Commissioners                                             Tay Yoshitani 
Chief Executive Officer 
Stephanie Bowman 
Commission Co-President 
Courtney Gregoire                      P.O. Box 1209 
Commission Co-President          Seattle, Washington 98111 
Tom Albro                        www.portseattle.org 
Bill Bryant                                206.787.3000 
John Creighton 
APPROVED MINUTES 
COMMISSION REGULAR MEETING FEBRUARY 25, 2014 
The Port of Seattle Commission met in a regular meeting Tuesday, February 25, 2014, in the
International  Auditorium  at  Seattle-Tacoma  International  Airport,  Seattle,  Washington.
Commissioners Albro, Bowman, Bryant, Creighton, and Gregoire were present. Commissioner
Bryant was absent after 3:03 p.m. 
1.   CALL TO ORDER 
The regular meeting was called to order at 12:02 p.m. by Courtney Gregoire, Commission Co-
President. 
2.   EXECUTIVE SESSION pursuant to RCW 42.30.110 
The regular meeting was immediately recessed to an executive session estimated to last 90
minutes to discuss matters relating to labor negotiations, legal risk, sale or lease of real estate, and
qualifications of a public employee. Following the executive session, which lasted approximately
90 minutes, the regular meeting reconvened in open public session at 1:39 p.m. 
3.   MINUTES 
Minutes available for approval are included in the Consent Calendar below. 
PLEDGE OF ALLEGIANCE 
4.   SPECIAL ORDERS OF BUSINESS 
None.
5.   UNANIMOUS CONSENT CALENDAR 
[Clerk's Note: Items on the Unanimous Consent Calendar are considered routine and are not
individually discussed. Port Commissioners receive the request documents prior to the meeting
and may remove items from the Consent Calendar for separate discussion and vote in accordance
with Commission bylaws.] 
5a.  Approval of the claims and obligations for the period of January 1, 2014, through
January 31, 2014, including accounts payable checks nos 820599-821533 in the amount
of $40,279,113.70 and payroll checks nos P-175853-176122 in the amount of
$12,027,232.57 for a fund total of $52,306,346.27. 

Digital recordings of the meeting proceedings and meeting materials are available online  www.portseattle.org.





PORT COMMISSION MEETING MINUTES                   Page 2 of 12 
TUESDAY, FEBRUARY 25, 2014 
5b.  Authorization for the Chief Executive Officer to: (a) issue Change Order No. 181 for
Contract MC-0316677, Centralized Pre-Conditioned Air Project at Seattle-Tacoma
International Airport, in the amount of $531,930 to address the undisputed costs for
subcontractor extended overhead expenses related to a schedule extension and to
extend contract time to December 13, 2013; and (b) approve an additional authorization
of $850,000 to replenish construction contingency due to resolution of disputed costs.
(CIP #800238) 
Request  document(s) provided by Ralph Graves, Managing Director, Capital Development
Division, Wayne Grotheer, Director, Aviation Project Management Group and Janice Zahn,
Assistant Director of Engineering, Construction Services: 
Commission agenda memorandum dated February 4, 2014. 
5c.  Authorization for the Chief Executive Officer to design, advertise, and execute a major
works contract and execute a contract to purchase equipment to take two existing
gates at the South Satellite that are currently configured for domestic, narrow body
aircraft only and modify them to accept international, widebody aircraft operations. 
The amount of this request is $4,850,000. (CIP #C800662) 
Request document(s) provided by Michael Ehl, Director, Airport Operations, and Wayne Grotheer,
Director, Aviation Project Management Group: 
Commission agenda memorandum dated February 18, 2014. 
Project site plan of the South Satellite. 
5d.  Authorization for the Chief Executive Officer to (1) increase the budget for the FIS Short
Term Improvements project by $208,000 and (2) execute a major public works
construction contract with the low responsible bidder, notwithstanding the low bid
exceeding the engineer's estimate by more than 10 percent. The new authorized total
project cost will be $1,912,000. (CIP #C800426) 
Request document(s) provided by Michael Ehl, Director, Airport Operations, and Wayne Grotheer,
Director, Aviation Project Management Group: 
Commission agenda memorandum dated February 18, 2014. 
Motion for approval of consent items 5a, 5b, 5c, and 5d  Creighton 
Second  Albro 
Motion carried by the following vote: 
In Favor: Albro, Bowman, Bryant, Creighton, Gregoire (5) 
PUBLIC TESTIMONY 
An opportunity for public comment was provided, but no testimony was offered at this time. 


