Item 6b Memo IDC

ITEM NO.      6b
DATE OF
MEETING  July 28, 2009


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

The special meeting of the Industrial Development Corporation of the Port of Seattle will be held
on Tuesday, July 28, 2009, at the Airport Office Building, International Auditorium, Seattle-
Tacoma International Airport, Seattle, Washington, during a recess of the Port of Seattle
Commission Meeting, which convenes at 1:00 p.m. The Agenda includes:
1.  Resolution No. 75 authorizing the transfer of surplus funds in the sum of $10,000
from the Industrial Development Corporation to the Port of Seattle for the provision
of training in public sector management skills necessary to implement the economic
development programs of the Port.
Adjournment of the special meeting of the Industrial Development Corporation of the Port of
Seattle.

PORT OF SEATTLE INDUSTRIAL DEVELOPMENT CORPORATION
MEMORANDUM

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA 
Item No.           1
Date of Meeting    July 28, 2009 
DATE:   July 10, 2009
TO:     Tay Yoshitani, Chief Executive Officer
FROM:   Diane Campbell, Corporate Financial Analyst, Finance & Budget
Annalee Luhman, Learning and Leadership Manager, Human Resources
and Development
SUBJECT: a) Resolution No. 75 authorizing the transfer of surplus funds in the sum of
$10,000 from the Industrial Development Corporation to the Port of Seattle for
the provision of training in public sector management skills necessary to
implement the economic development programs of the Port.
BACKGROUND 
On November 15, 2000 the Industrial Development Corporation ("IDC") Board approved the
transfer of $25,000 to the Port as a contribution to the Washington Public Ports Association
Educational Foundation. At that time, the Board had requested staff to investigate the possibility
of establishing a scholarship program to be funded by IDC to benefit Port of Seattle (Port) staff.
In 2001, the Port thus launched an Economic and Trade Fellowship program funded by IDC's
surplus funds.  The Sponsoring Committee reviewed the applications and selected the first
fellowship recipient.  The Committee is made up of representatives from departments with
special interest in this program, including Finance and Budget, Economic, Business and Trade
Development, Human Resources and Development, and Legal. The program has been benefiting
Port staff every year since then.
On March 5, 2009 the IDC Board directed staff to continue the 2009 IDC budget with two
$5,000 Economic and Trade Fellowships. The Port publicized the 2009 program by posting
program information on the Compass Homepage, sending out Port wide e-mails to generate
interest, and by talking informally about the program to employees.
The Sponsoring Committee received four applications by the June deadline. The Committee
reviewed all applications and met with all four applicants to explore their interests and
backgrounds further. After those discussions, the Committee recommended that Jasmin Contreras
and Anne Porter be the recipients of this year's Fellowships. The Committee felt both of the
recommended applicants were exceptionally competitive and deserve the Fellowship. Staff
requests that the IDC Board approve Resolution No. 75 which will allow the Port to award two
$5,000 Economic and Trade Fellowships, one each to Ms. Contreras and Ms. Porter.
N:\Finance&Budget\_COMM MEMOS IN PROCESS\_2009\07-28-09_Invsmt_IDC\6b.doc

Industrial Development Corporation 
Tay Yoshitani, Chief Executive Officer
July 10, 2009
Page 2 of 2

