Commissioners                                             Tay Yoshitani 
Bill Bryant 
Chief Executive Officer 
Commission President 
Tom Albro                          P.O. Box 1209 
John Creighton                    Seattle, Washington 98111 
Rob Holland                       www.portseattle.org 
Gael Tarleton                          206.787.3000 

Audio and video recordings of the meeting proceedings and meeting materials are available on the
Port of Seattle web site - http://www.portseattle.org/about/organization/commission/commission.shtml 
(The approximate point in the audio recording for the specific item is identified by hours, minutes, 
and seconds; example: 00:01:30) 
APPROVED MINUTES 
COMMISSION REGULAR MEETING AUGUST 2, 2011 
The Port of Seattle Commission met in a regular meeting Tuesday, August 2, 2011, at Port of
Seattle Headquarters, Commission Chambers, 2711 Alaskan Way, Seattle, Washington.
Commissioners Albro, Bryant, Creighton, Holland, and Tarleton were present. Commissioner
Tarleton participated via telephone and GoToMeeting web conferencing. 
1.   CALL TO ORDER 
The regular meeting was called to order at 1:10 p.m. by Bill Bryant, Commission President. 
2.   EXECUTIVE SESSION pursuant to RCW 42.30.110 
None. 
PLEDGE OF ALLEGIANCE 
3.   APPROVAL OF MINUTES 
None. 
4.   (00:01:11)  SPECIAL ORDER OF BUSINESS 
a.   The Port Centennial 1911-2011. 
Presentation document(s): Commission agenda memorandum dated July 27, 2011, and computer
slide presentation provided by Jane Kilburn, Director of Public Affairs. 
Commissioner Bryant presented the Centennial moment for August, which focused on the
importance of international trade through the Port's history. In 2010, more than $22.7 billion, or 53







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TUESDAY, AUGUST 2, 2011 
percent of total waterborne commerce, flowed between the Port and China, and cargo valued at
$6.4 billion, or 15 percent, of the Port's total cargo was shipped from or destined for Japan. Asian
imports included furniture, machinery, toys, clothing, and footwear. The Port's exports included
many products grown or manufactured in Washington state, including animal feed, hay, fruits,
vegetables and other foodstuffs, and logs and other forestry products. 
Commissioner Bryant noted that as the closest U.S. port to Asia, Seattle is truly "The Green
Gateway" because the Port offers thelowest carbon footprint for shipments from Asia to middle
America and the East Coast.  The Port also offers excellent flight and air cargo service to Asia,
including nine airlines that offer passenger service to Asia. Delta Air Lines has named the Airport
its "Gateway to Asia," investing in facilities and routes out of the Airport. 
5.   (00:03:20)  UNANIMOUS CONSENT CALENDAR 
a.   Authorization for the Chief Executive Officer to advertise and execute a major
construction contract for the Tyee Valley Golf Course Area Mitigation, adjacent to
Seattle-Tacoma International Airport. The amount of this request is $691,000 of a total
project cost of $800,000 (CIP #C800420, WP #104423). 
Request document(s): Commission agenda memorandum dated July 26, 2011, and attachment 
provided by Elizabeth Leavitt, Director of Aviation Planning and Environmental Services, and
Wayne Grotheer, Director of Aviation Project Management Group. 
b.   Authorization for the Chief Executive Officer to execute a contract with an insurance
brokerage firm for the purpose of procuring property insurance for the Port over a
three-year period with two one-year extension options. The procurement of property
broker services insurance for the three years plus the two one-year renewal options is
estimated at $550,000.  The selection of the brokerage firms will utilize a competitive
process. 
Request document(s):  Commission agenda memorandum dated July 26, 2011, provided by Jeff
Hollingsworth, Risk Manager. 
c.   Authorization for the Chief Executive Officer to execute an easement agreement with
the City of Seattle that is needed to partially meet conditions imposed by the City for
the vacation of streets at the Port of Seattle's former Terminal 105 property. 
Request document(s): Commission agenda memorandum dated July 25, 2011, map, and a copy
of the easement agreement with exhibits A-D provided by Michael Burke, Director of Leasing and
Asset Management, and Mike Kriston, Seaport Real Estate Specialist. 
d.   Authorization for the Chief Executive Officer to execute an agreement with General
Recycling of Washington LLC (GRW) wherein the Port will agree to transfer to GRW the
right the Port of Seattle has to a reduced-cost street vacation of West Marginal Way
S.W. and S.W. Idaho Street, diligently pursue and satisfy any remaining conditions
relating to obtaining the street vacation, pay administrative costs in the amount of