Minutes of February 25, 2014, proposed for approval on September 11, 2014.



PORT COMMISSION MEETING MINUTES                   Page 3 of 12 
TUESDAY, FEBRUARY 25, 2014 
6.   DIVISION, CORPORATE, AND COMMISSION ACTION ITEMS 
6a.  Authorization for the Chief Executive Officer to (1) direct staff to proceed with project
management, design, and preparation of final construction documents for the Runway 
16C/34C Reconstruction project at Seattle-Tacoma International Airport; (2) execute a
contract for an automated foreign object debris detection system; (3) perform advance
preparatory work to include the advertisement and execution of a contract to install a
temporary traffic signal on S. 154th St.; (4) enter into one or more agreements with the
Federal Aviation Administration for the evaluation of impacts, relocation of utilities,
installation of runway lighting, performance of flight checks, and other support needed
as part of the Runway 16C/34C reconstruction project; and (5) approve use of a project
labor agreement for the Runway 16C/34C reconstruction project.  The amount of this
request is $10,408,000 of a total estimated project cost of $102,863,000. (CIP #C800406) 
Request document(s) provided by Mike Ehl, Director, Airport Operations, and Wayne Grotheer,
Director, Aviation Project Management Group: 
Commission agenda memorandum dated February 18, 2014. 
Presentation slides. 
Presenter(s): Ralph Wessels, Capital Project Manager, and Mark Coates, Senior Manager, Airport
Operations. 
The Commission received a presentation that included the following relevant information: 
The Port has more than doubled the life of the Center Runway through a process of
continual maintenance efforts, extending the runway's useful life from 20 to 45 years. 
Thousands of Center Runway panels have been replaced, patched, or have suffered
defects.
In 2013, there were 20 unexpected runway closures due to deteriorated concrete. 
Safety inspections are currently performed daily on the Center Runway. 
In connection with rebuilding the runway to satisfy safety and maintenance concerns, it is
also planned to correct alignment at the Taxiway H/J location to prevent runway
incursions by aircraft. 
The remediation of Taxiway H/J may allow the taxiway to be used at night, which is
currently not allowed due to runway incursion risks. 
Closure of the Center Runway during its rebuilding will require diversion of aircraft for
slightly less than six months in 2015 to Runway 16R/34L, the Third Runway. 
The technology for automatic foreign object debris detection was described. 
Motion for approval of item 6a  Creighton 
Second  Bowman 
Motion carried by the following vote: 
In Favor: Albro, Bowman, Bryant, Creighton, Gregoire (5) 


Minutes of February 25, 2014, proposed for approval on September 11, 2014.





PORT COMMISSION MEETING MINUTES                   Page 4 of 12 
TUESDAY, FEBRUARY 25, 2014 
6b.  Authorization for the Chief Executive Officer to advertise for construction bids, execute
construction contracts, and fund the construction phase to complete the Pier 69 Built-
Up Roof Project for a total estimated project cost of $3,418,000. (CIP #C800314) 
Request document(s) provided by Nick Milos, Manager, Corporate Facilities, and Rod Jackson,
Capital Construction Project Manager: 
Commission agenda memorandum dated February 18, 2014. 
Presentation slides. 
Presenter(s): Mr. Milos, Mr. Jackson, and Joe McWilliams, Director, Real Estate Division. 
The Commission received a presentation that included the following relevant information: 
There are two roofing systems at Pier 69 that are about 22 years old. 
Construction would occur between June and October 2014. 
The built-up roof system will be demolished and replaced and new fall protection will be
installed pursuant to current code requirements. 
The new roof will be warrantied for 25 years and is expected to last 30 or more years
with proper maintenance. 
Roof parapets will be raised to accommodate increased insulation thickness. 
Project costs over the original budget are due to design modifications resulting from
lessons learned from similar recent roof replacements. 
Value and marketability factors for the Pier 69 facility were outlined. 
Motion for approval of item 6b  Albro 
Second  Creighton 
Motion carried by the following vote: 
In Favor: Albro, Bowman, Bryant, Creighton, Gregoire (5) 

