ITEM NO.    6a 
DATE OF 
MEETING March 6, 2012 

THE INDUSTRIAL DEVELOPMENT CORPORATION 
OF THE PORT OF SEATTLE 
NOTICE OF THE ANNUAL MEETING 

The Special Annual Meeting of the Industrial Development Corporation of the Port of Seattle will
be held on Tuesday, March 6, 2012, in the Commission Chambers, Pier 69, 2711 Alaskan Way,
Seattle Washington, during a recess of the Port of Seattle Commission Regular Meeting, which
convenes at l:00 p.m. The Agenda includes: 
1.  Approval of the proposed minutes of the Industrial Development Corporation
of the Port of Seattle Special Meeting of August 23, 2011. 
2.  Approval of the Industrial Development Corporation of the Port of Seattle
Board of Directors and Officers for 2012. 
3.  Review of the Annual Report for the Industrial Development Corporation for
year ending December 31, 2011. 

Adjournment of the Annual Meeting of the Industrial Development Corporation of the Port of
Seattle.

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA 
Item No.        1 
Date of Meeting    March 6, 2012 
DATE:        February 24, 2012 
TO:          Tay Yoshitani, Chief Executive Officer 
FROM:       Diane Campbell, Senior Corporate Financial Analyst 
SUBJECT:      Approval of the Proposed Minutes of the Industrial Development Corporation
of the Port of Seattle Meeting of August 23, 2011 
ACTION REQUESTED: 
Request Board approval of the proposed minutes of the Industrial Development Corporation of the
Port of Seattle meeting of August 23, 2011. Draft minutes have been circulated to the Board of
Directors and approved minutes will be posted to the Port's website.

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA 
Item No.        2 
Date of Meeting    March 6, 2012 
DATE:        February 24, 2012 
TO:          Tay Yoshitani, Chief Executive Officer 
FROM:       Diane Campbell, Senior Corporate Financial Analyst 
SUBJECT:      Election of Officers 
REQUESTED ACTION: 
Request Board approval of the Industrial Development Corporation of the Port of Seattle Board of
Directors and Officers for 2012. 
BACKGROUND: 
In accordance with the Bylaws for the Industrial Development Corporation of the Port of Seattle,
the following is a list of the Board of Directors and Officers for the Corporation: 
Gael Tarleton, President 
John Creighton, Vice President 
Tom Albro, Secretary 
Bill Bryant, Assistant Secretary 
Rob Holland, Director 

"Section A. Numberand Qualifications. The officers of the Corporation shall be the same as the
officers of the Port Commission and such other officers as may be determined by the Board of
Directors from time to time to perform such duties as may be designated by the Board of Directors."

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA 
Item No.        3 
Date of Meeting   March 6, 2012 

DATE:        February 24, 2012 
TO:          Tay Yoshitani, Chief Executive Officer 
FROM:       Diane Campbell, Senior Corporate Financial Analyst 
SUBJECT:      Industrial Development Corporation Annual Report for 2011 
SYNOPSIS: 
The Industrial Development Corporation of the Port of Seattle, also known as IDC, was established
in 1982 pursuant to Revised Code of Washington (Chap. 39.84). The IDC is a special purpose
government with limited powers and was established for the purpose of facilitating industrial
expansion through tax-exempt financing by providing companies with access to the tax-exempt
credit market through the facilities of the IDC.
Any company with a project that qualifies for tax-exempt financing and qualifies under RCW 39.84
and IDC policy may apply for IDC financing. The Port is not the lender and cannot lend credit or
give money to the IDC. Debt issued by a company through the IDC is the sole responsibility of the
company and is always non-recourse to the Port and to the IDC. Bond proceeds go directly to the
company borrowing through the IDC. The companies pay their debt service (principal and interest)
to a trustee. 
Any city, county or port in Washington state may establish an IDC, and a number of other
jurisdictions have done so, including King and Pierce Counties; the cities of Seattle, Auburn,
Redmond and Kent; and several other ports.
An annual IDC fellowship program made 21 awards from 2001 to 2011. The program offered one
or more fellowships to eligible Port employees who wished to improve their skills to pursue the
"economic development" core mission of the Port.
The IDC is governed by a board of directors comprised of the members of the Port Commission;
accordingly, both the IDC Board and the Port Commission must approve any IDC bond issue. The
IDC Board meets at a minimum once a year during a Commission meeting. In addition to electing
new officers and reviewing the IDC's annual financial results, the IDC's Board provides guidance
about the level of funding for approved uses of IDC assets, at the annual winter meeting or at
additional meetings as necessary. 
ANNUAL REPORT SUMMARY: 
Attached are the financial statements of the IDC. The IDC had assets totaling $114,401 at year-end
2011. Total income of $ 4,300 came primarily from investment income on the IDC fund balance, as
well as from the customer fee paid by companies with outstanding IDC debt. Administrative
expense of $629 and scholarship expenses of $10,000 related to the Port's Economic and Trade
Fellowship program were incurred. Other expenses were $155,000 associated with the funding of
Washington State's tourism promotion, as approved by the Board in March 2011, and $511 for the
2010 State Auditor's Office audit.