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TUESDAY, AUGUST 2, 2011 
$300, and pay escrow fees estimated to be $3,000 in exchange for GRW's payment of
$500,000. 
Request document(s): Commission agenda memorandum dated July 25, 2011, and transfer
agreement between the Port and GRW, including Exhibit A, provided by Michael Burke, Director of
Leasing and Asset Management, and Mike Kriston, Seaport Real Estate Specialist. 
Motion for approval of consent items 5a-5d  Creighton 
Second  Albro 
Motion carried by the following vote: 
In Favor: Albro, Bryant, Creighton, Tarleton (4) 
Absent for the vote: Holland 
6.   DIVISION, CORPORATE, AND COMMISSION ACTION ITEMS 
a.   (00:04:35)  Century Agenda Committee:  Presentation and Discussion on Five-Year
Milestones. 
Request document(s): Commission agenda memorandum dated July 27, 2011, and computer
slide presentation provided by Linda Styrk, Managing Director of the Seaport Division; Mark Reis,
Managing Director of the Aviation Division; and Jane Kilburn, Director of Tourism Development. 
Presenter(s): Ms. Kilburn, Mr. Reis, and Ms. Styrk. 
Mr. Reis presented the five-year milestones to reach the goal to fully meet the region's air
transportation needs for the next 25 years, which include the following: 
Completing the updated the master plan for the Airport; 
Incorporating into the Airport's plans appropriate expectations regarding commercial
passenger through-put at other airports in the Puget Sound market, particularly Paine 
Field, Everett, Washington; 
Using passenger processing technology to increase terminal throughput capacity, such
as the technology used by Alaska Airlines; and 
Completing the evaluation of the feasibility of an on-airport hotel. 
In response to Commissioner Creighton, Mr. Reis stated that any change to passenger processing
would require airline cooperation. Mr. Reis noted that there are six pods through which passengers
are processed, one of which is used by Alaska Airlines to process approximately 50 percent of the
Airport's passengers. He stated that not all the pods would be able to use the same technology 
Alaska uses, but, if the technology were used in more pods, it would increase terminal capacity. 
The milestones to meet the 25-year goal to make Seattle-Tacoma International Airport the West
Coast "Green Gateway of Choice" for international travel include the following:

