P.O. Box 1209 
Seattle, Washington 98111 
www.portseattle.org 
206.787.3000 
APPROVED MINUTES 
COMMISSION SPECIAL JOINT MEETING MARCH 10, 2015 
The Port of Seattle Commission met in a special joint meeting with the Port of Tacoma
Commission  Tuesday, March 10,  2015,  in the International Auditorium at Seattle-Tacoma
International Airport, Seattle, Washington. Port of Seattle Commissioners Albro, Bowman, Bryant,
Creighton, and Gregoire were present. Port of Tacoma Commissioners Johnson, Marzano, and
Meyer were also present. 
CALL TO ORDER 
The meeting was called to order at 8:42 a.m. by Port of Seattle Commission Co-President 
Stephanie Bowman. 
PLEDGE OF ALLEGIANCE 
PUBLIC COMMENT 
An opportunity for public comment was provided, but no testimony was offered at this time. 
ASSET VALUATION 
Erin Galeno, Chief Financial and Administrative Officer, Port of Tacoma, described the valuation of
assets of both ports that are being considered for inclusion in the Seaport Alliance. The valuation is
being performed by John Martin Associates in partnership with The PFM Group and KPFF
Engineering. The scope of work includes review of valuation work done in 2014 by Mercator
International, determination of the validity of the draft valuation model and assumptions, refinement
of the analysis based on projected cash flow, determination of each port's contribution to the
Alliance considering the desire for an even split of assets, and preparation of a final report and
findings. 
The valuation methodology was described. Use of future cash flows with application of a net
present value calculation is intended to equalize the value of varying facilities and business
portfolios between the two ports. Key valuation assumptions were provided. Commissioners
discussed the appropriate valuation of assets that may be vacant and not producing cash flow but
have a high market value. It was noted that inequities can be balanced and resolved with guidance
from the consultant. 


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

PORT COMMISSION JOINT PUBLIC MEETING MINUTES             Page 2 of 2 
TUESDAY, MARCH 10, 2015 
BUSINESS RECOVERY  CARGO MOVEMENT UPDATE 
Since resolution of the labor dispute between the International Longshore and Warehouse Union
and the Pacific Maritime Association, it was reported there have been significant increases in
gateway activity. The status of impacts to rail and drayage operations were summarized. 
TRANS-PACIFIC MARITIME CONFERENCE REPORT 
There was a report on the Trans-Pacific Maritime Conference held March 1-4 in Long Beach,
California. The need to win back trust with customers, support expressed for the Seaport Alliance
formation, an emphasis on increased productivity and labor negotiation reform, and the potential to
temporarily relax some regulatory efforts, such as emissions of drayage trucks, were discussed. 
LEGISLATIVE UPDATE 
The progress of state legislation to create a statutory entity of Port Development Authority in order
to facilitate the Alliance of the ports of Tacoma and Seattle was reported. Legislation has passed
the House with some modification and is in committee in the Senate. A statewide transportation
infrastructure funding package has passed in the Senate and is under consideration in the House.
The completion of SR-509 and SR-167 remain important areas of legislative focus. 
COMMISSIONER COMMENT 
Commissioners commented on messages coming out of the Trans-Pacific Maritime Conference,
including potential permanent damage to West Coast ports as a result of the ILWU/PMA labor
dispute. A focus on automation and increased efficiency is a theme, and there is a desire to pursue
these in a way that will satisfy labor concerns. Marketing efforts aimed at restoring the reputation
and attractiveness of the two ports following the cargo disruption were encouraged. 
ADJOURNMENT 
There was no further business, and the meeting adjourned at 9:36 a.m. 
Tom Albro 
Secretary 
Minutes approved: October 13, 2015. 





Minutes of the special joint public meeting of March 10, 2015, proposed for approval on October 13, 2015.