Port-
of Seattle
P.O. Box 1209
Seattle, Washington 98111
www.portseatt|e.org
206.787.3000

MINUTES OF THE
ANNUAL MEETING OF THE BOARD OF DIRECTORS
OF THE INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE

March 6, 2012

The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on March 6, 2012, during a recess of
the Port Commission regular meeting on the same date, which convened at 12:03 pm. 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
pm. Directors present included Tom Albro, Bill Bryant, John Creighton, Rob Holland,
and Gael Tarleton.

1.     Approval of Minutes

Minutes of the IDC meeting of August 23, 2011.

Motion for approval of the IDC meeting minutes of August 23, 2011  Albro

Second  Holland

Motion carried:

In Favor: Albro, Bryant, Creighton, Holland, Tarleton (5)

2.    Election of Board of Directors Ofcers

ACTION REQUESTED: Request Board approval of the Industrial Development
Corporation of the Port of Seattle Board of Directors and Ofcers for 2012.

Request documents: IDC memorandum dated February 24, 2012, provided by Diane
Campbell, Senior Corporate Financial Analyst, Finance and Budget.

Pursuant to the IDC Bylaws, Article 5, Section A, the following list of proposed Board of
Directors and Ofcers for 2012 was presented:

Port of Seattle Industrial Development Corporation Minutes of March 6, 2012        Page 2 of 2

Gael Tarleton, President
John Creighton, Vice President
Tom Albro, Secretary
Bill Bryant, Assistant Secretary
Rob Holland, Director

Motion for approval of proposed slate of Directors/Ofcers  Creighton

Second  Bryant

Motion carried:

In Favor: Albro, Bryant, Creighton, Holland, Tarleton (5)

3.    Industrial Development Corporation Annual Report for 2011

Presentation documents:  IDC memorandum dated February 24, 2012, balance sheet,
income statement, and statement of cash ows provided by Diane Campbell, Senior
Corporate Financial Analyst, Finance and Budget.

Presenter(s): Ms. Campbell.

Ms. Campbell reported 2011 IDC expenses of approximately $166,000 due to a $155,000
contribution to the Washington Tourism Alliance for tourism promotion serevices,
$10,000 of fellowship expenses, and other miscellaneous expenses. She reported $4,300
of income derived primarily from investment income on the IDC fund balance. Ms.
Campbell noted three companies with outstanding IDC debt totaling $81 million 
Crowley Marine Services, Sysco, and Northwest Airlines.

In response to Director Albro, Ms. Campbell stated that each of the fellowships has ve

years during which to be expended, provided the recipient is still employed by the Port.

Regarding the governance model for the board, Director Tarleton noted a general sense
among the Directors to retain governance of IDC mds within the IDC, rather than
transfer it to the Port's Chief Executive Ofcer.

4.    Adjournment

There being no further business, the annual meeting of the Board of Directors of the
Industrial Dev lop ent Corporation of the Port of Seattle was adjourned at 1:55 pm.


Approved 
BILL BRYANT

ASSISTANT SECRETARY