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TUESDAY, AUGUST 2, 2011 
Complete "mid-term" improvementsin international arrivals facility to increase hourly
capacity from 1200 to 1600 passengers; 
Complete planning and design and begin construction on a new or expanded
international arrivals facility; and 
Complete baggage system improvements to reduce  minimum connection  time for
arriving international flights. (The minimum connection  time is an official number
assigned to an airport that the airlines use to determine the interval between flights when
booking a passenger.) 
Commissioner Tarleton asked what the hourly capacity currently is at the international arrivals
facility. Mr. Reis responded that he believes it was designed for 900, but has been augmented to
handle more than that.  Commissioner Tarleton noted that she wants to make sure that the
expanded improvements meet all future goals, not just current demand.  Commissioner Albro
asked how supportive the airlines are to FIS improvements.  Mr. Reis stated that Aviation Division
staff will be looking at a plan of finance and balancing the different sources of funding, adding that
it would not be viable to require international airlines to pay for all the improvements. He said the
airlines would not want to split the cost evenly, and other sources would need to be considered.
He added that grant money would likely not be available. 
The last Aviation-related goal is to double the number of international flights and destinations, for
which the five-year milestones are the following: 
Attract and help launch new service to Shanghai, Hong Kong, and the Middle East; and 
Attract and help launch additional service in two existing markets. 
Ms. Styrk and Ms. Kilburn discussed the five-year milestones for the Seaport 25-year goal to
double the economic value of the cruise business to Washington, which are as follows: 
Increase total Seaport cruise passengers to approximately 935,000 by 2016, assuming a
three-percent-per-year increase in passengers over the next five years; 
Increase the economic value of cruise traffic to Washington by $85 million. The goal is a
four-percent annual increase, which assumes passengers extend stays while in the
region and calling of larger cruise vessels at Seattle; 
Retain existing cruise line customers, cruise calls, and vessel utilization levels near 100 
percent, and successfully negotiate one new long-term agreement with a cruise line and
add one new cruise service; 
Execute Terminal 91 improvements associated with the cruise business, including
breasting barges and an additional gangway to support passenger growth; 
Work collaboratively with cruise and tourism partners to identify and develop the Port's
unique opportunity to add to the regional economic value of our cruise business; and 
Market "cruise plus" strategies to entice cruise passengers to increase their visitor
spending and to stay more than one night pre- or post-cruise. 
Commissioner Albro noted that new vessel fuel emissions standards will make retaining cruise-ship
calls a challenge. Ms. Styrk elaborated that there is an Emission Control Area being established
by the U.S. Environmental Protection Agency (USEPA) and the Canadian equivalent, that would
require cruise ships and certain other vessels within a 200-mile zone off the coast to use low-sulfur


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TUESDAY, AUGUST 2, 2011 
fuel.  Cruises to Alaska would be in the environmental control area, but cruises that depart to
Mexico and other areas would not be, so the competition will be more of a challenge. She added
that the regulation will increase the cost to cruise passengers wanting to go to Alaska and
explained that cruise lines are working with the federal government to level the playing field.  Ms.
Styrk noted that the Port is working with the State of Alaska to mitigate the risk as much as
possible. In response to Commissioner Creighton, Ms. Styrk stated that the International Maritime
Organization regulations going into effect in 2015 will require 0.1 ultra-low diesel fuel, which will
create a more equal competitive market. 
Ms. Kilburn noted that the milestones for the goal to be a catalyst for establishing this region as a
premier destination for tourists from Asia, Europe, and other targeted international areas are the
following: 
Increase tourism to this area from existing markets in Asia and Europe by 20 percent; 
Identify and deploy strategic outreach and communications to at least three new target
markets, in support of Aviation marketing; and 
Increase participation in tourism promotion by partners by 50 percent. 
Commissioner Holland asked about the plans for expanding into the Middle East. Mr. Reis noted a
difference between airline and tourism markets and explained that a direct flight into the Middle
East would be reflective of the Indian tourism market.  Commissioner Albro noted that the Port
should identify ways to capitalize on the synergy between the areas of seaport, aviation, and
tourism.  Mr. Yoshitani acknowledged Commissioner Albro's challenge, and also noted that Gary
Locke is now the Ambassador to China, and one of the Ambassador's responsibilities is dealing
with visa issues, which is an impediment to bringing tourists from China and India into the United
States. Mr. Reis stated that the cross-divisional working relationships can be straightforward, and
staff is aware and work closely together.  Ms. Styrk also noted that there is communication
between staff. 
In response to Commissioner Albro, Ms. Kilburn noted that it is important to find the balance
between promoting tourism and increasing participation from others across the state, while still
maintaining the Port's primary functions. Ms. Styrk added that the Port tries to complement what is
already available regarding tourism in hopes of finding a unique niche.  Commissioner Bryant
noted that the Port is unique as it runs the Airport and the cruise terminals. 
No final action was taken upon conclusion of discussion on presentation item 6a. 
b.   (00:58:07)  Discussion on determining Century Agenda Committee preliminary goals
arising from the "Attracting Next Generation Industries" Roundtable. 
Request document(s): Commission agenda memorandum dated July 27, 2011, provided by Tom
Barnard, Research and Policy Analyst. 
Presenter(s): Mr. Barnard.




