ITEM NO.     11d 
DATE OF 
MEETING March 5, 2009 


THE INDUSTRIAL DEVELOPMENT CORPORATION 
OF THE PORT OF SEATTLE 
NOTICE OF THE SPECIAL (ANNUAL) MEETING 

The Special (Annual) Meeting of the Industrial Development Corporation of the Port of Seattle will
be held on Thursday, March 5, 2009, 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 1:00 p.m. The Agenda includes: 
1.  Approval of the minutes of the Industrial Development Corporation of the
Port of Seattle Special (Annual) Meeting of April 8, 2008 and the Special
Meeting of August 12, 2008. 
2.  Approval of the Industrial Development Corporation of the Port of Seattle
Board of Directors and Officers for 2009. 
3.  Review of the Annual Report for the Industrial Development Corporation for
year ending December 31, 2008. 
Adjournment of the Annual Meeting of the Industrial Development Corporation of the Port of
Seattle.

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA 
Item No.       2 
Date of Meeting   March 5, 2009 
DATE:        February 18, 2009 
TO:          Tay Yoshitani, Chief Executive Officer 
FROM:       Diane Campbell, Senior Corporate Financial Analyst 
SUBJECT:      Election of Officers 

BACKGROUND 
In accordance with the Bylaws for The Industrial Development Corporation of the Port of Seattle,
following is a list of the Board of Directors and Officers for the Corporation: 
Bill Bryant, President 
Gael Tarleton, Vice President 
Lloyd Hara, Secretary 
John Creighton, Assistant Secretary 
Patricia Davis, Director 
"Section A. Number and 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 designed by the Board of Directors." 

REQUESTED ACTION 
Approval of the Industrial Development Corporation of the Port of Seattle Board of Directors and
Officers for 2009.

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA 
Item No.      3 
Date of Meeting   3/5/2009 
DATE:        February 18, 2009 
TO:          Tay Yoshitani, Chief Executive Officer 
FROM:       Diane Campbell, Senior Corporate Financial Analyst 
SUBJECT:      Industrial Development Corporation Annual Report for 2008 

Attached are the financial statements of the Industrial Development Corporation of the Port of
Seattle (IDC). The IDC had assets totaling $ $325,872 at year-end 2008. Total income of $ 14,153 
came primarily from investment income on the IDC account balance, as well as from the customer
fee paid by companies with outstanding IDC debt. The IDC incurred administrative expense of
$658 and economic development expense of $10,000 in August 2008 for its contribution to the
Port's Economic and Trade Fellowship program.

STATUS OF IDC BONDS 
At the end of 2008, there were three companies with outstanding IDC debt totaling $81,000,000.
The IDC collects a customer fee from these companies based on their annual debt service payments.
This fee is collected each year, except for Northwest Airlines, which made a lump sum payment at
the time their bonds were issued. The table shows the companies, their outstanding balance and
final maturity date of their debt as of December 31, 2008. 
Company                Outstanding Debt (12/31/08)   Maturity Date 
Sysco (refunding CCC Realty)            $ 8,000,000          2025 
Northwest Airlines                     64,300,000          2030 
Crowley Marine Services                 8,700,000          2021 
TOTAL                   $ 81,000,000

INDUSTRIAL DEVELOPMENT CORPORATION 
Tay Yoshitani, Chief Executive Officer 
February 18, 2009 
Page 2 of 2 

MANAGEMENT DISCUSSION 
The customer fee for 2008 is $824, and is lower than the customer fee for 2007 of $1,250. Since most
IDC debt is variable rate, the customer fee amount fluctuates with interest rates. Interest rates declined
during 2008 and are anticipated to remain at a low level for 2009. Accordingly, the customer fee for
2009 is projected to be lower than the 2008 amount. The customer fee is for debt service paid on the
Sysco and Crowley bonds.  The IDC will be receiving on-going customer fees from these two
companies; Northwest Airlines made a one-time lump sum fee payment in 2001 when the bonds were
issued. 
IDC assets are invested in the Port's investment pool. The IDC's allocated interest income from the
pool in 2008 was $13,328; and due to the projected lower interest rate environment the investment 
income for 2009 is projected to be lower than the 2008 amount. 
The administrative expense increased to $658 in 2008.  There were no other expenses in 2008. Other
expense of $2,279 in 2007 is attributable to the Washington State Auditor for the audit process that
happens approximately every three years.  Scholarship expense was $10,000 in 2008 as requested and
approved by the Board. The scholarship expense anticipated in 2009 is the economic development
expense, which is the contribution to the Port's 9th annual Economic and Trade Fellowship of an
estimated $5,000. (The amount may be increased at the IDC Board's discretion.) Similar to last year,
staff is planning to request the approval for the expenditure in the summer. 
The IDC'scharter 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. 

