Portland Development Corporation — Portland, ME
Date: 2025-11-19
Time: 12:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Wednesday, November 19, 2025
 TIME: 12:00 PM
 LOCATION: This meeting will take place remotely via Zoom.

 Please click below to https://portlandmaine-
gov.zoom.us/j/82018437796?pwd=2yXPwXy8bV2wah4XqIW3ACIoLDgAgu.1join the
 webinar.
 https://portlandmaine-
 gov.zoom.us/j/82018437796?pwd=2yXPwXy8bV2wah4XqIW3ACIoLDgAgu.1
 Passcode:434795

 Phone one-tap:
 +13092053325,,82018437796# US
 +13126266799,,82018437796# US (Chicago)

 Webinar ID: 820 1843 7796
 International numbers available: https://portlandmaine-gov.zoom.us/u/kbL3gtMPr3

To submit written public comment on an agenda item, email edd@portlandmaine.gov.
 Submissions must be received by 12:00 pm the day before the Portland Development
Corporation meeting to guarantee their inclusion in the agenda packet. All submissions
must include the commenter's name and legal address. To help ensure your comment is
submitted for the correct item, please include the name of the agenda item (see below).


 AGENDA

1. President's comments


2. Review and accept Meeting Minutes
 a. See attached Meeting Minutes from September 18, 2025
 b. See attached Meeting Minutes from October 16, 2025
 Review and vote on Brownfields Subgrant Request of $400,000 from Roux
3.
 Institute, 1 Beanpot Circle.


 a. See attached Memorandum
 b. See attached Backup Document for Memorandum
 Review and vote on loan request for $85,000 from Bachelder Holdings,
4.
 LLC, 9 Bolton Street


 a. Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board
 may go into executive session to review proprietary confidential information
 associated with this loan application.
5. Treasurer's Report - October 2025


 a. Monthly Administrative Budget Report
 b. Cash Management Report
 c. Schedule of Loans Receivable
 d. Confidential - Loan Delinquency Report
 Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board
 may go into executive session to discuss/monitor any of the loans listed on the
 Report.
6. Staff verbal update


7. Other Items to be discussed/brought up by Board Directors


 Next Regular Meeting Date: December 18, 2025 (Business Award Event on
8.
 November 20, 2025)




City of Portland Commissions are not required to take public comment under FOAA and our Ordinance is
 silent regarding the duties of the Commission. The Commission has the discretion to not allow or allow
public comment during its meetings, including the authority to limit the duration of comments. Since the
 Commission makes recommendations to the City Council, public comment is available at that level.

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Wednesday, November 19, 2025
 TIME: 12:00 PM
 LOCATION: This meeting will take place remotely via Zoom.

 Please click below to https://portlandmaine-
gov.zoom.us/j/82018437796?pwd=2yXPwXy8bV2wah4XqIW3ACIoLDgAgu.1join the
 webinar.
 https://portlandmaine-
 gov.zoom.us/j/82018437796?pwd=2yXPwXy8bV2wah4XqIW3ACIoLDgAgu.1
 Passcode:434795

 Phone one-tap:
 +13092053325,,82018437796# US
 +13126266799,,82018437796# US (Chicago)

 Webinar ID: 820 1843 7796
 International numbers available: https://portlandmaine-gov.zoom.us/u/kbL3gtMPr3

To submit written public comment on an agenda item, email edd@portlandmaine.gov.
 Submissions must be received by 12:00 pm the day before the Portland Development
Corporation meeting to guarantee their inclusion in the agenda packet. All submissions
must include the commenter's name and legal address. To help ensure your comment is
submitted for the correct item, please include the name of the agenda item (see below).


