Portland Development Corporation — Portland, ME
Date: 2026-05-21
Time: 16:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, May 21, 2026
 TIME: 4:00 PM
 LOCATION: This meeting will take place remotely.

 Please click below to join the webinar.
 https://portlandmaine-
 gov.zoom.us/j/85883360174?pwd=gcCQpIZK7dS5Vlpeirx6VphGVLcq3c.1
 Passcode:131579

 Phone one-tap:
 +16469313860,,85883360174# US
 +19292056099,,85883360174# US (New York)

 Webinar ID: 858 8336 0174
 International numbers available: https://portlandmaine-gov.zoom.us/u/kejx7Z2mBN

 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 Meeting Minutes from December 18, 2025
 b. See Meeting Minutes from April 16, 2026
 Communication regarding budget modification for 89 Elm Street
3.
 Brownfields RFL loan.


 a. Memorandum regarding 89 Elm Street Brownfields budget modification.
 b. Exhibit 4 from executed loan agreement
 c. Amended Exhibit 4 proposed by Avesta
 Review and vote on Interest-free Storefront Loan Application for $20,000
4.
 from SPACE Gallery, 538 Congress Street.


 a. See attached Memorandum to the Board
 b. SPACE Gallery Storefront Loan Application
 c. SPACE Gallery Underwriting Analysis
 Review and vote on Business Continuity Loan Application for Sam's
5.
 Rideshare LLC, 219 Brackett 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.
6. Treasurer's Report - April 2026


 a. Monthly Administrative Budget
 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.
7. Staff verbal update


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


9. Next Regular Meeting Date: June 18, 2026


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.
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: Thursday, May 21, 2026
 TIME: 4:00 PM
 LOCATION: This meeting will take place remotely.

 Please click below to join the webinar.
 https://portlandmaine-
 gov.zoom.us/j/85883360174?pwd=gcCQpIZK7dS5Vlpeirx6VphGVLcq3c.1
 Passcode:131579

 Phone one-tap:
 +16469313860,,85883360174# US
 +19292056099,,85883360174# US (New York)

 Webinar ID: 858 8336 0174
 International numbers available: https://portlandmaine-gov.zoom.us/u/kejx7Z2mBN

 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 Meeting Minutes from December 18, 2025
 b. See Meeting Minutes from April 16, 2026




 Page 1
 Communication regarding budget modification for 89 Elm Street
3.
 Brownfields RFL loan.


 a. Memorandum regarding 89 Elm Street Brownfields budget modification.
 b. Exhibit 4 from executed loan agreement
 c. Amended Exhibit 4 proposed by Avesta
 Review and vote on Interest-free Storefront Loan Application for $20,000
4.
 from SPACE Gallery, 538 Congress Street.


 a. See attached Memorandum to the Board
 b. SPACE Gallery Storefront Loan Application
 c. SPACE Gallery Underwriting Analysis
 Review and vote on Business Continuity Loan Application for Sam's
5.
 Rideshare LLC, 219 Brackett 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.
6. Treasurer's Report - April 2026


 a. Monthly Administrative Budget
 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.
7. Staff verbal update


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


9. Next Regular Meeting Date: June 18, 2026


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
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 3
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 Minutes
 Portland Development Corporation Meeting
 Remote Zoom Meeting
 Held on December 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, December 18, 2025. Present from the Board of

Directors were Board President Kierston Van Soest and Directors Jon Berg, Matthew

Buonopane, Sam Dargan, Eamonn Dundon, Scott Kleiman, and Beverly Werber. Board Directors

Councilor Ben Grant, Nathan Henry, Assistant City Manager Dena Libner, and Nikki Yanok

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. City underwriters Liam Benson and David McLaughlin were also present.

 Item #1: President’s comments.

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

everyone for their role in the Business Award Event held at Ocean Gateway in November.

 Item #2: Review and accept Minutes of November 19, 2025.

