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 
May 28, 2023
The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on May 28, 2023, during a recess of the
Port Commission regular meeting on the same date, which convened at 12:00 p.m. and was
conducted at the Seattle-Tacoma International Airport Conference Center, located at 17801
International Blvd, Seattle WA, Mezzanine Level, and virtually on Microsoft Teams. The
annual meeting of the Board of Directors of the IDC convened at 1:02 p.m. Directors present
included   Ryan   Calkins,   Sam   Cho,   Fred   Felleman,   Toshiko   Hasegawa,   and 
Hamdi Mohamed.
1.        Approval of Minutes
Minutes of the IDC meeting of April 26, 2022.
Motion for approval of the IDC meeting minutes of April 26, 2022, carried by the
following vote:
In Favor: Calkins, Cho, Felleman, Hasegawa, and Mohamed (5)
Opposed: (0) 
2.        Election of Board of Directors Officers 
ACTION REQUESTED: Request   Board approval of the Industrial Development
Corporation of the Port of Seattle Board of Directors and Officers for 2023.
Request documents: IDC agenda memorandum.



IDC Minutes of Month D, YYYY, submitted for review on Month D, YYYY, and proposed for approval on Month D, YYYY.


Port of Seattle Industrial Development Corporation Minutes of March 28, 2023               Page 2 of 3 

Pursuant to the IDC Bylaws, Article 5, Section A, the following is a list of proposed Board of
Directors and Officers for 2023:

Sam Cho, President
Toshiko Hasegawa, Vice-President 
Fred Felleman, Secretary 
Ryan Calkins, Director 
Hamdi Mohamed, Director
Motion for approval of proposed slate of Directors/Officers carried by the following
vote:
In Favor: Calkins, Cho, Felleman, Hasegawa, and Mohamed (5)
Opposed: (0) 
3.        Industrial Development Corporation Annual Report for 2022
Presentation documents: IDC agenda memorandum. 
Presenter(s): Ian Burke, Financial Analyst Corporate, Finance and Budget .
Mr. Burke presented the 2022 Annual Report, noting the following relevant information in
the annual meeting packet:
• The IDC was established in 1982 under Chapter 39.84 RCW as an incentive to
industrial development in King County via access to tax-exempt financing.
• The Port’s IDC is not the lender, but acts as a conduit. Debt issued through the
IDC is the sole responsibility of the company issuing the debt and is nonrecourse
to the Port and the IDC.
• Narrow criteria to qualify for IDC financing means that only two projects have
been funded through the IDC since 1982.
• Financial reports attached. 
• Status of IDC bonds – as of December 31, 2022, one company, Delta Air Lines,
Inc, had an outstanding IDC debt totaling $66,025,000. Delta made a one-time
lump-sum payment (calculated using the present value of debt service over the
life of the bonds) in 2012 when they refunded the Northwest Airlines bonds. As
such, the IDC will no longer collect customer fees going forward unless there is
a new issuance.
• Minimum fund balance recommendation - $300 ,000 to ensure adequate
investment earnings to fund annual operating and future audit expenses.



Minutes of April 1, 2014, IDC meeting proposed for approval on April 14, 2015.

                  Port of Seattle Industrial Development Corporation Minutes of March 28, 2023               Page 3 of 3 

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 1:06 p.m.

Prepared:                                   Attest: 

Michelle M. Hart, MMC, Commission Clerk  Fred   Felleman,   Industrial   Development 
Corporation Secretary 

Minutes approved March 26, 2024. 












Minutes of April 1, 2014, IDC meeting proposed for approval on April 14, 2015.