 AGENDA

1. President's comments


2. Review and accept Meeting Minutes




 Page 1
 a. See attached Meeting Minutes from September 18, 2025
 b. See attached Meeting Minutes from October 16, 2025
 Review and vote on Brownfields Subgrant Request of $400,000 from Roux
3.
 Institute, 1 Beanpot Circle.


 a. See attached Memorandum
 b. See attached Backup Document for Memorandum
 Review and vote on loan request for $85,000 from Bachelder Holdings,
4.
 LLC, 9 Bolton Street


 a. Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board
 may go into executive session to review proprietary confidential information
 associated with this loan application.
5. Treasurer's Report - October 2025


 a. Monthly Administrative Budget Report
 b. Cash Management Report
 c. Schedule of Loans Receivable
 d. Confidential - Loan Delinquency Report
 Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board
 may go into executive session to discuss/monitor any of the loans listed on the
 Report.
6. Staff verbal update


7. Other Items to be discussed/brought up by Board Directors


 Next Regular Meeting Date: December 18, 2025 (Business Award Event on
8.
 November 20, 2025)




City of Portland Commissions are not required to take public comment under FOAA and our Ordinance is
 silent regarding the duties of the Commission. The Commission has the discretion to not allow or allow
public comment during its meetings, including the authority to limit the duration of comments. Since the
 Commission makes recommendations to the City Council, public comment is available at that level.
 Page 2
 DRAFT


 Minutes
 Portland Development Corporation
 Remote Zoom Meeting
 Held on September 18, 2025

​ A remote meeting, via Zoom, of the Portland Development Corporation (PDC) Board of

Directors was held at 4:00 p.m. on Thursday, September 18, 2025. Present from the Board of

Directors were Board President Kierston Van Soest and Directors Eamonn Dundon, Councilor

Ben Grant, Nathan Henry, Assistant City Manager Dena Libner, and Scott Kleiman. Board

Directors Jonathan Berg, Matthew Buonopane, Sam Dargan, Beverly Werber, and Nikki Yanok

could not be present. Present from City staff were Associate Corporation Counsel Avery

Dandreta, Program Coordinator Kaela Gonzalez, Business Programs Manager Nancy Martin,

and Housing and Economic Development Director Greg Watson. Also present was City

Underwriter David McLaughlin.

 Item #1: President’s comments.

 Board President Van Soest opened the meeting at approximately 4:08 p.m. and provided a

short overview of the meeting.

 Item #2: Review and vote on Meeting Minutes of August 21, 2025.

​ On a motion made by Mr. Dundon and seconded by Mr. Henry, the Board voted 4-2-0

(Ms. Van Soest and Ms. Libner abstained) to approve the August 21, 2025 Meeting Minutes with

an amendment to add “t” to the Board President’s name.

 Item #3: Review and vote on Brownfields Loan Request for $750,000 for Fathom

Companies.

 Ms. Martin introduced a Brownfields loan request from Fathom Companies (Monument

Hotel LLC). The funds will be used for the redevelopment of the M&T Bank building into a

92-room hotel with full food and beverage service. The City received $2 million in supplemental




 Page 3
 DRAFT


EPA funding for Brownfields which will be used to fund this loan, and GPCOG will split the

remediation cost with the city. The total project cost is $60 million, with $1.5 million allocated

equally for remediation between GOCPG and the City. The hotel is expected to open in April

2027. Ms. Martin introduced Marieke Thormann, the Vice President of Development who

provided further information on the project and answered questions posed by Board members.

 On a motion made by Mr. Klieman and seconded by Councilor Grant, the Board voted

5-0 (Mrs. Libner abstained due to a technical issue) to enter into executive session pursuant to 1

M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119-A, to discuss proprietary information regarding this

loan at approximately 4:20 p.m.

 The Board returned to the public session at approximately 4:31 p.m.

 On a motion made by Councilor Grant and seconded by Mr. Dundon, the Board voted 6-0

to approve a $750,000 Brownfields loan request to Fathom Companies with the conditions noted

in the confidential memorandum provided to the Board.

 Item #4: Annual Meeting of the Board.

 Ms. Martin informed the Board that if approved, the Annual Meeting of the Corporator

will be held at the October 6, 2025 City Council meeting. In preparation for the meeting, staff

have drafted an annual report for the Board’s consideration. The Board also typically selects

officers for the year. Councilor Grant offered to speak on behalf of the Board at the City Council

meeting and present the Annual Report.

 On a motion made by Mr. Dundon and seconded by Councilor Grant, the Board voted 6-0

to accept and forward the Draft Annual Report, as amended with edits provided to staff, and to

set the date for the Annual Meeting of the Corporator as October 6, 2025.