6c.  Authorization for the Chief Executive Officer to advertise and execute a service
agreement for benefits consulting and brokering services. This service agreement will
be procured via the Port's competitive selection process. The maximum duration of
the agreement will be five years (2015 through 2019) and the anticipated value of the
agreement is not to exceed $1,700,000. 
Request document(s) provided by Tammy Woodard, Assistant Human Resources andDevelopment 
Director  Total Rewards: 
Commission agenda memorandum dated February 18, 2014. 
Resolution No. 3636 regarding self-funded health insurance. 
Presenter(s): Ms. Woodard. 


Minutes of February 25, 2014, proposed for approval on September 11, 2014.



PORT COMMISSION MEETING MINUTES                   Page 5 of 12 
TUESDAY, FEBRUARY 25, 2014 
The Commission received a presentation that included the following relevant information: 
The contract would include ongoing consulting for overall benefits and self-insured
medical and dental plans, brokering services for fully insured plans, cost estimating and
request-for-proposal preparation for contracts during the agreement term, and ad-hoc
services for unanticipated needs. 
Use of consultants is preferable to hiring staff to perform these services because it
provides for access to actuarial analysis and to a broader base of skills and knowledge.
It also provides for brokering services to negotiate insured products to best advantage. 
Motion for approval of item 6c  Albro 
Second  Creighton 
Motion carried by the following vote: 
In Favor: Albro, Bowman, Bryant, Creighton, Gregoire (5) 
7.   STAFF BRIEFINGS 
7a.  2013 Quarter 4 International Arrivals Facility Briefing. 
Presentation  document(s) provided by Elizabeth Leavitt, Director, Aviation Planning &
Environmental Programs; Wayne Grotheer, Director, Aviation Project Management Group; and
Michael Ehl, Director, Airport Operations: 
Commission agenda memorandum dated February 19, 2014. 
Presentation slides. 
Presenter(s): Mr. Grotheer and Nick Harrison, Senior Manager, Airport Operations. 
The Commission received a presentation that included the following relevant information: 
Additional international service will tax the capacity of the existing Federal Inspection
Services in the summer of 2014 to an unprecedented degree. 
Interim improvements are needed prior to completion of a completely new International
Arrivals Facility in order to support safety and customer service needs to keep
passengers moving through the terminal, including avoiding passengers' missing
connecting flights.  Misconnections to domestic flights represent additional airline
expense, as do delayed departures. 
Some interim improvements at the South Satellite will provide for the use of additional
gates for arriving international aircraft. 
Automated passport control, installation of an additional global entry kiosk, additional
stanchions, an improved public address system, additional seating, additional elevators,
an expanded Transportation Security Administration checkpoint, and replacement of
passenger loading bridges  are measures that have already or will soon provide
improvements to passenger flow. 
Global  entry now accommodates about five percent of international passengers.
Automated passport kiosks accommodate over 50 percent of international passengers. 

Minutes of February 25, 2014, proposed for approval on September 11, 2014.