RECOMMENDATION 
Staff recommends that the IDC maintains a minimum fund balance of $50,000 to ensure adequate
investment earnings to fund annual operating expenses. Should the IDC board wish to continue the
Fellowship program, staff recommends that an additional fund balance of $200,000 be maintained in
order to generate sufficient investment earnings to fund the Fellowship. However, the Board may elect
to use any IDC funds in excess of operating expenses needs for any allowable purpose.

INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
BALANCE SHEET

December 31,   December 31,   December 31,
2008        2007        2006

ASSETS
Cash and Cash Equivalents     $ 325,316       $ 321,032       $ 293,729 
Accounts Receivable                 556         793         748
TOTAL ASSETS          $ 325,872     $ 321,825     $ 294,477 

LIABILITIES AND EQUITY
(1)
E&T Fellowship Reserves     $ 30,035      $ 29,482      $ - 
Equity                       295,837       292,343       294,477
TOTAL LIABILITIES & EQUITY  $ 325,872      $ 321,825     $ 294,477 
(1) The Economic & Trade (E&T) Fellowship Reserve, the "Reserve", is the undistributed balance of approved Scholarship awards to the E&T
Fellowship. The Reserve balance was $16,709 at 12/31/2006. The Reserves are included in this report due to a change in accounting methodolody in
2007. In prior years the Reserve was accounted for and presented in the Port of Seattle financial statements.

INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
INCOME STATEMENT
AND CHANGES IN EQUITY

December 31,   December 31,   December 31,
2008        2007        2006
INCOME
Customer Fee          $ 824    $ 1,250     $ 1,159 
Investment Income              13,328       14,451        11,076

EXPENSE
Administrative Expense    $ 658    $ 556    $ 481 
Scholarship Expense             10,000        15,000             10,000
Other Expense - Audit                         2,279 - 
NET INCOME        $ 3,494    $ (2,134)     $ 1,755 

BEG. EQUITY         $ 292,343      $ 294,477      $ 292,722 
ENDING EQUITY       $ 295,837     $ 292,343     $ 294,477

INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
STATEMENT OF CASH FLOWS

December 31,   December 31,  December 31,
2008        2007       2006
CASH FLOWS FROM OPERATING
ACTIVITIES:
Cash received from bond issuers         $ 1,061      $ 1,206      $ 6,380 
(1)
Cash received from Port of Seattle                  0       16,709           0
Cash paid for expenses                     (10,105)       (5,063)      (10,481)
Net cash provided by
operating activities                  $ (9,044)       $ 12,852       $ (4,101) 
CASH FLOWS FROM INVESTING
ACTIVITIES:
Purchase of investment securities
Sale of investment securities
Interest on investments               $ 13,328       $ 14,451       $ 11,076 
Net cash provided by
investing activities                   $ 13,328       $ 14,451       $ 11,076 
NET INCREASE (DECREASE) IN CASH
AND CASH EQUIVALENTS            4,284        27,303     6,976
CASH AND CASH EQUIVALENTS
Beginning of year                  $ 321,032       $ 293,729       $ 286,753 
End of year                      $ 325,316       $ 321,032       $ 293,729 
(1) Cash received from the Port of Seattle represents the Economic & Trade (E&T) Fellowship Reserve, the "Reserve". The Reserve is the undistributed
balance of approved Scholarship awards to the E&T Fellowship. The Reserve balance was $16,709 at 12/31/2006. The Reserves are included in this
report due to a change in accounting methodolody in 2007. In prior years the Reserve was accounted for and presented in the Port of Seattle financial
statements.