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
May 11, 2021
The annual meeting of the Board of Directors of the Industrial Development Corporation
(IDC) of the Port of Seattle, Washington, was held on May 11, 2021, during a recess of the
Port Commission regular meeting on the same date, which convened at 12:03 p.m. and was
conducted remotely. The annual meeting of the Board of Directors of the IDC convened at
1:00p.m. Directors present included Stephanie Bowman, Ryan Calkins, Sam Cho,
Fred Felleman, and Peter Steinbrueck.
1. Approval of Minutes
Minutes of the IDC meeting of May 26, 2020.
Motion for approval of the IDC meeting minutes of May 26, 2020, carried by the
following vote:
In Favor: Bowman, Calkins, Cho, Felleman, Steinbrueck (5)
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 2021.
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 2021:
Fred Felleman, President
Ryan Calkins, Vice-President
Sam Cho, Secretary
Stephanie Bowman, Director
Peter Steinbrueck, Director
P.O. Box 1209
Seattle, Washington 98111
www.portseattle.org
206.787.3000
Agenda Item: 10a_attach
Meeting Date: April 26, 2022
Port of Seattle Industrial Development Corporation Minutes of May 11, 2021 Page 2 of 2
Minutes of April 1, 2014, IDC meeting proposed for approval on April 14, 2015.
Motion for approval of proposed slate of Directors/Officers carried by the following
vote:
In Favor: Bowman, Calkins, Cho Felleman, Steinbrueck (5)
3. Industrial Development Corporation Annual Report for 2020
Presentation documents: IDC agenda memorandum.
Presenter(s): Scott Bertram, Manager, Corporate Finance Analysis.
Mr. Bertram presented the 2020 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.
• Narrow criteria to qualify for IDC financing means that only two projects have
been funded through the IDC since 1982.
• Financial reports attached.
• Status of IDC bonds – as of December 31, 2020, two companies with
outstanding IDC debt totaling $74,725,000 exist.
• Minimum fund balance recommendation - $280,000 to ensure adequate
investment earnings to fund annual operating and future audit expenses.
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 1:08 p.m.
Prepared: Attest:
Michelle M. Hart, MMC Sam Cho, Industrial Development
Corporation Secretary
Commission Clerk
Minutes approved April 26, 2022.