PREVIOUS BOARD ACTIONS 
Since inception of the program, the IDC Board approved $65,000 in the transfer of surplus funds
from the IDC to the Port of Seattle to fund the Port's Economic and Trade Fellowship program
as follows:
Date             Resolution No.    Amount
November 13, 2001       65       $ 5,000
October 8, 2002          68          5,000
September 23, 2003       69         5,000
November 23, 2004       70         5,000
October 11, 2005         71         10,000
October 10, 2006         72         10,000
August 14, 2007         73         15,000
August 12, 2008         74         10,000
$65,000 
Since the Economic and Trade Fellowship was initiated in 2001, 14 Port employees have
received the award and 11 of them remain on staff. Most recipients have utilized the funds to
complete their undergraduate education, pursue a graduate degree, or study at the graduate level
in certificate programs such as in community development and logistics. A 'plus' in the
fellowship design is that candidates can take up to five years to spend the money. Of the
$65,000 awarded, approximately 50% has been spent as of June 2009. The recipients (and
members of the Sponsoring Committee) are careful to link the valued financial support to their
professional development path in "steps," aligned with their career goals, job requirements, and
the Port's changing needs.
RESOLUTION NO 75. 
Resolution No. 75 authorizes the transfer of surplus funds in the sum of $10,000 from the
Industrial Development Corporation to the Port of Seattle for the provision of training in public
sector management skills necessary to implement the economic development programs of the
Port.
REQUESTED ACTION 
Adoption of Resolution No. 75.

INDUSTRIAL DEVELOPMENT CORPORATION
Economic & Trade Fellowship
As of 12/31/08
IDC Economic & Trade Fellowship
Fellowship founded for the purpose of economic development, with initial funding in 2001, as transfer of surplus funds of the IDC assets.
Award Amount:
$5,000 per recipient;
Basis of amount: In 2001, Port staff recommended treating IDC assets as an endowment fund and annually transfer out the amount of actual scholarship award approximately
equal to annual earnings (i.e., estimated to be $5,000 each year).
Fellowship Announcement Channels:
Learning Calendar
E-Mail - Port-wide
Compass - Port intranet
Word of mouth - informal talks to staff, presentations at staff meetings, learning events, and the Diversity & Development Council.
Fellowship Eligibility Criteria:
Available to Port staff to improve skills to pursue the "economic development" core mission of the Port;
Minimum three consecutive years of regular employment at the Port; record of satisfactory job performance;
Support from the applicant's immediate supervisor or manager;
Commitment to continued employment at the Port.
Use of Award:
Enrollment in a range of courses or programs of recipients choice, from a single course to a formal degree program;
Education may be pursued at a wide range of educational settings and institutions;
Courses of study should be drawn from the following disciplines or related fields:Community Development, Economics, International Studies/International Business, International
Trade and Development, Planning/Urban Studies, Public Policy, Transportation.
Award policies added in 2006 :
1) Must be used within 5 years, unless approved by the sponsoring committee; applied retroactively to previous recipients.
2) Should a recipient leave the Port before the award is fully disbursed, the balance will be retained by the Port for future recipients.
Fellowship Year / Recipient(s):               Award Activities
2001 - Mary Pine **                * Undergraduate Studies
2002 - Reza Soltani                 Global Trade and Transportation Logistics Certificate
2003 - Vanessa Hutton-Jimenez **       Undergraduate Studies
2004 - Tami Rowlan **               Undergraduate Degree - Completed
2005 - Jason Olson                Undergraduate Degree - Completed
2005 - Carolyn Wickliff                Undergraduate Studies
2006 - Giuseppe Alvarado            Executive Leadership Program - Completed
2006 - Christine Lee                 Applying for Sustainable Transportation certificate program
2006 - Deanna Zachrisson            Attended Korean Conference to promote trade - Completed
2007 - Debra Conley               Undergraduate Studies
2007 - Sally del Fierro                 Graduate Study - Corporate Community Involvement
2007 - Hanh Nguyen              MBA - Completed
2008 - Janet Sheerer                MPA - first year being completed
2008 - Sarah Flagg                 MBA - enrollment delayed for a year
14 recipients

* Mary Pine initial award of $5,000, of which $2,500 was reallocated to Deanna Zachrisson in November 2006.
** No longer at the Port.