PORT COMMISSION MEETING MINUTES                   Page 6 of 12 
TUESDAY, FEBRUARY 25, 2014 
Use of hardstands and bussing of passengers to the Federal Inspection Services facility
will be implemented in 2014. A ramp will be necessary to provide universal access for
passengers for whom it is burdensome or impossible to use stairs to connect to the
terminal facility from the ground. 
Two gates will be converted to connect with the Federal Inspection Services facilities at
the South Satellite. This will provide added international flight capacity of one wide-body
and one narrow-body aircraft, bringing the number of gates available for international
arrivals to 12 wide-body and 1 narrow body.  Narrow-body aircraft are used to bring
passengers from Mexico and Iceland. 
International airlines have previously and consistently opposed using a slotting system
for international flights to ease peak-hour congestion. The timing of the Airport's peak
arrival period is partly due to timing for connecting flights at arrival and destination points
as well as the timing of an international flight's origination.
The Airport's published minimum connection time is 90 minutes. 
A single stand-alone facility adjacent to Concourse A with a connecting tunnel or bridge
to the South Satellite is proposed for the new International Arrivals Facility. A single
facility is less expensive operationally because it requires less staffing by Customs and
Border Patrol and would allow consolidation of other federal agency offices. 
The very preliminary cost estimate for the project is $316 million, based on a shell facility
and selection of a tunnel connector. The cost estimate is expected to increase and will
be independently validated in the spring of 2014. This will determine the project cost
target. A guaranteed maximum price will be established at the time the Commission
authorizes design and construction. 
Staff recommends using a single design-build contract to build both the arrivals facility
and the connector. Staff has received design-build training and the Port has been
certified by the state to use a design-build project delivery method. 
The consultant's recommendation for the kind of connector is expected by the end of
March 2014. 
Benefits of using a design-build project delivery methodology include the following: 
Shortening of project schedule because basic construction can commence while
design is still underway 
Single point of accountability 
Encourages design-builder innovation 
Properly allocates risk 
Project would be designed and built to a budget 
Cost transparency 
Accountability risks were described in comparing progressive design-build methodology
to both design-bid-build and lump-sum design-build methods. 
Progressive design-build methodology has been used at other West Coast airports,
including San Francisco, San Diego, and Los Angeles. 
There is an initial target to reduce minimum connection time for international passengers
from 90 to 75 minutes. 
Commissioner Bryant was absent after 3:03 p.m. 

Minutes of February 25, 2014, proposed for approval on September 11, 2014.




PORT COMMISSION MEETING MINUTES                   Page 7 of 12 
TUESDAY, FEBRUARY 25, 2014 
7b.  2013 Financial Performance Briefing. 
Presentation document(s) provided by Dan Thomas, Chief Financial and Administrative Officer, 
and Michael Tong, Corporate Budget Manager: 
Commission agenda memorandum dated February 7, 2014. 
Presentation slides. 
2013 Financial and Performance Report. 
Presenter(s): Mr. Thomas; Mr. Tong; Borgan Anderson, Director, Aviation Finance & Budget;
Boni Buringrud, Director, Seaport Finance & Budget; Joe McWilliams, Director, Real Estate
Division; Ralph Graves, Director, Capital Development Division; and Elizabeth Morrison,
Director, Corporate Finance. 
The Commission received a presentation that included the following relevant information: 
The 2013 budget was revised after adoption in order to account for renegotiation of
leases in both the Aviation and Seaport divisions. Revenue forecasts were reduced
15 percent. Approximately $5 million in expense savings was proactively identified as
part of this process. 
Portwide 
Operating nonaeronautical revenue for 2013 was about $291 million. This was about
$1.8 million above revised budget and more than $5 million above 2012 actual revenue. 
Including aeronautical revenue, total revenue for 2013 was about $544 million. This was
about $9 million above revised budget and about $23 million above 2012 actual total
revenue. 
Overall expenses in 2013 were about $307 million. This was about $17 million below
revised budget. 
Net operating income before depreciation was about $237 million.  This was about
$26 million above revised budget and about $14 million above the 2012 actual. 
Net operating income after  depreciation was about $66  million.  This was about
$26 million above revised budget and about $10 million above 2012 actual net operating
income. 
Comprehensive revenue for 2013 was about $732 million. Comprehensive expense,
including depreciation, was about $622 million.  This resulted in a comprehensive
increase of net assets of about $110 million.  Increase in net assets correlates to
corporate profit. 
Negative interest income of $1.1 million was due to unrealized loss on the market value
of investments related to fluctuations in bond prices and interest rates. 
A $30.8 million adjustment to net position represents adjustments for new accounting
rules that require the costs of bond issuance to be accounted as expense during the
year in which they are incurred rather than being amortized over the life of the bond.
The previously unamortized portion of these costs for past bond issuances were required
to be accounted as expense in 2013.  Other accounting rule changes account for a
portion of the adjustment as well. 