​ On a motion made by Ms. Werber and seconded by Mr. Dundon, the Board voted 4-0-3

(Mr. Buonopane, Mr. Dargan, and Mr. Kleiman abstained) to approve the meeting minutes for

November 19, 2025.

 Item #3: Review and vote on Brownfields Grant Request of $285,750 from Youth

and Family Outreach, 331 Cumberland Avenue.

 Ms. Martin introduced the grant request for $285,750 from Youth and Family Outreach to

support environmental remediation for the redevelopment of 331-337 Cumberland Avenue. The

funds will enable the construction of 60 units of family housing and a new building to expand




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childcare, tripling infant capacity and doubling toddler capacity. Camelia Babson-Haley and

Laura Reading spoke to the Board regarding the history of Youth Family Outreach, the current

project, and answered questions from the Board.

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

approve the $285,750 Brownfields Grant to Youth and Family Outreach.

 Item #4: Update from Loan Criteria Evaluation and backup materials.

 This item was taken up after Item #5 and Item #6.

 Ms. Martin presented the proposed criteria for loan evaluation and sought feedback from

the Board, which included removing quantification and scoring, serving as a discussion tool at

this time, and removing specific language regarding City Council priorities.

 Item #5: Review and vote on Storefront Interest-free Loan Request for $20,000 from

Bad Neighbors, 511 Congress Street.

 Ms. Martin introduced Dennis Gaines, owner of Bad Neighbors, who is seeking $20,000

for storefront improvements for a new vinyl listening bar opening across the street from Arcadia.

Funds will be used primarily for exterior signage and painting the storefront area. The business

anticipates creating between 18 and 20 new full-time positions, with bartenders and servers

starting at $10-12/hour plus tips and kitchen staff starting at $20/hour plus tips. Benefits include

paid time off and an IRA retirement plan.

 The Board heard from Ms. Martin and James Nash regarding Item #6 before moving into

executive session.

 On a motion made by Mr. Dundon and seconded by Mr. Kleiman, the Board voted 7-0 to

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




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review proprietary confidential information associated with this loan application and the loan

request highlighted in Item #6 at approximately 4:33 p.m.

 The Board returned to public session at approximately 4:46 p.m.

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

(Mr. Berg abstained) to approve the $20,000 Interest-free Storefront Loan to Bad Neighbors.

 Item #6: Review and vote on a new loan request for $35,000 from Nash & Co., 417

Congress Street.

 Ms. Martin introduced James Nash, owner of Nash & Co., who is seeking a $35,000

commercial loan for working capital to carry the business through the challenging winter

months. Nash & Co. is a creative general store in the Arts District offering retail, workshops, and

creative services. Mr. Nash answered questions regarding marketing efforts, use of funds, rent,

and business background.

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

the loan of $35,000 to Nash and Co., as recommended by staff, with an interest rate of 7.75%.

 Board President Van Soest left the meeting at approximately 4:50 p.m. and Ms. Werber

facilitated the remainder of the meeting.

 Item #7: Treasurer’s Report- November 2025.

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

meeting materials.

 Item #8: Staff verbal update.

​ Ms. Martin provided a verbal update to the Board. City staff will be seeking $500,000 in

Brownfields Assessment funds to recapitalize the program. There are 5 applicants being




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reviewed by the Legislative and Nominating Committee for the open spot on the Board. The loan

closed on Tony’s Donuts today, and the grand reopening is slated for January 3, 2026.

 Item #9: Other Items to be discussed/brought up by Board Directors.

 No further items were discussed.

 Item #10: Next regular meeting date: January 15, 2025.

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

Dargan, the Board voted 6-0 to adjourn at approximately 5:03 p.m.

 Respectfully, Kaela Gonzalez




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 Minutes
 Portland Development Corporation Meeting
 Remote Zoom Meeting
 Held on April 16, 2026

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

Directors was held at 4:00 p.m. on Thursday, April 16, 2026. Present from the Board of Directors

were Board President Kierston Van Soest and Directors Jonathan Berg, Councilor Ben Grant,

Sam Dargan, Scott Kleiman, Assistant City Manager Dena Libner, Tuck O’Brien, and Beverly

Werber. Board Directors Matthew Buonopane, Nathan Henry, and Nikki Yanok could not be

present. Present from City staff were Associate Corporation Counsel Avery Novak, Program

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

Administrative Officer Lori Paulette. City underwriter Liam Benson was also present.