 Page 4
 DRAFT


 On a motion made by Mr. Dundon and seconded by Councilor Grant, the Board voted 6-0

to elect Kierston Van Soest as President, Beverly Werber as Treasurer, and Sam Dargan as

Secretary.

 Item#5: Review and vote on recommendations for PDC Award event nominations.

 On a motion made by Mr. Dundon and seconded by Councilor Grant, the Board voted 6-0

to approve the recommendations for the PDC Award event nominations.

 Item #6: Treasurer’s Report.

 Mr. Dundon inquired when the new Brownfields money would appear on the cash report.

Ms. Martin explained that the City was awarded $2 million (out of a $4 million request) in

August, and the City Council needs to accept and appropriate it over two meetings (October 6th

and 20th). Ms. Martin also noted it was a competitive award and that GPCOG also received $2

million out of a $4 million request.

 Item #6: Other Items to be discussed/brought up by Board Directors.

 Mr. Dundon will continue to serve until a replacement is named.

 Item #14: Next regular meeting date: October 16, 2025.

​ There being no further business, on a motion made by Mr. Dundon and seconded by

Councilor Grant, the Board voted 5-0 (Mr. Henry left prior to the vote) to adjourn at

approximately 4:47 p.m.

 Respectfully, Kaela Gonzalez




 Page 5
 DRAFT


 Minutes
 Portland Development Corporation
 Remote Zoom Meeting
 Held on October 16, 2025

​ A remote meeting, via Zoom, of the Portland Development Corporation (PDC) Board of

Directors was held at 4:00 p.m. on Thursday, October 16, 2025. Present from the Board of

Directors were Board President Kierston Van Soest and Directors Jon Berg, Sam Dargan,

Eamonn Dundon, Nathan Henry, Assistant City Manager Dena Libner, Scott Kleiman, and

Beverly Werber. Board Directors Matthew Buonopane, Councilor Ben Grant, and Nikki Yanok

could not be present. Present from City staff were Associate Corporation Counsel Avery

Dandreta, Business Programs Manager Nancy Martin, Principal Administrative Officer Lori

Paulette, and Housing and Economic Development Director Greg Watson.

 Item #1: President’s comments.

 Board President Van Soest opened the meeting at approximately 4:00 p.m. and offered

congratulations to Director Nathan Henry on being named one of MaineBiz’s 40 Under 40

honorees.

 Item #2: Review and vote on a Brownfield Subgrant Request from Portland

Housing Authority for 70 E Oxford Street - COMB Block.

​ Ms. Martin introduced Sarah Tatarczuk, a Development Officer, who presented the

request from the Portland Housing Authority (PHA) for a $450,000 subgrant from the City's

Brownfield funds for their COMB Block project. This project involves the demolition of four

existing public housing buildings and the construction of 173 new affordable housing units

across three phases. The cleanup primarily involves removing urban fill (up to 7 feet deep)

contaminated with lead, arsenic, and PAHs (polycyclic aromatic hydrocarbons), and

implementing a cover system across the site. PHA has already received funding from GPCOG




 Page 6
 DRAFT


and an EPA grant, but additional funding is needed due to the unexpectedly high cost of soil

removal.

 On a motion made by Mr. Dundon and seconded by Mr. Berg, the Board voted 8-0 to

approve the $450,000 Brownfield subgrant to Portland Housing Authority.

 Item #3: Review and vote on loan request for $125,000 for Health Resonates, LLC,

773 Congress Street.

 Ms. Martin introduced a loan request for $125,000 from Health Resonates LLC, a health

and wellness spa in Portland. Anna Flaherty, the owner, explained that the loan is crucial to buy

out her business partner. Ms. Flaherty plans to expand staff (hire 5 more team members) and

further develop training programs. There are currently 11 employees.

 The current lease is ending, and a new 3-year lease is being drafted to start in December,

with an option to renew. Ms. Flaherty is also looking at a potential expansion into a City Center

location in the future.

 On a motion made by Mr. Kleiman and seconded by Mr. Dargan, the Board voted 8-0 to

enter into executive session pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119-A, to

review proprietary confidential information associated with this loan application, and to discuss

the Loan Delinquency Report, at approximately 4:28 p.m.