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TUESDAY, AUGUST 2, 2011 
Mr. Barnard stated that there was not an obvious goal that emerged from the "Attracting Next
Generation Industries" Century Agenda Panel. Issues examined included the following: 
To what kind of ventures should the Port provide assistance? 
How does the Port provide value to emerging businesses without over-extending the
Port financially? 
What is the potential impact on the community and private sector if the Port becomes
more aggressive in assisting entrepreneurs? 
What is the Port's relationship to other economic developmententities, such as the
Puget Sound Regional Council, the Prosperity Partnership, and EnterpriseSeattle? 
Commissioner Albro noted that other ports do not focus just on cargo, but on how they can boost
the local economy. He asked whether the Port should play a similar role, since Seattle has a more
vibrant economy than most of those ports. 
Commissioner Creighton noted that several ideas came up in the discussion that have potential as
preliminary goals, but that there are concerns with all of them, and they require a unique set of
circumstances, such as using the foreign trade zone.  Commissioner Holland remarked that there 
are already programs in the community to promote economic development, such as enterprise
zones, noting that Bothell has been marked as an enterprise zone for biomedical manufacturing, 
and the Foreign Trade Zone will be able to help such enterprises.  He suggested finding such
programs and seeing if the Port can contribute, noting that not everyone is aware that the Port
encompasses all of King County, not just Seattle. 
Commissioner Tarleton suggested looking at what needs to be done to make sustainable
manufacturing in an urban metropolis a reality in 25 years. Commissioner Holland suggested the
Port design a program to help individuals learn how to ship products overseas.  Mr. Barnard
suggested looking at that with regards to the Port'ssmall business assistance that the Office of
Social Responsibility provides. Mr. Yoshitani stated that even venture capitalists specialize in one
area, and the Port should take a lesson from that and pick an area to focus on.  The Port should
ask what the biggest payoff the Port can get for the money that the Port is able to spend, and it
should relate to something Port is already involved in.  Commissioner Albro concurred and
suggested deferring any action to another time.
No final action was taken upon conclusion of discussion on presentation item 6b. 
c.   (01:28:40)  Authorization for the Chief Executive Officer to execute the following
agreements: (1) Twelfth Amendment to the Terminal 46 lease between the Port of
Seattle and Total Terminals International LLC; (2) Term Lease Agreement between the
Port of Seattle and Washington State Department of Transportation at Pier/Terminal 46
North; and (3) Term Lease Agreement between the Port of Seattle and Washington
State Department of Transportation (WSDOT) at Terminal 106. 
Request document(s): Commission agenda memorandum dated July 27, 2011, provided by
Michael Burke, Director of Leasing and Asset Management, and Michael Campagnaro, Manager of
Leasing and Asset Management. Also provided was an aerial photo of T-46, anaerial photo of










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TUESDAY, AUGUST 2, 2011 
T-106, a copy of the proposed twelfth amendment to T-46 lease with Total Terminals (TTI), a copy
of the proposed term lease with WSDOT at T-46, and a copy of the proposed term lease with
WSDOT at T-106. 
Presenter(s): Mr. Burke and Mr. Campagnaro. 
Mr. Burke noted that the action requested involves three lease agreements related to the Alaskan
Way Viaduct Replacement Bored Tunnel project in downtown Seattle. TTI, the tenant at Terminal
46, is giving up five acres of land, enabling the State contractor to use barges to transport
construction material to and from the project site, thereby reducing the traffic impact on the road
systems significantly. The State would be required to make improvements to the Terminal to help
offset the loss of land. 
Commissioner Albro noted that although the rent is reduced for TTI, it does not completely mitigate
the loss of the land that the terminal operator was using for a productive purpose, and that is why
WSDOT is making improvements to the terminal. In addition, removing the truck trips also reduces
the cost of the project. 
Commissioner Bryant clarified that the agreements would be executed substantially as drafted and
stated that, unless there are significant changes, further Commission approval would not be
necessary. 
Motion for approval of item 6c, substantially as drafted  Albro 
Second  Creighton 
Motion carried by the following vote: 
In Favor: Albro, Bryant, Creighton, Holland, Tarleton (5) 
7.   STAFF BRIEFINGS 
a.   (01:38:27)  Terminal 91 Strategic Planning Briefing. 
Presentation document(s): Commission agenda memorandum dated July 14, 2011, computer
slide presentation, and attachment 1, attachment 2, attachment 3, and attachment 4 provided by 
Eric Hanson, Manager of Seaport Planning, and Mark C. Griffin, Director of Real Estate
Development. 
Presenter(s): Mr. Hanson and Mr. Griffin. 
Mr. Griffin stated that currently Terminal 91 has several uses including the following: 
Fishing fleet; 
Cruise operations; 
Cold storage and fish processing; 
Manufacturing; and