Minutes of February 25, 2014, proposed for approval on September 11, 2014.

PORT COMMISSION MEETING MINUTES                   Page 8 of 12 
TUESDAY, FEBRUARY 25, 2014 
The nearly $14 million saved in revenue bond interest expense was largely due to bond
refundings for savings at attractive interest rates during 2013. 
Capital spending for each division was below budget in 2013. Capital spending in 2013
was about $130 million. 
Aviation 
Passenger enplanements in 2013 exceeded 2012 by 4.7 percent. 
Operating expenses were below budget by $11.9 million. 
Non-airline revenues in 2013 exceeded 2012 by 5.1 percent and exceeded 2013
forecast by 2.7 percent. 
Airline costs were reduced significantly due to the new signatory lease and operating
agreement ("SLOA-3"). Cost per enplanement was reduced to $11.90 from $13.23 in
2012, and revenue sharing of $9.7 million was introduced. The revised 2013 budget
forecast $13.65. 
Cargo activity increased 3.2 percent over 2012, including increases in domestic and
international freight and mail volume. 
Airline realignment expenditures were about $5.6 million below budget in 2013 due to
project savings, capitalization of costs, and delays in expenditure. As much as $600,000
is expected to be expended in 2014, but is not reflected in the 2014 budget. 
Total operating expenses in 2013 were below budget by about $11.8 million, a fivepercent
variance. 
Total rate-base revenues of $222 million account for $17.9 million in airline revenue
reduced as negotiated in the new airline lease (SLOA). The security fund from the
previous airline agreement was no longer required to be held aside and contributed
corresponding revenue of $17.9 million, which was returned to the airlines as part of the
new lease agreement. Amortization of the $17.9 million airline revenue reduction over the
five-year life of the lease results in accounting back as operating revenue 80 percent, or
about $14.3 million, in 2013. This amount is subtracted from calculation of net cash flow. 
Revenue sharing of 50 percent of cash flow above 1.25 times debt service coverage 
reduced 2013 revenue by about $9.7 million. 
Non-aeronautical revenue from public parking was higher in 2013 by 2.5 percent over
forecast and 4.9 percent over 2012 actual non-aeronautical revenue. 
Based on terms of the new SLOA agreement, shared operations and maintenance costs
for 2013 were about $20 million, about $4.1 million below revised budget but an increase
compared to 2012 actual operations and maintenance costs of about $1.7 million, a 9.2-
percent increase. 
Capital spending was 62 percent of forecast, due to timing of invoices or extenuating
circumstances in the timing of projects. 
Seaport 
Net operating income exceeded 2013 budget by about $500,000, after factoring a
shortfall in operating revenue  of about $1 million and expense savings of about
$1.7 million. 
Cargo in TEUs (twenty-foot-equivalent units) was down 16 percent in 2013. 

Minutes of February 25, 2014, proposed for approval on September 11, 2014.