 The Board returned to public session at approximately 4:53 p.m.

 On a motion by Ms. Werber and seconded by Mr. Henry, the Board voted 8-0 to approve

the loan of $125,000 to Health Resonates LLC for a 5-year term at a 7.75% interest rate.

 (Directors Dundon and Libner left the meeting at this time.)

 Item #4: Treasurer’s Report- September 2025.

 The delinquency report was discussed in executive session.




 Page 7
 DRAFT


 Item #5: Other Items to be discussed/brought up by Board Directors.

 Ms. Werber inquired about the no-interest loan offered to businesses in the Arts District.

Ms. Martin stated there have been no new takers since Another Round. Mr. Watson added that

while there's continued interest, applicants often struggle with the paperwork, and he believes the

opportunity needs more forceful marketing. Mr. Dundon suggested reaching out to a commercial

real estate broker to promote the PDC loan programs for tenants looking to move downtown.

 Item #6: Next regular meeting date: December 18, 2025 (Business Award Event on

November 20, 2025).

​ There being no further business, on a motion made by Mr. Dargan and seconded by Mr.

Berg, the Board voted 8-0 to adjourn at approximately 5:05 p.m.

 Respectfully, Kaela Gonzalez




 Page 8
City of Portland | Housing and Economic Development Department
Gregory P. Watson, Director
​ ​

 MEMORANDUM

TO:​ ​ President Kierston Van Soest and PDC Board Members
FROM​​ Nancy L. Martin, Business Programs Manager
CC:​ ​ Greg Watson, Director, Housing and Economic Development Department
DATE:​​ November 19, 2025
RE:​ ​ Brownfields Subgrant Request of $400,000 from Roux Institute



PROJECT OVERVIEW:
The Portland Development Corporation is being presented with a $400,000 Brownfields subgrant
request from the Roux Institute of Northeastern University for support with environmental
remediation as part of their redevelopment project.
BUDGET AND BACKGROUND:
This funding request is to support environmental cleanup of the massive redevelopment project
at Bean Pot Circle. The project includes redeveloping the former B&M Factory with a higher
education campus, including mixed-use buildings, public greenspace, and waterfront access. The
project incorporates resilient and sustainable development approaches by reducing paved
surfaces, improving coastal and upland ecology, and considering sustainable building practices.
The $400,000 in subgrant funding will be allocated to the following tasks, the majority of which
will fund offsite soil transport and disposal:
Voluntary Response Action Program (VRAP) Enrollment Fee: $15,000
Brownfields documentation (ie, Community Involvement Plan, Analysis of Brownfields Cleanup
Alternatives, Remedial Action Plan): $15,000
QEP Oversight of remediation: $10,000
VRAP Completion Report: $5,000
SoilTransport to Permitted Receiving Facility: $355,000

Consulting underwriter David McLaughlin reviewed the 2022 - 2024 audited financial
statements of Northeastern University to confirm they are in a financial position to effect the
Rioux Institute project. While he did not review the specific project, the key financial ratios of
Northeastern University are very strong with a net asset position of $4.1 billion, not leveraged
with only $2.3 billion in debt (debt/worth ratio of .56), $2.9 billion in working capital (6.0
current ratio) and debt service coverage of 16.8. They are in a very strong financial position to
complete this project, especially given its size relative to their $4.1 billion net asset position.




 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683


 Page 9
RECOMMENDATION:
PDC staff (Nancy Martin) and underwriter (David McLaughlin) propose approving a
Brownfields subgrant of $400,000 to the Roux Institute to support environmental remediation at
Beanpot Circle.


ATTACHMENT:
Email from underwriter




 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683


 Page 10
 Nancy Martin <nmartin@portlandmaine.gov>



Rioux Institute
1 message

David McLaughlin <davido891@yahoo.com> Fri, Nov 7, 2025 at 10:25 AM
Reply-To: David McLaughlin <davido891@yahoo.com>
To: Nancy Martin <nmartin@portlandmaine.gov>

 Nancy

 I reviewed the 22 - 24 audited financial statements of Northeastern University to confirm they are in a financial position to
 effect the Rioux Institute project. While I did not review the project, the key financial ratios of Northeastern University are
 very strong with a net asset position of $4.1 billion, not leveraged with only $2.3 billion in debt (debt/worth ratio of .56),
 $2.9 billion in working capital (6.0 current ratio) and debt service coverage of 16.8. They are in a very strong financial
 position to complete this project, especially given its size relative to their $4.1 billion net asset position.

