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.

N:\Finance&Budget\_COMM MEMOS IN PROCESS\_2009\07-28-09_Invsmt_IDC\6b.doc

PORT OF SEATTLE INDUSTRIAL DEVELOPMENT CORPORATION

MEMORANDUM

INDUSTRIAL DEVELOPMENT CORPORATION AGENDA

Item No.

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.

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

s of 12/31/08

IDC Economic & Trade Fellowship

ward Amount:

Fellowship Announcement Channels:

Fellowship Eligibility Criteria:

Use of Award:

Fellowship Year / Recipient(s):

ward 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.

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 founded for the purpose of economic development, with initial funding in 2001, as transfer of surplus funds of the IDC assets.

$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).

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.

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.

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

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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