P.O. Box 1209 
Seattle, Washington 98111 
www.portseattle.org 
206.787.3000 
APPROVED MINUTES 
COMMISSION SPECIAL MEETING JULY 24, 2018 
The Port of Seattle Commission held a special meeting, Tuesday, July 24, 2018, in the Beijing
Conference Room at Seattle-Tacoma International Airport, Seattle, Washington. Commissioners
Bowman, Calkins, Felleman, Gregoire, and Steinbrueck were present. Commissioner Calkins
participated by telephone. Commissioner Bowman was present after 9:19 a.m. Commissioner
Steinbrueck was present after 9:24 a.m. 
The meeting was called to order at 9:11 a.m. by Commission President Courtney Gregoire. 
The commission engaged with executives and staff presenters on the topic of non-airport capital
investment in the 2019 port budget and five-year capital improvement plan of finance. 
Presentation materials included a memorandum dated July 18, 2018, presentation slides, and a
capital improvement project prioritization list. 
Staff presented revenue trends based on provisional forecasts for 2019, including lower container
revenue.  Cash-flow  challenges  after  debt  service  and  preliminary  estimates  for  capital
development capacity were summarized. Anticipated tax levy uses and levy purchasing capacity
adjusted for inflation were described. There was a discussion of the size of the port's tax levy
compared to other King County jurisdictions. 
Commissioners asked about the historic relationship of the port budget to actual annual spending.
They requested that budget elements of the Economic Development Division contributing to
community benefits be separated from revenue-producing assets. Commissioners commented on
the method for determining and designating the port's tax levy amount, which is required by statute
to be levied in a specific amount (RCW 84.52.010). 
Commissioners received a prioritized list of capital projects for the Maritime and Economic
Development Divisions. The criteria for inclusion and ranking on the list were  explained.
Commissioners asked for more information on revenue potential and relative risk associated with
the  listed  projects.  They  indicated  concern  over  deferred  maintenance  and  asked  which
maintenance projects are most critical and most costly if deferred. Commissioners expressed
concern over prioritizing projects that are not implemented in the following year. Selection of these
projects represent trade-offs with other resource allocations. Commissioners asked for more
information on project scheduling over the five-year period of the plan of finance. They asked for
year-over-year cash flow numbers, including Northwest Seaport Alliance cash flow, and they asked
about the scheduling of major debt-service pay-offs. 

Digital recordings of meeting proceedings and meeting materials are available online  www.portseattle.org.

PORT COMMISSION SPECIAL MEETING MINUTES                       Page 2 of 2 
TUESDAY, JULY 24, 2018 
Commissioners requested consideration of other non-levy revenue sources, including potential
sale or lease of real estate and the trade-offs of further investment in the cruise industry. 
There was no further business, and the commission adjourned at 10:26 a.m. 

Prepared:                                      Attest: 
Paul J. White, Commission Clerk                Ryan Calkins, Commission Secretary 
Minutes approved: September 11, 2018. 














Minutes of July 24, 2018, morning meeting submitted for review July 31, 2018, and proposed for approval September 11, 2018.