 Item #1: President’s comments.

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

commented that the two interest-free storefront loans to be considered are encouraging.

 Item #2: Review and accept Minutes of March 19, 2026.

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

the meeting minutes of March 19, 2026.

 Item #3: Review and vote to use $25,800 in Brownfields Post Closeout Program

Income to support soil pre-characterization at the Woodbury Project site.

 Ms. Martin presented the request, explaining that the funds are needed for soil sampling

at the Woodbury project site. The $25,800 will be used to cover the difference in costs not fully

covered by GPCOG assessment money. A key benefit of using program income is the

elimination of the 30-day regulatory review period, which enables cleanup to start sooner (late

spring or early summer).


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 On a motion made by Mr. Berg and seconded by Mr. O’Brien, the Board voted 7-0 to

approve the $25,800 Brownfields Post Closeout Program Income (PCPI) to CHOM.

 Item #4: Review and vote on an interest-free storefront loan application for $20,000

and a commercial loan request for $50,000 from Feast Ephemera, LLC, 122 Washington

Avenue.

 Ms. Martin provided a quick review of the request from Feast Ephemera, LLC, and

introduced one of the owners, William Emery, to the Board. The request is for a combined

$20,000 interest-free storefront loan (for facade and signage) and a $50,000 working capital loan

for startup costs. The business is expected to create 12 new jobs. William Emery presented his

new dual-concept hospitality business to the Board.

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

approve the $50,000 commercial loan at 7.75% interest rate, and the $20,000 interest-free

storefront loan to Feast Ephemera, LLC.

 Item #5: Review and vote on interest-free storefront loan request for $15,000 from

Bub’s Home Kitchen, 28 Monument Square.

 Ms. Martin queued the next storefront loan request of $15,000 from Bub’s Home Kitchen

and the Board heard from owner James Shaffer. The request was for a $15,000 interest-free

storefront loan to purchase and build a 24-seat outdoor dining area. Mr. Shaffer operates Bub's

Home Kitchen out of the Portland Public Market in Monument Square, specializing in homestyle

shelf-stable and "take and make" foods. The outdoor dining will create a continuous stretch of

dining spaces from Shay's down to the public market. The seating is intended to be a shared,

open space for all market vendors and the public. Mr. Shaffer is also putting together a farmers'




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market in Monument Square for the first Fridays of the month, with the goal of making it a

weekly event.

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

Kleiman joined after Item #2 and #3 were taken up) 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 the loan request highlighted in Item #4 at approximately

4:28 p.m.

 The Board returned to public session at approximately 4:43 p.m.

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

approve the $15,000 interest-free storefront loan to Bub’s Home Kitchen.

 Item #6: Treasurer’s Report- March 2026.

​ The delinquency report was discussed in executive session, and Ms. Paulette stated that

she will add the downtown TIF fund to the cash management report next month.

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

 Ms. Martin provided an update on public engagement regarding four city-owned parcels

referred to as "Midtown", and directed members to portlandmaine.gov/midtown for the survey

and noted an upcoming public engagement session on April 29th.

 Mr. Kleiman suggested adding a discussion item to a future meeting agenda about how

PDC programming could augment or help accelerate business activity around the launch of the

new Waterfront Park.

​ Item #8: Next regular meeting date: May 21, 2026.

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

Dargan, the Board voted 8-0 to adjourn at approximately 4:52 p.m.