 The leverage of this grant to total capital investment and resulting public benefit has to be off the chart.

 David



 Yahoo Mail: Search, Organize, Conquer




 Page 11
 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2026
 For Month Ending
 10/31/2025


Operating transfer from EDF 42,352
 ------------
 Total Funds Available 42,352

 Current Year to Percent
 FY2026 Expenditures Budget Month Date of Budget Balance
 Administrative Services $11,505 $75 10,395 90.4% 1,110
 Postage $200 $100 100 50.0% 100
 Travel, Training, Meetings $9,000 $0 0 0.0% 9,000
 Contractual Services $8,000 $0 2,178 27.2% 5,822
 Operating Transfer to Fin. $9,647 $0 0 0.0% 9,647
 Advertising $2,500 $0 0 0.0% 2,500
 Auto Expense Reimb. $100 $0 0 0.0% 100
 Printing & Binding $650 $260 385 59.2% 266
 Office Supplies $750 $0 0 0.0% 750

  Total FY2026 Expenditures $42,352 $434 13,057 30.8% 29,295




 Page 12
 FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program

(Preliminary and Subject to Change)

 UDAG CIP CIP FAME FAME SSBCI TOTAL

 Period Ending: 10/31/2025 271 272 274 277 279

 Unrestricted Loans/Grants Restricted Unrestricted REDLP SSBCI-Grow Maine


Beginning Balance 304,951 370,220 184,981 704,665 -24,198 1,540,618


Additions th Date No Updated MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD


 Principal payments received 4,203 4,203 3,258 3,258 0 - 18,491 18,491 - -

 Interest payments received from loans 3,362 3,362 146 146 0 - 11,906 11,906 - -



 Interest Income - - - - -



 Other Income/Adjustments 600 4 597 17 9

 Pass Through From FAME/SSCBI - - - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements - Expenses 2,507 22,500


  Disbursements - Loans/Grants


Ending Cash Balance (Munis) 312,516 373,623 184,981 737,568 -1,698 1,606,990

Less Reserves for: Loans




 Transfers not yet recorded (UDAG Int) (3,362)




Adjusted Ending Cash Balance 309,154 373,623 184,981 737,568 -1,698 1,603,628




 Page 13
 FY2025 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM

(Preliminary and Subject to Change)

 Brownfield 1 Brownfield 2 (2016) Brownfield 3 Brownfield 10/1/2022 TOTAL

 Period Ending: 10/31/2025 278 280 281 280 RLF
 Unrestricted Loans/Grants Restricted/Cleanup Restricted/Assessments Restricted/Cleanup


Beginning Balance 591,617 11,363 48,407 4,391,597 5,042,984

Additions MTD YTD MTD YTD MTD YTD MTD YTD


 Principal payments received 1,813 22,178 0 24,954 - -

 Interest payments received from loans 1,277 5,994 0 15,307 - -


 Interest Income 15,619 4,682 - -


 Other Income/Adjustments - 11,332 27,592 -

 Pass Through From FAME/SSCBI/EPA - - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements -Other (2,507) (599)


Ending Cash Balance (Munis) 592,200 10,764 48,407 4,391,597 5,042,967

Less Reserves for:

Reserve For Commitments (111,088) 0 (2,886,424)

  Fund 280 Reserve for Administration

Adjusted Ending Cash Balance 481,112 10,764 48,407 1,505,173 2,045,455




 Page 14
 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending October 31, 2025

 ----Committed/Disbursed Funds-----
 Date Maturity Original Not Yet Total Outstanding
Case ID Account No. & Name of Loan Date Loan Disb. Disb . Princ. Bal.
 --------------------------- ---------- ---------- -----------  ------- -------- ------------
 Portland Business Fund 271 (UDAG/Unrestricted):
 30124 Rosemont Market, Inc. 8/8/2019 9/1/2029 $150,000 0 $150,000 $53,790
 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $20,167
 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $21,952
 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $192,849
 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $175,998
 Sub-Total PBF (UDAG) $464,756