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TUESDAY, AUGUST 2, 2011 
The Uplands are used for short-term purposes such as net repair and school bus
storage. 
He stated that the planning process began by defining the guiding principles, which are rooted in
the Century Agenda discussions. They include the following: 
Ensuring the accommodation of the expansion of core maritime industrial tenants; 
Attracting new industrial tenants to the site; 
Identifying financially feasible approaches to any Port investment in the site; and 
Incorporating sustainable development principles into future development. 
Mr. Griffin reported that policy questions include discussion of the appropriate level of Port
investment in new infrastructure; the balance between creating jobs, environmental stewardship, 
and the Port's financial goals; and how new investment would be funded. 
Mr. Hanson noted the planning strategy involved accommodating existing tenants who have
expressed a need to expand, and consolidating footprints and potential relocations. This strategy
resulted in identification of six areas on the site, which he described in detail. Mr. Hanson stated
that any major development would require utility improvements, which would happen north of the
bridge, and would include, among other things, a new road network; an integrated stormwater
system; and upgrades to the electrical substations.  He estimated the utility improvements would
cost between $20-24 million. 
Mr. Griffin noted the following regarding potential uses for the zone north of the bridge: 
Investment in the area north of the bridge would at best break even if the site were
developed; 
A warehouse was considered for the tank farm area, but that location has environmental
contamination, and any Port-constructed facility would not break even; 
A land-only lease might be the most financial feasible option for this area; and 
Another option would be a parking garage to support cruise operations. 
Commissioner Albro asked if the same benefits of a land-only lease could be achieved through
covenants if the property were sold.  Mr. Griffin responded that there are not any deed or title
restrictions that would prevent the Port from selling.  Commissioner Tarleton asked if the options
took into consideration the Shoreline Master Plan. Mr. Hanson stated that the plan would meet the
stormwater regulations that are currently in place, but for the areas north of the bridge the
Shoreline Master Plan does not apply.  He explained that developments in the shoreline zone
would be water-related uses that will meet the requirements of the new Shoreline Plan. 
Commissioner Albro asked about the new roadway system that would be developed and how it
would connect to other roadways. Mr. Griffin noted it would connect to an existing road that is
currently gated due to an agreement the Port has with the Neighborhood Advisory Committee
(NAC). The development plan assumes that the gate will be open, which is an item that will need
to be discussed with the NAC.

