2013: 
Tom Albro, President 
John Creighton, Vice President 
Bill Bryant, Assistant Secretary 
Courtney Gregoire, Director 
The position of Secretary was left open pending appointment of a fifth Director to the
Port of Seattle Commission. 
Motion for approval of proposed slate of Directors/Officers  Gregoire 
Second  Bryant 
Motion carried: 
In Favor: Albro, Bryant, Gregoire (3) 
Absent for the vote: Creighton 
3.     Industrial Development Corporation 2012 Annual Report 
Presentation documents: IDC memorandum dated March 22, 2013, provided by Diane
Campbell, Senior Corporate Financial Analyst, Finance and Budget. 
Presenter(s): Ms. Campbell. 
Ms. Campbell described the background of the Industrial Development Corporation and
reported on IDC activities in 2012, including the following relevant information: 
The IDC was established in 1982 pursuant to RCW 39.84 as a special
purpose government with limited powers. 
The purpose of establishment  was industrial expansion through taxexempt
financing. 
Debt issued through the IDC is the responsibility of the issuing company
and is always non-recourse to the Port and the IDC. 
Members of the Port Commission form the IDC Board of Directors. 
The Port may not lend or give credit to the IDC. 
There is no borrowing limit to the debt issued through the IDC. 
The cost advantage to issuing bonds through the IDC was an incentive to
accessing financing through the IDC by companies in the 1980s. It is less
advantageous to finance in this way under current tax law. 
In 2012, Delta Air Lines refunded bonds originally issued in 2001 to take
advantage of lower interest rates. 
IDC assets increased by approximately $147,000 in 2012 to a little over
$261,000, due primarily to a lump sum fee paid by Delta Air Lines in
connection with their 2012 bond refunding. 

Minutes of April 9, 2013, IDC meeting proposed for approval on March 18, 2014.

Port of Seattle Industrial Development Corporation Minutes of April 9, 2013          Page 3 of 3 

Annual income derived from customer fees and investment income was
$168,000 in 2012. 
Expenses for 2012 were approximately $11,800 primarily for
administrative expenses. 
As in 2012, there are currently three companies with outstanding bonds
totaling $82.7 million. The shortest maturity is 2021 for bonds issued by
Crowley Maritime Corporation; the longest maturity is 2030 for bonds
issued by Northwest Airlines, which later merged with Delta Air Lines. 
Ms. Campbell recommended to the Board that the current fund balance of $261,304 be
retained in order to generate sufficient investment income to offset operating expenses.
This need will remain as long as there is outstanding debt through the IDC.
Commissioner Albro commented on the potential to leverage the IDC to promote exports
and logistics and fostering the health of the maritime industrial sector. Port CEO Tay
Yoshitani offered to provide a future briefing on that subject. 
4.     Adjournment 
There being no further business, the annual meeting of the Board of Directors of the
Industrial Development Corporation of the Port of Seattle was adjourned at 1:37 p.m. 

Tom Albro 
Secretary 
Approved April 1, 2014. 








Minutes of April 9, 2013, IDC meeting proposed for approval on March 18, 2014.