 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $37,063
 Sub-Total PBF (Bonds/CIP Restricted)
 Portland Micro Capital Fund 271 (UDAG/Unrestricted):
 30250 Portland Trading Co. LLC 4/26/2013 8/1/2018 $15,000 $0 $15,000 $2,969
 $2,969
 Sub-Total Micro Capital Fund

 Portland Business Fund Fund 274 (CIP/Unrestricted):
 30062 On Time Transportation 3/26/2018 4/1/2023 $10,000 $0 $10,000 $762
 30070 Emerson, James (C19RR[Brick Trust]) 5/21/2021 6/1/2023 $10,000 $0 $10,000 $10,000
 30075 Dos Naciones LLC 3/3/2021 3/1/2023 $5,000 $0 $5,000 $5,000
 30316 Rankin WA, LLC 2/28/2022 2/1/2024 $5,000 $0 $5,000 $1,884
 30400 AAA Rue Marchie, d/b/a Timber 3/28/2023 4/1/2028 $40,000 $0 $40,000 $33,085
 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000
 Sub-Total PBF (Bonds/CIP Unrestricted) $119,731

 FAME Fund 277:
 30198 Auto-Care, LLC 2/5/2016 3/1/2021 $32,500 $0 $32,500 $18,567
 30061 Forefront Brick South, LLC 11/18/2016 12/1/2026 $250,000 $0 $250,000 $49,186
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $11,558
 30125 Zootility Co. 8/7/2019 9/1/2024 $150,000 $0 $150,000 $122,197
 30416 Forefront Partners I, LP 5/31/2023 5/31/2033 $200,000 $0 $200,000 $166,079
 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $244,710
 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $36,364
 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $124,480
 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $198,052
 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $167,033
 30086 Driscoll Child Dev. Center 5/5/2021 6/1/2026 $60,000 $0 $60,000 $27,499
 30085 Flores Restaurant LLC 6/9/2021 7/1/2026 $38,000 $0 $38,000 $9,369
 30071 Wynsum, LLC 11/5/2021 12/1/2026 $131,250 $0 $131,250 $119,214
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $150,493
 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $222,246
 30592 Yardie Ting 11/14/2024 12/1/2029 $45,000 $0 $45,000 $38,122
 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $76,762
 30655 Reo Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $100,000
 30654 Coco Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $100,000
 30658 Eduardos Brazillian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,500
 30656 Maine Foot and Ankle 9/25/2025 11/1/2035 $49,999 $0 $49,999 $49,999
 Sub-Total FAME $0 $2,054,431

 FAME GROW ME SSBCI 279
 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,500
 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000
 $72,500

 DOWNTOWN FUND 263:
 30636 Another Round 8/22/2025 10/1/3030 $8,000 $0 $8,000 $8,000
 Brownfields Loan Fund 278 and 280
 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $189,390
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $299,216
 Sub-Total Brownfields $488,606


 Grand Total Loans $4,101,937 $0 $4,101,937 $3,248,056
 Allowance for uncollectable loans at 15% $487,208
 Total with Allowance for uncollectable loans: $2,760,848




 Page 15

FINAL 11.19.2025 PDC Meeting Minutes
 Approved 12.18.2025

 Minutes
 Portland Development Corporation Special Meeting
 Remote Zoom Meeting
 Held on November 19, 2025

 A remote special meeting, via Zoom, of the Portland Development Corporation (PDC)

Board of Directors was held at 12:00 p.m. on Wednesday, November 19, 2025. Present from the

Board of Directors were Board President Kierston Van Soest and Directors Jon Berg, Eamonn

Dundon, Councilor Ben Grant, Assistant City Manager Dena Libner, Beverly Werber, and Nikki

Yanok. Board Directors Matthew Buonopane, Sam Dargan, Nathan Henry, and Scott Kleiman

could not be present. Present from City staff were Associate Corporation Counsel Avery Novak,

Program Coordinator Kaela Gonzalez, Business Programs Manager Nancy Martin, Principal

Administrative Officer Lori Paulette, and Housing and Economic Development Director Greg

Watson.