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TUESDAY, AUGUST 2, 2011 
Mr. Hanson described opportunities for the West Yard, south of the bridge, noting the following: 
The highest and best use for the West Yard would be commercial office space, but
demand for new office space is not anticipated for 5-7 years; 
Office space not related to an industrial use would require zoning modifications; and 
Financial analysis showed a land-only lease would provide positive revenue. 
Commissioner Holland asked if there was any consideration given to using the land as a park,
which could at a later date be converted to another use.  Mr. Griffin responded that the Port is in
discussions with the City of Seattle Parks and Recreation Department for a potential land swap for
the parcel that includes discussions for an expanded park. Port staff plan a future briefing for the
Commission on the potential land swap. 
Mr. Hanson described the shortfill area south of the bridge, noting the following: 
The area might be well suited for a parking garage with office space above and a new
industrial building; 
Development would require creating more land in the shortfill area; and 
The cost estimate for development is $96 million. 
Regarding Pier 90 south of the bridge, he made the following observations: 
Berths 6 and 8 are the only timber-supported apron structures on the facility and are
limited in their use as a result; 
Potential use of the site would require rebuilding berths 6 and 8 and reconstructing a
warehouse that would have to be torn down to rebuild the berths; and 
Once rebuilt, additional cold storage could be built to meet the expansion needs of
current tenants. 
Mr. Hanson reviewed four options for the site as a whole, highlighting the options' relative cost to
the Port. In response to Commissioner Albro, Mr. Griffin stated that the research and development
facility presented in option 4 was meant to illustrate the size of the parcel and its capacity to 
support a big user in that area and does not represent a specific development proposal. Mr. Griffin
stressed that the numbers are currently high-level estimates.  He explained that the options
preserve as much flexibility as possible given the zoning requirements of the sites.  Mr. Hanson
stated that any new development would require upgrades to meet stormwater requirements. Mr.
Griffin noted that all the options have a negative return, which increases with the size of Port
investment. 
Mr. Griffin discussed the option of maintaining the current status of the site, noting the following: 
The best use for the site is open storage, which requires minimal investment and for
which there is demand; 
The site currently provides positive financial return; and 
The site could attract new industrial uses, but would have to be priced competitively
compared to land outside Seattle, whereas the appraised land value in Seattle is
significantly higher than surrounding areas.




PORT COMMISSION REGULAR MEETING MINUTES             Page 10 of 13 
TUESDAY, AUGUST 2, 2011 
Mr. Griffin discussed the next steps, noting that outreach to the public will continue and there will
be additional analysis performed. 
b.   (02:39:55) Second Quarter Financial Performance Briefing. 
Presentation document(s): Commission agenda memorandum dated July 14, 2011, computer
slide presentation, and report provided by Dan Thomas, Chief Financial and Administrative Officer,
and Michael Tong, Corporate Budget Manager. 
Presenter(s): Mr. Tong; Borgan Anderson, Senior Manager of Aviation Finance and Budget; Boni
Buringrud, Manager of Seaport Finance and Budget; and Ralph Graves, Managing Director of
Capital Development Division. 
Port-wide Overview 
Mr. Tong provided a Port-wide overview of the second quarter noting the following: 
Aeronautical revenues are higher than 2010, but below budget; 
Other operating revenues are lower than budget, but higher than 2010; 
Operating expenses are higher than last year, but lower than budget; 
o   The Port Centennial, terminal realignment, and American Association of Port
Authorities Annual Convention in Seattle  contributed to the increased operating
expenses; and 
Net income before depreciation is higher than the budget. 
Mr. Tong reported on the following major revenue and expense variances: 
Aeronautical revenues are down, which, due to the Airport's cost-recovery model, results
in a lower cost per enplanement (CPE) to the airlines; 
Seaport security grants were offset by lower related expenses, resulting in no impact to
net operating income (NOI); 
Other operating revenues were $47,000 over budget; 
Payroll costs were under budget; and 
Outside services were under budget mainly due to delays on some projects. 
In response to Commissioner Albro, Mr. Tong responded that lower payroll costs were due to
vacant positions, delays on Performance Review, Evaluation, and Planning (PREP) submissions, 
and delays on contractual renegotiations. 
Mr. Tong reported on the following year-end forecasts: 
Aeronautical revenues are expected to be $3 million under budget; 
Other operating revenues are forecasting to be $2 million lower than budget, but still
$9.3 million above 2010; and 
Total operating expenses are forecasting to be $7.3 million below budget but $25 million
above 2010.