RESOLUTION NO. 75 

A RESOLUTION of the Industrial Development Corporation of the Port of
Seattle authorizing the transfer of surplus funds in the
sum of $10,000 from the Industrial Development
Corporation to the Port of Seattle for the provision of
training in public sector management skills necessary to
implement the economic development programs of the
Port 

WHEREAS, the Port of Seattle (the "Port") has created a public corporation, the
Industrial Development Corporation of the Port of Seattle (the "Development Corporation")
pursuant to RCW 39.84, as amended (the "Act") and Resolution No. 2845 of the Port
Commission for the purpose of issuing and selling nonrecourse revenue bonds in order to defray
the cost of acquiring, constructing and installing industrial development facilities by private
users ("users"); and 
WHEREAS, all costs and expenses of the Development Corporation are paid from fees
collected from users; and 
WHEREAS, RCW 39.84.130 prohibits the commingling of funds of the Development
Corporation with funds of the Port; and 
WHEREAS, RCW 39.84.130 further provides that those funds of the Development
Corporation that are not otherwise encumbered for the payment of revenue bonds and are not
reasonably anticipated by the Board of Directors of the Development Corporation to be
necessary for administrative expenses of the Development Corporation (hereinafter referred to
"transferable surplus funds") may be transferred to the Port and used for growth management,
planning or other economic development purposes; and

WHEREAS, such economic development purposes include the provision of training and
education in the public sector management skills necessary to implement the economic
development programs of the Port; and 
WHEREAS, the Port has created the Economic and Trade Fellowship (the "Fellowship")
for the purpose of contribution to the Port's core mission of economic development by extending
education opportunities to employees interested in economics and trade; and 
WHEREAS, the Port has created the Sponsoring Committee, to oversee the selection
process, comprised of representatives from the Development Corporation, the Economic,
Business and Trade Development Department, the Finance and Budget Department, the Legal
Department, and the Human Resources and Development Department; and 
WHEREAS, the Port advertised the Fellowship to Port staff, the Sponsoring Committee
reviewed the applications received and the Sponsoring Committee determined that the selected
Fellows  for the year 2009  and their  program of study  will contribute to the economic
development purposes of the Port; and 
WHEREAS, this Board has determined that the balance on hand in the accounts of the
Development Corporation is more than sufficient to meet the reasonably anticipated needs of the
Development Corporation for the years 2009 and 2010; and 
WHEREAS, the Development Corporation has accumulated transferable surplus funds
and the directors of the Development Corporation have agreed to a transfer of those funds in the
amount of ten thousand dollars ($10,000) to the Port under RCW 39.84.130 to fund the
Fellowships in furtherance of the Port's economic development purposes; 
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Industrial
Development Corporation of the Port of Seattle, as follows: 

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Section 1. The Development Corporation is hereby authorized to transfer to the Port the
sum of ten thousand dollars ($10,000) of transferable surplus funds for use by the Port to fund
the Economic Trade and Development Fellowships in furtherance of the Port's economic
development purposes. 
ADOPTED by the Board of Directors of the Industrial Development Corporation of the
Port of Seattle this ___ day of _______, 2009. 

INDUSTRIAL DEVELOPMENT
CORPORATION OF THE PORT OF
SEATTLE 

President, Board of Directors 
ATTEST: 

Secretary, Board of Directors 








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CERTIFICATE 

I, the undersigned, Secretary of the Board of Directors (the "Board") of the Industrial
Development Corporation of the Port of Seattle (the "Development Corporation"), DO HEREBY
CERTIFY: 
1.     That the attached Resolution No. 75 (herein called the Resolution") is a true and
correct copy of a resolution of the Development Corporation as adopted at a special meeting of
the Board held on July 28, 2009. 
2.     That said meeting was duly convened and held in all respects in accordance with
law, and to the extent required by law, due and proper notice of such meeting was given; that a
legal quorum was present throughout the meeting and a legally sufficient number of members of
the Board voted in the proper manner for the adoption of the Resolution; that all other
requirements and proceedings incident to the proper adoption of the Resolution have been duly
fulfilled, carried out and otherwise observed, and that I am authorized to execute this certificate. 
IN WITNESS WHEREOF, I have hereunto set my hand this _ _ day of ________, 2009. 

Secretary, Board of Directors 
Industrial Development Corporation of the
Port of Seattle 





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