IDC Minutes of Month D, YYYY, submitted for review on Month D, YYYY, and proposed for approval on Month D, YYYY.
MINUTES OF THE
ANNUAL MEETING OF THE BOARD OF DIRECTORS
OF THE INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
March 26, 2019
The annual meeting of the Board of Directors of the Industrial Development Corporation (IDC)
of the Port of Seattle, Washington, was held on March 26, 2019, during a recess of the Port
Commission regular meeting on the same date, which convened at 12:15 p.m. in the
International Conference Room at the Conference Center at Seattle-Tacoma International
Airport, Seattle, Washington. The annual meeting of the Board of Directors of the IDC
convened at 3:40 p.m. Directors present included Stephanie Bowman, Ryan Calkins, Fred
Felleman, and Peter Steinbrueck. Director Courtney Gregoire was excused.
1. Approval of Minutes
Minutes of the IDC meeting of March 13, 2018.
Motion for approval of the IDC meeting minutes of March 13, 2018, carried by the
following vote:
In Favor: Bowman, Calkins, Felleman, Steinbrueck (4)
Absent for the vote: Gregoire
2. Election of Board of Directors Officers
ACTION REQUESTED: Request Board approval of the Industrial Development Corporation
of the Port of Seattle Board of Directors and Officers for 2019.
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 2019:
Stephanie Bowman, President
Fred Felleman, Vice President
P.O. Box 1209
Seattle, Washington 98111
www.portseattle.org
206.787.3000
Port of Seattle Industrial Development Corporation Minutes of March 26, 2019 Page 2 of 2
Minutes of April 1, 2014, IDC meeting proposed for approval on April 14, 2015.
Peter Steinbrueck, Secretary
Ryan Calkins, Director
Courtney Gregoire, Director
Motion for approval of proposed slate of Directors/Officers carried by the following vote:
In Favor: Bowman, Calkins, Felleman, Steinbrueck (4)
Absent for the vote: Gregoire
3. Industrial Development Corporation Annual Report for 2018
Presentation documents: IDC agenda memorandum.
Presenter(s): Scott Bertram, Manager, Corporate Finance Analysis.
Mr. Bertram presented the 2018 Annual Report, noting the following relevant information:
• The IDC was established in 1982 under Chapter 39.84 RCW as an incentive to
industrial development in King County via access to tax-exempt financing.
• 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 non-recourse
to the Port and the IDC.
• The IDC currently has two outstanding bonds with the latter maturing in 2030.
• Examples of projects financed through IDC bonds were noted.
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 3:45 p.m.
Prepared: Attest:
Amy Dressler, Commission Clerk Sam Cho, Industrial Development
Corporation Secretary
Minutes approved May 26, 2020.