PORT COMMISSION MEETING MINUTES                   Page 9 of 12 
TUESDAY, FEBRUARY 25, 2014 
Consolidated West Coast ports experienced an overall growth of about 1.9 percent.
Cargo at Los Angeles/Long Beach grew 3.4 percent; Seattle/Tacoma dropped by
3.1 percent; and the Canadian ports of Prince Rupert and Metro Vancouver increased
2.5 percent. 
United Arab Shipping Company began making calls in June 2013 at Terminal 30. 
Grain shipments appear to be recovering following conclusion of the Midwest drought in
2013. 
Cruise business reported 871,000 passengers and ships sailing at 106 percent
occupancy. Budgeted occupancy for 2013 was 104 percent. 
The Port of Seattle commands 52 percent of the Alaska cruise market. Metro Vancouver
has 48 percent of that market. 
A new foreign trade zone was activated in 2013, bringing the total to five. 
Truck radio frequency identification was successfully implemented. 
Environmental clean-up is underway at Terminals 117 and 91, and an update to the
Northwest Ports Clean Air Strategy was adopted in 2013. Clean-up costs of $5.4 million
were recovered from grants and insurance. 
Crane rent was below 2013 budget due to a reduction in lifts at Terminal 18. 
Capital spending was 51 percent of forecast, largely due to rescheduling of projects. 
Real Estate 
Net operating income for 2013 exceeded budget by about $1.8 million. 
Revenue was below budget but expenses were also below budget. 
Commercial occupancy ended 2013 at 91 percent. The comparable average occupancy
for Seattle was about 88 percent. 
Occupancy at Shilshole Bay Marina averaged 97 percent. 
Conference Center activity was below budget but was comparable to 2009 results. 
There were zero days lost to accidents in 2013 in Marine Maintenance. 
There were unbudgeted legal expenses for maintenance of the Eastside Rail Corridor
that raised its expenses over budget in 2013. 
Capital spending in Real Estate was about 50 percent of budget. There were delays in
projects at Fishermen's Terminaland elsewhere, and Pier 66 steam replacement was
not anticipated in the Real Estate budget. 
Capital Development 
There is an increase in design work in preparation for several upcoming large capital
projects. 
Cost growth for mandatory and discretionary project changes were presented for
projects closed during the fourth quarter of 2013. 
Time taken to execute service agreements improved in 2013 from 202 days to 169 days. 
Delayed hiring helped keep expenses below budget. 
Port Construction Services' expenses were above budget due to unanticipated projects.
Expenses by the Central Procurement Office were over budget due to higher than
expected legal expenses. 

Minutes of February 25, 2014, proposed for approval on September 11, 2014.




PORT COMMISSION MEETING MINUTES                  Page 10 of 12 
TUESDAY, FEBRUARY 25, 2014 
Corporate 
There were 42 small business outreaches in 2013. 
The Port responded to 310 requests for disclosure of public records in 2013. 
Spending by the Corporate Division in 2013 was about $75.8 million, $2.2 million below
revised budget. Savings came from salaries & benefits, outside services, and travel,
among other categories. 
Corporate costs amounted to 13.9 percent compared to total Port revenue and 24.7
percent compared to total Port expenses. 
Tax Levy 
Actual tax levy funding sources for 2013 were comparable to the forecasts provided in
October 2013, including a beginning balance of $56.3 million and an annual levy of
$73 million. 
Use of tax levy funding for environmental remediation was $10.9 million, about $2 million
less than forecast due to spending delays on environmental projects. 
Use of tax levy funding for noise remediation in the Highline School District was
$700,000, significantly less than the forecasted $7.2 million due to the district's inability
to fund its portion of the project in 2013.
Real Estate spending of tax levy funding was also significantly below forecast in 2013. 
Staff recommends $2 million of Real Estate Division operating expense savings be
added to the Port's contribution toward the State'sreplacement of the Alaskan Way
Viaduct.  Staff also recommends combining $5 million from Snohomish County for
purchase of a portion of the Eastside Rail Corridor toward the Viaduct replacement
project by depositing it in the Transportation Improvement Fund. Increasing the Port's
cash contribution to the project reduces the amount of bonds needed to fund its portion
of the SR-99 tunnel project. 
The ending balance for the tax levy fund for 2014 is forecast to be a little less than
$13 million. 
Commissioner Gregoire requested further information on the amount of time spent fulfilling
requests for disclosure of public records. 
7c.  2013 Annual Treasury and Investment Portfolio Report. 
Presentation document(s) provided by Craig J. Kerr, Treasury Manager: 
Commission agenda memorandum dated February 5, 2014. 
Presentation slides. 
Current Port Investment Policy, Resolution No. 3663. 
Presenter(s): Mr. Kerr and Diane Campbell, Financial Analyst. 



