Exhibit C
" C " Exhibit PortCommission V-eguhmf Meeting MAM " 7Q\\ ' Attachment B - .._ Portfolio Management and Analysis Process (From Port of Seattle Harbor Development Strategy 21, adopted June 26, 2001) Purpose 0 To inform good decision making about Port properties by providing and analyzing information on business factors and the real estate context. 0 A management tool to identify and highlight tradeoffs and opportunity costs among business options and real estate values. Principles All properties should be included. Portfolio management reviews should be presented to the Port Commission annually, as part of the budget process. 0 Properties should be evaluated on a rolling review cycle, with every property assessed at least every 5 years. c The frequency and depth of review should be determined by business/property characteristics Use longer cycle (up to 5 years) for: 0 Stable businesses with long-term leases 0 Fully developed, stable real estate assets These properties could be evaluated using a "short form" format, recognizing that such a "short form" analysis may turn up issues that would require subsequent "long form" analysis. Use shorter cycle (1 to 2 years) for: o Underperforming businesses . Properties with expiring leases . Properties that are vacant or about to become vacant 0 Critical properties in ux should be put on "watch list" and reviewed annually These properties would require a "long form" analysis, Le. a more detailed evaluation. Evaluation Process 1. Evaluate Current Business Prospects & Performance Business Outlook Relationship to core business - how mission-critical? Growth and revenue potential ls business affected by cyclical versus structural changes? Potential for process improvements Capital investments and major maintenance needs Attachment 11 Performance Measurement 0 Financial Performance - covers all costs? 0 ls there an imputed subsidy rate? Does the business cover operating expense, corporate allocations, depreciation? . Business-to-land market value c What is the land value and how does it compare with the business income? . Annual holding cost - opportunity cost of current activities, practices 0 Revenue foregone on vacant or underutilized property 0 Costs associated with holding site - debt service, maintenance 0 Other? 0 Economic benets - based on Port standardized economic impact measures to be developed for the Triple Bottom Line 0 Community and environmental benets assessment - based on Triple Bottom Line measures 2. Analyze Business/Real Estate Options Identify Options: Hold land in current use Hold with interim uses Disposition Property redevelopment Relocation of business to other sites Other business/real estate uses Analyze Options: . Business and Real Estate Issues 0 Identify criteria, strategic priorities (i.e. maritime uses, waterfront, etc.) . identify range of business uses 0 Real estate analysis of property . Performance Measurement of Alternative Options Measured Against Status Quo and Minimum Thresholds/Targets 0 Potential nancial returns 0 Economic benets based on Port-standardized economic impact measures 0 Community and environmental benets 3. Develop PropertySpecic Plan for Management of the Asset o For underperforming properties: 0 Develop improved performance plan Attachment 12 . Exit strategy 0 For "holding" properties: a Planned holding period and action plan for period 0 Develop exit strategy 0 Properties noted on "hold list" - list should be prioritized by strategic value and relative performance and reevaluated annually in light of changing market conditions. Attachment 13
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