minutes Signed
Port- of Seattle P.O. Box 1209 Seattle, Washington 98111 www.portseatt|e.org 206.787.3000 MINUTES OF THE ANNUAL MEETING OF THE BOARD OF DIRECTORS OF THE INDUSTRIAL DEVELOPMENT CORPORATION OF THE PORT OF SEATTLE March 6, 2012 The annual meeting of the Board of Directors of the Industrial Development Corporation (IDC) of the Port of Seattle, Washington, was held on March 6, 2012, during a recess of the Port Commission regular meeting on the same date, which convened at 12:03 pm. 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 1:48 pm. Directors present included Tom Albro, Bill Bryant, John Creighton, Rob Holland, and Gael Tarleton. 1. Approval of Minutes Minutes of the IDC meeting of August 23, 2011. Motion for approval of the IDC meeting minutes of August 23, 2011 Albro Second Holland Motion carried: In Favor: Albro, Bryant, Creighton, Holland, Tarleton (5) 2. Election of Board of Directors Ofcers ACTION REQUESTED: Request Board approval of the Industrial Development Corporation of the Port of Seattle Board of Directors and Ofcers for 2012. Request documents: IDC memorandum dated February 24, 2012, provided by Diane Campbell, Senior Corporate Financial Analyst, Finance and Budget. Pursuant to the IDC Bylaws, Article 5, Section A, the following list of proposed Board of Directors and Ofcers for 2012 was presented: Port of Seattle Industrial Development Corporation Minutes of March 6, 2012 Page 2 of 2 Gael Tarleton, President John Creighton, Vice President Tom Albro, Secretary Bill Bryant, Assistant Secretary Rob Holland, Director Motion for approval of proposed slate of Directors/Ofcers Creighton Second Bryant Motion carried: In Favor: Albro, Bryant, Creighton, Holland, Tarleton (5) 3. Industrial Development Corporation Annual Report for 2011 Presentation documents: IDC memorandum dated February 24, 2012, balance sheet, income statement, and statement of cash ows provided by Diane Campbell, Senior Corporate Financial Analyst, Finance and Budget. Presenter(s): Ms. Campbell. Ms. Campbell reported 2011 IDC expenses of approximately $166,000 due to a $155,000 contribution to the Washington Tourism Alliance for tourism promotion serevices, $10,000 of fellowship expenses, and other miscellaneous expenses. She reported $4,300 of income derived primarily from investment income on the IDC fund balance. Ms. Campbell noted three companies with outstanding IDC debt totaling $81 million Crowley Marine Services, Sysco, and Northwest Airlines. In response to Director Albro, Ms. Campbell stated that each of the fellowships has ve years during which to be expended, provided the recipient is still employed by the Port. Regarding the governance model for the board, Director Tarleton noted a general sense among the Directors to retain governance of IDC mds within the IDC, rather than transfer it to the Port's Chief Executive Ofcer. 4. Adjournment There being no further business, the annual meeting of the Board of Directors of the Industrial Dev lop ent Corporation of the Port of Seattle was adjourned at 1:55 pm. Approved BILL BRYANT ASSISTANT SECRETARY
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