 Item #1: President’s comments.

 Ms. Werber opened the meeting at approximately 12:06 p.m. Board President Van Soest

joined shortly after.

 Item #2: Review and accept Meeting Minutes.

 On a motion made by Mr. Dundon and seconded by Ms. Van Soest, the Board voted

4-3-0 (Ms. Werber, Mr. Berg, and Ms. Yanok abstained) to approve the meeting minutes for

September 18, 2025.

 On a motion made by Ms. Werber and seconded by Mr. Berg, the Board voted 6-1-0 (Ms.

Yanok abstained) to approve the meeting minutes of October 16, 2025.

 Item #3: Review and vote on Brownfields Subgrant Request of $400,000 from Roux

Institute, 1 Beanpot Circle.
 DRAFT


 Ms. Martin introduced the subgrant request for $400,000 from Northeastern University’s

Roux Institute, noting that the $400,000 is a small portion of the estimated $13 million in eligible

cleanup activities. Also emphasized was the project’s significant public benefits which include

jobs, education, childcare, and infrastructure. Maureen Hickey, from Northeastern University,

presented the project detailing the 13-acre site, the Alfond Center, the future Lunder Innovation

Lab, and the parking garage. The grant funds are needed to transport and dispose of

contaminated soil found during construction that was unanticipated. The site’s grade is being

raised over 11 feet, and the project has been designed with resilience in mind.

 On a motion made by Mr. Berg and seconded by Ms. Werber, the Board voted 7-0 to

approve the $400,000 Brownfields subgrant to Roux Institute.

 Item#4: Review and vote on loan request for $85,000 from Bachelder Holdings,

LLC, 9 Bolton Street

 Ms. Martin provided an overview of the loan request from Bachelder Holdings, LLC for

$85,000 to provide gap financing for Emily Bachelder, a long-time employee, to purchase the

business and building of Tony’s Donuts. The gap was created when the business appraisal came

in lower than the owner’s asking price. Emily Bachelder spoke about her deep personal and

family connection to the 65-year-old business, her financial investment, and growth plans. Ms.

Bachelder confirmed that the equipment is sound and will not require large near-term

investments.

 On a motion made by Mr. Berg and seconded by Ms. Werber, the Board voted 6-0 to

enter into executive session pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119-A, to

review proprietary confidential information associated with this loan application at

approximately 12:37 p.m. (Mr. Dundon left the meeting at approximately 12:30 p.m.).
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 The Board returned to public session at approximately 1:07 p.m.

 On a motion by Ms. Werber and seconded by Mr. Berg, the Board voted 6-0 to approve

the loan of $85,000 to Bachelder Holdings, LLC for a 10-year term at a 7.75% interest rate

pending receipt and review of the updated loan documentation and commitment letter from

Evergreen.

 Item #4: Treasurer’s Report- October 2025.

​ Ms. Paulette gave a brief overview of the Treasurer’s Report that was included in the

meeting materials.

 Item #6: Staff verbal update.

​ Mr. Watson provided an update on the zero-interest loan program, noting that there is

continued interest. One of those businesses did not continue pursuing the loan since it did not

own the building. Feedback has also been received, suggesting the loan program be more flexible

and allow for reimbursement of operating costs and staffing expenses instead of being limited to

infrastructure and visible street-facing improvements.

​ Ms. Martin also provided a brief overview of the loan criteria subcommittee, which will

meet in early December. The previously awarded $200,000 in CDBG funds for Job Creation

Grants is expected to be advertised early next year, following shifting federal guidance. And

lastly, early this month Ms. Martin submitted an application for additional CDBG funding for

another round of Microenterprise Grants.

 Item #7: Other Items to be discussed/brought up by Board Directors.

 No further items were discussed.

 Item #8: Next regular meeting date: December 18, 2025 (Business Award Event on

November 20, 2025).
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​ There being no further business, on a motion made by Mr. Berg and seconded by Ms.

Werber, the Board voted 6-0 to adjourn at approximately 1:17 p.m.

 Respectfully, Kaela Gonzalez