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 
March 14, 2017 
The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on March 14, 2017, during a recess of the
Port Commission regular meeting on the same date, which convened at 1:00 p.m. in
Commission Chambers at the Port of Seattle Pier 69 facility, 2711 Alaskan Way, Seattle,
Washington. The annual meeting of the Board of Directors of the IDC convened at 1:54 p.m.
Directors present included Tom Albro and Fred Felleman. Director Stephanie Bowman
participated by telephone. Directors John Creighton and Courtney Gregoire were not present.
1.         Approval of Minutes 
Minutes of the IDC meeting of March 8, 2016. 
Motion for approval of the IDC meeting minutes of March 8, 2016, carried: 
In Favor: Albro, Bowman, Felleman (3) 
Absent for the vote: Creighton, Gregoire 
2.         Election of Board of Directors Officers 
ACTION REQUESTED: Request  Board approval of the IDC Board of Directors and
Officers for 2017. 
Request documents: IDC agenda memorandum. 
Pursuant to the IDC Bylaws, Article 5, Section A, the following is a list of proposed Board of
Directors and Officers for 2017: 
Tom Albro, President 
Courtney Gregoire, Vice President 
Stephanie Bowman, Secretary 
Fred Felleman, Assistant Secretary 
John Creighton, Director 

IDC Minutes of March 14, 2017, submitted for review on March 7, 2018, and proposed for approval on March 13, 2018.


Port of Seattle Industrial Development Corporation Minutes of March 14, 2017               Page 2 of 2 

Motion for approval of proposed slate of Directors/Officers carried: 
In Favor: Albro, Bowman, Felleman (3) 
Absent for the vote: Creighton, Gregoire 
3.         Industrial Development Corporation 2016 Annual Report 
Presentation documents: IDC agenda memorandum. 
Presenter(s):   Elizabeth  Morrison,  Director,  Corporate  Finance,  and  Scott  Bertram,
Supervisor, Corporate Financial Analysis. 
Ms. Morrison and Mr. Bertram presented the 2016 Annual Report, noting the following
relevant information: 
The IDC was established in 1982 under Chapter 39.84 RCW for the purpose of
facilitating industrial expansion through tax-exempt financing in King County. 
The Port's IDC is not the lender, but acts as a conduit. Debt issued through the
IDC is the sole responsibility of the company issuing the debt and is nonrecourse
to the Port and the IDC. 
Bond proceeds go directly to the borrowing company and debt service is paid to
a trustee. 
The IDC was very active between 1982 and 1986, and has declined since the
passage of the Tax Reform Act of 1986. There are currently two projects for
which companies maintain outstanding debt. Crowley Marine Services has
$8,700,000  in  debt,  which  matures  in  2021,  and  Delta  Air  Lines  has
$66,025,000 in debt, which matures in 2030. 
As tax rates increase, tax-exempt financing through the IDC becomes more
attractive. As they decrease, such financing becomes less attractive. 
Commissioners asked about applicability of IDC financing to establishment of educational
facilities, such as vocational skills centers, and to workforce housing. 
4.         Adjournment 
There being no further business, the annual meeting of the Board of Directors of the
Industrial Development Corporation of the Port of Seattle was adjourned at 2:06 p.m. 

Prepared:                                     Attest: 
Paul J. White, Commission Clerk             Ryan Calkins, Commission Secretary 
Minutes approved March 13, 2018. 


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