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TUESDAY, AUGUST 2, 2011 
The following comprehensive summary was provided: 
Total revenues are $490,000 below budget; 
Total expenses are $32.5 million below budget; and 
Change in net assets were $32 million above budget. 
Aviation Division 
Mr. Anderson highlighted the performance of the Aviation Division noting the following: 
Enplanements are up 4.9 percent from 2010 and 2011 enplanements are forecasted to
grow 3.5 percent over 2010; 
Operating expenses are 9.1 percent below budget; 
Non-airline Net Operating Income (NOI) year-to-date revenues are up 6.4 percent from
2010 but down 1.5 percent from budget; 
CPE is expected to be $12.20 versus a budget of $12.76; 
Nonaeronautical operating revenues are growing in parking, concessions, and "other 
revenues," which includes taxis and other ground transportation; 
Cost overruns in certain areas are offset by savings elsewhere. Mr. Anderson noted that
the Airport has some variable rate debt, which has produced additional savings due to
current low interest rates; and 
The Aviation Division expects to spend 83 percent of its capital budget, which is
consistent with prior years, but does not necessarily reflect savings in specific projects. 
Seaport Division 
Ms. Buringrud noted the following highlights for the Seaport Division: 
Twenty-foot equivalent unit (TEU) level is approximately level to 2010 second quarter
year-to-date numbers; 
Grain volume is down from 2010, but 10 percent over 2011 budget; 
Cruise is 16 percent favorable to budget due to cruise ships going out over 100 percent
full; 
North Harbor Mooring Dolphins are 50 percent leased; 
Of frequent vessel calls, 67  percent  are meeting the Northwest Ports Clean Air
Standards target; 
NOI is $5 million over budget, due both to revenue and expenses. Container revenue is 
almost $1 million over budget.  In response to Commissioner Creighton, Ms. Buringrud
stated that the budget for containers was conservative, so while container volume is 
slightly down from last year, container income is still above budget; 
Industrial properties have below-budget revenue due to lower rent and concessions rent
at Terminal 91, and bulk terminals have lower-than-budgeted volume and lower utility
sales; 
The current forecast is for the NOI to be $918,000 above budget; and 
The seaport expects to spend 81 percent of its capital budget.

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TUESDAY, AUGUST 2, 2011 
Real Estate 
Ms. Buringrud noted the following Real Estate budget information: 
NOI is forecasted to exceed budget; 
Three capital projects are underway; the Fishermen's Terminal dock fender replacement
and  Maritime Industrial Center  sheet pile replacement are complete;  and the
Fishermen's Terminal South Wall Replacement project is delayed to the third quarter due
to construction difficulties; 
A Request for Proposal was issued for the Tsubota Steel site in February, but none were
accepted; 
Real Estate is continuing to develop streamlined procedures and standards to handle the
volume of incoming requests for use of the Eastside Rail Corridor; 
Marine Maintenance is continuing with its deferred maintenance reduction program; 
Occupancy at commercial properties is at 90 percent, which is above the Seattle market
average; 
Activity at Bell Harbor International Conference Center is below budget, but the forecast
is to catch up by the end of the year; 
Fishermen's Terminal occupancy is below the budget target of 83 percent; and 
The Real Estate Division is expected to spend 86 percent of its capital budget. 
Commissioner Creighton asked about the performance of Shilshole Bay Marina as an event center,
to which Commissioner Tarleton added that she would like to see those numbers separated out at
the next briefing 
Capital Development Division (CDD) 
Mr. Graves demonstrated the new CDD dashboard, and noted that other departments have one as
well. In response to Commissioner Creighton, Mr. Graves stated that while the dashboard is
publicly disclosable, it is not currently provided on the Port's external website. Mr. Yoshitani noted
that staff is looking into making it available externally. Mr. Graves discussed the financial status of
the Capital Development Division, noting the following: 
There is no cost growth on five major division projects; 
There has been no growth in construction project schedules; 
Total time to execution of contracts is improving; and 
CDD is under-executing service agreements by about 25 percent, which is reflected in
gross operating results. 
Corporate Division 
Mr. Tong outlined the financial status of the Corporate Division and noted the following: 
Key metrics included responding to 144 public disclosure requests, and over 1200 small
businesses were registered on the small business roster; 
All departments were under budget except Labor Relations due to capital charges; 
Major expense variances included savings in payroll due to vacant positions; and 
Miscellaneous expenses include contingency funds.

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TUESDAY, AUGUST 2, 2011 
8.   NEW BUSINESS 
None. 
9.   POLICY ROUNDTABLE 
None. 
10.  ADJOURNMENT 
There being no further business, the regular meeting was adjourned at 4:32 p.m. 

John Creighton 
Secretary 
Minutes approved: September 27, 2011.