STATUS OF IDC BONDS: 
At the end of 2011, there were three companies with outstanding IDC debt totaling $81,000,000.
The IDC collects an annual customer fee from the companies based on their annual debt service
payments, with the exception of Northwest Airlines. The table below shows the companies, their
outstanding balance and final maturity date of their debt as of December 31, 2011. 
Company                Outstanding Debt (12/31/2011)  Maturity Date 
Crowley Marine Services                $ 8,700,000         2021 
Sysco (refunding CCC Realty)               8,000,000         2025 
Northwest Airlines                      64,300,000         2030 
TOTAL                    $ 81,000,000 
MANAGEMENT DISCUSSION: 
The customer fee decreased from $97 in 2010 to $82 in 2011. Since most IDC debt is variable rate, the
customer fee amount fluctuates with interest rates. Lower interest rates seen in 2011 are anticipated to
remain through 2012. Accordingly, t he customer fee for 2012 is projected toremain close to the 2011 
amount. The IDC receives on-going customer fees from Sysco and Crowley  Marine Services.
Northwest Airlines made a one-time lump sum fee payment in 2001 when its bonds were issued. 
IDC assets are invested in the Port's investment pool. The IDC's allocated interest income from the
pool in 2011 was $4,181. The investment income for 2012 is projected to be lower, a combination of
low interest rates and lower IDC fund balance. 
The Administrative Expense was $629 in 2011. Scholarship Expense was $10,000 in 2011 as requested
and approved by the Board.  There were two Other Expenses in 2011: (i) $155,000 toward funding of
Washington State's tourism promotion, and (ii) $511 attributable to the 2010 Washington State
Auditor for the audit process that happens approximately every three years. The last audit fee in 2007
was $2,279. The total expense for the 2010 audit is $3,655. 
The IDC's charter permits its funds to be transferred only to the Port. Under an amendment to RCW
39.84.130, funds of the IDC that are not otherwise encumbered for the payment of revenue bonds and
are not anticipated to be necessary for administrative expenses of the IDC may be transferred to the Port
to be used for growth management, planning or other economic development purposes. In order to
transfer funds, the Board of Directors of the IDC needs to adopt a resolution authorizing the transfer.
Any transfer of funds would reduce the assets of the IDC and the interest earnings on these assets. 
MINIMUM FUND BALANCE RECOMMENDATION: 
Staff recommends that the IDC maintain a minimum fund balance of $114,000 to ensure adequate
investment earnings to fund annual operating expenses.  Funds in excess of this amount may be
transferred to the Port for allowable purposes like the Economic Development Fellowship, or retained
by the IDC and generate interest income.

INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
BALANCE SHEET
December 31,   December 31,   December 31,
2011        2010        2009

ASSETS
Cash and Cash Equivalents   $ 114,285       $ 280,250        $ 324,464 
Accounts Receivable               116           64          100
TOTAL ASSETS         $ 114,401     $ 280,314     $ 324,564 

LIABILITIES AND EQUITY
(1)
E&T Fellowship Reserves    $ 37,628      $ 41,624      $ 30,251 
Accounts Payable -      40  - 
Equity                       76,773       238,650       294,313
TOTAL LIABILITIES & EQUITY $ 114,401      $ 280,314      $ 324,564 

(1) The Economic & Trade (E&T) Fellowship Reserve, the "Reserve", is the undistributed balance of approved Scholarship awards
to the E&T Fellowship.

INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
INCOME STATEMENT
AND CHANGES IN EQUITY
December 31,   December 31,    December 31,
2011        2010        2009
INCOME
Customer Fee                $ 82    $ 97    $ 174 
Investment Income                     4,181         7,224         9,141
Miscellaneous Income -      678 - 
EXPENSE
Administrative Expense             $ 629     $ 218     $ 840 
Scholarship Expense                    10,000             15,000        10,000
Miscellaneous Expense -      160 - 
Other Expenses:
China Trade Mission -     45,139   - 
State Audit                           511             3,144 - 
Washington State Tourism Promotion       155,000 - - 
NET INCOME            $ (161,878)      $ (55,662)     $ (1,525) 

BEGINNING EQUITY         $ 238,650      $ 294,313      $ 295,837 
ENDING EQUITY           $ 76,773     $ 238,650      $ 294,313

INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
STATEMENT OF CASH FLOWS
December 31,   December 31,  December 31,
2011       2010       2009
CASH FLOWS FROM OPERATING
ACTIVITIES:
Cash received from bond issuers       $ 29    $ 134     $ 630 
Cash paid for expenses                  (170,175)      (51,571)     (10,624)
Net cash provided by
operating activities                  $ (170,146)          $ (51,438)        $ (9,993) 
CASH FLOWS FROM INVESTING
ACTIVITIES:
Interest on investments              $ 4,181      $ 7,224       $ 9,141 
Net cash provided by
investing activities                   $ 4,181       $ 7,224       $ 9,141 
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS       (165,965.28)   (44,213.45)   (852.17) 
CASH AND CASH EQUIVALENTS
Beginning of year                 $ 280,250        $ 324,464        $ 325,316 
End of year                    $ 114,285        $ 280,250        $ 324,464