10a. Attachment

Industrial Development Corporation Annual Meeting

Agenda Item: 10a_attach 
Meeting Date: April 26, 2022 


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 11, 2021 
The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on May 11, 2021, during a recess of the
Port Commission regular meeting on the same date, which convened at 12:03 p.m. and was
conducted remotely. The annual meeting of the Board of Directors of the IDC convened at
1:00p.m.  Directors  present  included  Stephanie  Bowman,  Ryan  Calkins,  Sam  Cho, 
Fred Felleman, and Peter Steinbrueck. 
1.         Approval of Minutes 
Minutes of the IDC meeting of May 26, 2020. 
Motion for approval of the IDC meeting minutes of May 26, 2020, carried by the
following vote: 
In Favor: Bowman, Calkins, Cho, Felleman, Steinbrueck (5) 
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 2021. 
Request documents: IDC agenda memorandum. 
Pursuant to the IDC Bylaws, Article 5, Section A, the following is a list of proposed Board of
Directors and Officers for 2021: 
Fred Felleman, President 
Ryan Calkins, Vice-President 
Sam Cho, Secretary 
Stephanie Bowman, Director 
Peter Steinbrueck, Director 

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 May 11, 2021                  Page 2 of 2 

Motion for approval of proposed slate of Directors/Officers carried by the following
vote: 
In Favor: Bowman, Calkins, Cho Felleman, Steinbrueck (5) 
3.         Industrial Development Corporation Annual Report for 2020 
Presentation documents: IDC agenda memorandum. 
Presenter(s): Scott Bertram, Manager, Corporate Finance Analysis. 
Mr. Bertram presented the 2020 Annual Report, noting the following relevant information: 
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, 2020, two companies with
outstanding IDC debt totaling $74,725,000 exist. 
Minimum fund balance recommendation -  $280,000 to ensure adequate
investment earnings to fund annual operating and future audit expenses. 
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 1:08 p.m. 

Prepared:                                     Attest: 

Michelle M. Hart, MMC                    Sam Cho, Industrial Development 
Corporation Secretary 
Commission Clerk 

Minutes approved April 26, 2022. 


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

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