Minutes of February 25, 2014, proposed for approval on September 11, 2014.

PORT COMMISSION MEETING MINUTES                  Page 11 of 12 
TUESDAY, FEBRUARY 25, 2014 
The Commission received a presentation that included the following relevant information: 
Cash management and management of banking activities are some of the functions of
the Port's Treasury, which coordinates its processes with Accounting & Financial
Management and Information & Communications Technology. 
Implementation of emerging Securities Exchange Commission regulations affecting
municipalities is also a Treasury function. 
A new banking contract is expected to be executed soon. 
The Port's Commission-approvedinvestment strategy was described. Use of a 2.0
Target Duration Plus or Minus 50 Basis Points balances the Port's investment portfolio
such that Port investment outperforms the market when rates are falling and
underperforms when rates are rising. 
The Port's investment performance benchmark is theBank of America Merrill Lynch
Treasury/Agency Three Year Index. 
Investment policy objectives are safety, liquidity, and yield in that order of priority. 
The investment policy sets portfolio standards, establishes reporting standards, and
allows for independent review of the investment program by the State Auditor, external
auditors, and internal auditors.  The policy is periodically reviewed and amended as
appropriate to conform to best practices. 
The Port's investment portfolio is composed of "high grade" mortgage backed securities,
repurchase agreements, treasury notes, and federal agency securities. 
Interest rates remain low, but short- and medium-term rates are expected to rise slowly
in 2014. 
In 2013, the Port outperformed its investment benchmark of 0.35 percent with a yield of
0.69 percent. 
Portfolio earnings in 2013 were about $6.5 million and demonstrate a downward trend
since 2009. 
Over the 12 years during which the Port has performed its own treasury function, its
investments have outperformed the benchmark by 0.73 percent. 
Value of the portfolio fluctuates over time and was $953 million in 2013.  Capital
spending reduces the portfolio, bond issuance to fund projects increases it. 
The designated uses of the Port's investment funds were outlined in general. 
7d.  Legislative Update for February 25, 2014. 
Presenter(s): Patricia Akiyama, Director, Public Affairs. 
Issues and measures being tracked by the Port governmental relations team include the following: 
Maritime Goods Movement Act related to Harbor Maintenance Tax reform in the U.S.
House of Representatives. 
Pacific Northwest transportation infrastructure advocacy in Congress. 
Port and transportation advocacy in the Washington Legislature, including transportation
funding. 
Completion of SR-509. 

Minutes of February 25, 2014, proposed for approval on September 11, 2014.

PORT COMMISSION MEETING MINUTES                  Page 12 of 12 
TUESDAY, FEBRUARY 25, 2014 
State derelict vessel legislation, including monitoring of potential regulations that would
require marinas to ensure proof of insurance.
State tourism promotion. 
A King County ballot measure for April 22 to raise funding for Metro Transit and local
transportation projects via license fees and sales taxes. 
Tolling recommendations for SR-99. 
Local policy developments on questions relating to minimum wage. 
Industrial lands protection and zoning advocacy in the Duwamish Manufacturing
Industrial Center. 
Policy developments surrounding regulation of transportation alternatives such as Lift
and Uber-X rideshare and transportation network ventures. The Port supports insurance
and training for drivers. 
8.   NEW BUSINESS 
None.
9.   POLICY ROUNDTABLE 
None. 
10.  ADJOURNMENT 
There being no further business, the regular meeting was adjourned at 4:22 p.m. 

Tom Albro 
Secretary 
Minutes approved: September 11, 2014. 







Minutes of February 25, 2014, proposed for approval on September 11, 2014.