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 
April 1, 2014 
The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on April 1, 2014, during a recess of
the Port Commission regular meeting on the same date, which convened at 12:05 p.m. at
Port of Seattle Headquarters, Commission Chambers, 2711 Alaskan Way, Seattle,
Washington. The annual meeting of the Board of Directors of the IDC convened at 1:48 
p.m. Directors present included Tom Albro, Stephanie Bowman, Bill Bryant, John
Creighton, and Courtney Gregoire.
1.     Approval of Minutes 
Minutes of the IDC meeting of April 9, 2013. 
Motion for approval of the IDC meeting minutes of April 9, 2013  Gregoire 
Second  Creighton 
Motion carried: 
In Favor: Albro, Bowman, Bryant, Creighton, Gregoire (5) 
2.     Election of Board of Directors Officers 
ACTION REQUESTED: Request Board approval of the IDC Board of Directors and
Officers for 2014. 
Request documents:  IDC memorandum dated March 7, 2014, provided by Diane
Campbell, Senior Corporate Financial Analyst, Finance and Budget. 


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

Port of Seattle Industrial Development Corporation Minutes of April 1, 2014          Page 2 of 3 

Pursuant to the IDC Bylaws, Article 5, Section A, the following is a list of proposed
Board of Directors and Officers for 2014: 
Stephanie Bowman, Co-President 
Courtney Gregoire, Co-President 
Tom Albro, Secretary 
John Creighton, Assistant Secretary 
Bill Bryant, Director 
Motion for approval of proposed slate of Directors/Officers  Creighton 
Second  Albro 
Motion carried: 
In Favor: Albro, Bowman, Bryant, Creighton, Gregoire (5) 
3.     Industrial Development Corporation 2013 Annual Report 
Presentation documents: IDC memorandum dated March 7, 2014, provided by Diane
Campbell, Senior Corporate Financial Analyst, Finance and Budget. 
Presenter(s): Ms. Campbell. 
Ms. Campbell presented the  2013 Annual Report, noting the following relevant
information: 
The IDC is a special-purpose government with limited powers which was
established for the purpose of facilitating industrial expansion through taxexempt
financing. 
Debt issued by a company through the IDC is the sole responsibility of the
company. 
Total assets are $273,000, which is a $12,000 increase over the previous year-
end. 
The increase is primarily due to customer fees from Cisco related to a pay-
down of outstanding bonds. 
Income for the year was approximately $18,000, largely composed of
customer fees and investment income. 
Expenses were approximately $4,300, primarily in audit and administrative
expenses. 
The State Auditor's Office audits the IDC every three years, reviewing
internal controls, policies and procedures, and compliance with state laws and
regulations. 
The most recent audit was dated December 3, 2013, covering 2010-2012. It
indicated no findings. 
Two companies, Crowley Marine Services, and Delta Airlines, have
outstanding bonds totaling just under $75 million. 

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

Port of Seattle Industrial Development Corporation Minutes of April I, 2014         Page 3 of3

The shortest bond, with Crowley Marine Services,. for $8.7 million, will
mature in 2021.
The longest bond, with Delta Airlines Inc. for approximately $66 million, will
mature in 2030.
The scholarship program was established in 2001 and ran for 11 years. A
$5,000 fellowship was awarded to Port employees to use for educational or
other expenses fwthering economic development and their careers.
Ms. Campbell recommended to the board that the IDC maintain the current fund balance
as the required minimum in order to cover operating expenses through interest income.
Commissioner Albro suggested that the assumption that this is the best course should be
revisited regularly, indicating that the IDC is a vehicle that could be leveraged to further
Port objectives.
4.     Adjournment
There being no further business, the annual meeting of the Board of Directors of the
Industrial Development Corporation ofthe Port ofSeattle was adjourned at I :58 p.m.


Approved April 7, 2015.

SECREt~RY

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