06 Marel Termination
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
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