PORT OF SEATTLE 
MEMORANDUM 

COMMISSION AGENDA             Item No.      7a 
Date of Meeting    March 24, 2009 
DATE:    March 18, 2009 
TO:      Tay Yoshitani, Chief Executive Officer 
FROM:    Michael McLaughlin, Director Cruise and Industrial Properties 
Greg Englin, Manager, Dock Operations 
SUBJECT:  Seventeenth Amendment to Lease with Seafreeze Acquisition LLC 
at Terminal 115. 
REQUESTED ACTION 
Request for Port Commission authorization for Chief Executive Officer to execute the
Seventeenth Amendment to Lease with Seafreeze Acquisition LLC at Terminal 115. 
BACKGROUND 
Seafreeze Acquisition LLC ("Seafreeze"), a Port tenant at Terminal 115, owns and operates a
large, full service seafood processing plant and frozen food warehousing and distribution facility,
which is positioned to service the domestic and international markets. The company employs
600 people at the site. Seafreeze Acquisition LLC recently purchased the assets of Seafreeze
Limited Partnership, which had leased the property since 1978. 
Under the former lease with Seafreeze Limited Partnership, the Commission approved the
Sixteenth Lease Amendment in November 2008, which authorized that the Chief Executive
Officer may consent in writing to a future assignment or transfer of the lease. The purchase of
the business and facility improvements at Terminal 115 by Seafreeze and the Port's consent to
assignment of the land lease to Seafreeze was completed in December 2008. The change in
ownership was announced in January 2009. 
Under the new ownership, Seafreeze is upgrading its operations at Terminal 115 with financing
provided by Bank of America. Seafreeze initially plans to invest $1.5 million. Seafreeze has
requested the Port to amend its lease as required by the bank. The proposed lease amendment
stipulates that the bank must approve in writing any voluntary termination or cancellation of or
any material modification to the lease so long as the loan is outstanding. Approval of this 
amendment carries no risk to the Port. The amendment must be approved before the loan
commitment expires on March 31, 2009.

COMMISSION AGENDA 
Tay Yoshitani, Chief Executive Officer 
March 16, 2009 
Page 2 of 2 
Seafreeze's operations have a significant direct and indirect economic impact on the Port and the
region. Seafreeze pays the Port market rate rent, and, as noted above, is a large employer
providing family-wage jobs. Seafreeze's operations are also significant as they indirectly benefit
other sectors of the economy, including trucking, rail, and marine vessel transport, as well as
fishing, agriculture, and logistics services. 
PREVIOUS COMMISSION ACTION 
The Commission approved the Sixteenth Lease Amendment on November 25, 2008. 
ALTERNATIVES CONSIDERED/RECOMMENDED ACTION 
Alternative 1: Amend the lease. 
This alternative would allow Seafreeze Acquisition LLC to secure its financing package from the
Bank of America. This is the recommended alternative. 
Alternative 2: Do not amend the lease. 
This alternative would prevent the tenant from securing its current financing package. 
FINANCIAL IMPLICATIONS 
None. 
ENVIRONMENTAL/COMMUNITY BENEFITS 
None. 
TRIPLE BOTTOM LINE SUMMARY 
Approval of the proposed lease amendment will have positive economic and financial impacts on
the existing tenant. The changes in the lease should result in a more competitively positioned
business in the harbor and long-term retention of 600 employees currently working at Seafreeze
Acquisition LLC.