ITEM NO.
DATE OF
MEETING

10a
April 22, 2025

P.O. Box 1209
Seattle, Washington 98111
www.portseattle.org
206.787.3000

MINUTES OF THE
ANNUAL MEETING OF THE BOARD OF DIRECTORS
OF THE INDUSTRIAL DEVELOPMENT CORPORATION
OF THE PORT OF SEATTLE
May 26, 2024
The annual meeting of the Board of Directors of the Industrial Development Corporation (IDC)
of the Port of Seattle, Washington, was held on May 26, 2024, during a recess of the Port
Commission regular meeting on the same date, which convened at 12:00 p.m. and was
conducted at the Seattle-Tacoma International Airport Conference Center, located at 17801
International Blvd, Seattle WA, Mezzanine Level, and virtually on Microsoft Teams. The
annual meeting of the Board of Directors of the IDC convened at 12:46 p.m., with Director
Mohamed presiding. Directors present included Ryan Calkins, Sam Cho, Fred Felleman,
Toshiko Hasegawa, and Hamdi Mohamed.
1.

Approval of Minutes

Minutes of the IDC meeting of March 28, 2023.
Motion for approval of the IDC meeting minutes of March 28, 2023, carried by the
following vote:
In Favor: Calkins, Cho, Felleman, Hasegawa, and Mohamed (5)
Opposed: (0)
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 2024.
Request documents: IDC agenda memorandum.

IDC Minutes of Month D, YYYY, submitted for review on Month D, YYYY, and proposed for approval on Month D, YYYY.

Port of Seattle Industrial Development Corporation Minutes of March 26, 2024

Page 2 of 3

Pursuant to the IDC Bylaws, Article 5, Section A, the following is a list of proposed Board of
Directors and Officers for 2024:
Hamdi Mohamed, President
Toshiko Hasegawa, Vice-President
Ryan Calkins, Secretary
Sam Cho, Director
Fred Felleman, Director
Motion for approval of proposed slate of Directors/Officers carried by the following vote:
In Favor: Calkins, Cho, Felleman, Hasegawa, and Mohamed (5)
Opposed: (0)
3.

Industrial Development Corporation Annual Report for 2023

Presentation documents: IDC agenda memorandum.
Presenter(s): Ian Burke, Senior Financial Analyst Corporate, Finance and Budget.
Mr. Burke presented the 2023 Annual Report, noting the following relevant information in the
annual meeting packet:
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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, 2023, one company, Delta Air Lines,
Inc, had an outstanding IDC debt totaling $66,025,000. Delta made a one-time
lump-sum payment (calculated using the present value of debt service over the
life of the bonds) in 2012 when they refunded the Northwest Airlines bonds. As
such, the IDC will no longer collect customer fees going forward unless there is
a new issuance.
Minimum fund balance recommendation - $312,000 to ensure adequate
investment earnings to fund annual operating and future audit expenses.

Minutes of April 1, 2014, IDC meeting proposed for approval on April 14, 2015.

Port of Seattle Industrial Development Corporation Minutes of March 26, 2024

4.

Page 3 of 3

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 12:53 p.m.
Prepared:

Attest:

Michelle M. Hart, MMC, Commission Clerk Ryan Calkins, Industrial
Corporation Secretary
Minutes approved ____________, 2025.

Minutes of April 1, 2014, IDC meeting proposed for approval on April 14, 2015.

Development