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 Respectfully, Kaela Gonzalez




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City of Portland | Housing and Economic Development Department
Mary Davis, Acting Deputy Director
​


 PUBLIC MEMORANDUM
TO:​ ​ President Kierston Van Soest and PDC Board Members
FROM:​ Nancy Martin, Business Programs Manager
CC:​ ​ Mary Davis, Acting Deputy Director, HEDD; Avery Novak, Associate Corporation
 Counsel
DATE:​​ May 21, 2026
RE:​ ​ Communication re: 89 Elm Street Brownfields Loan



Overview:
In July 2024, Avesta successfully applied to the Portland Development Corporation for a Brownfields
subgrant of $500,000 and loan of $2,136,424 for a total of $2,636,424 of financing in support of a
201-unit affordable housing development at 89 Elm Street. The sub-grant agreement has been fully
reimbursed to Avesta. At the July 2025 meeting of the Portland Development Corporation, the Board
approved a loan modification request to include a non-recourse clause.

Currently, all remediation work has been completed and Avesta is preparing its Brownfields loan
drawdown package. The amount of soil that had to be managed and disposed of off-site is much
greater than what was originally expected. The developer states that the entirety of the Brownfields
RLF loan could be covered by eligible soil disposal activities alone, as opposed to the variety of tasks
that had been originally budgeted for, which are listed in Exhibit 4 of the executed loan agreement.
This communication is to inform the Portland Development Corporation that Avesta has requested a
budget modification for the Brownfields loan, and that staff (Nancy Martin) will process the
necessary documentation for this administrative update.


Attachments:
 1.​ Exhibit 4 from executed loan agreement
 2.​ Amended Exhibit 4 proposed by Avesta




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

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Page 13
 Exhibit 4
 (Amended) Brownfield Loan Project Budget
Additional Loan Cleanup Project Tasks:
 1. Qualified Environmental Professional (QEP) Services (TRC) – $61,700.34
 2. Engineered Cover Systems (Structural Soil System) – $952,737
 3. Soil Management and/or Disposal Costs – $1,116,224.57
 4. Reimbursed Sub-grant Overage Costs – $5,762.09


Brownfield Loan Project Budget Total: $2,136,424




 Page 14
City of Portland | Housing and Economic Development Department
Mary Davis, Acting Deputy Director
​ ​

 MEMORANDUM

TO:​ ​ President Kierston Van Soest and PDC Board Members
FROM​​ Nancy L. Martin, Business Programs Manager
CC:​ ​ Mary Davis, Housing and Economic Development Department
DATE:​​ May 21, 2026
RE:​ ​ Interest-free Storefront Loan Application for $20,000 from SPACE Gallery, 538
 Congress Street
OVERVIEW

SPACE Gallery, a local nonprofit, is seeking a $20,000 storefront loan to improve their
storefront. They will use this loan to repaint the window trim on their storefront, as well as make
lighting and signage upgrades. This project aligns with City’s goals to revitalize downtown
Portland and strengthen activation of Congress Street and the Arts District.

BUDGET AND BACKGROUND

Applicant Profile: SPACE Gallery is a 501(c)(3) nonprofit art center founded in 2002 with a
23-year track record of continuous operation. It has 21 employees and its executive director is
Kelsey Halliday Johnson.

Loan Request: The requested amount is $20,000, proposed at 0% interest with a 5-year term and
5-year amortization.

Project Scope: Funding will be utilized for repainting window trim and making essential lighting
and signage upgrades to the Congress Street storefront.

Security: The City will maintain a security interest in all business assets as collateral.

FINANCIAL CAPACITY AND CONSIDERATIONS

SPACE Gallery maintains a solid financial position characterized by strong capitalization and
consistent operational history. See attached underwriting analysis for more details.

PUBLIC BENEFIT

Community Impact: The gallery welcomes 25,000 to 35,000 visitors annually and provides
statewide grants to Maine artists.

Downtown Activation: The project aligns with the City’s goals to improve the Congress Street
streetscape.



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

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Risk Assessment: This is identified as a low-to-moderate risk request due to the borrower's
strong balance sheet and long-term history of success.

RECOMMENDATION


Staff (Nancy Martin) and Underwriter (David McLaughlin) recommend the Board approval of
this $20,000 interest-free storefront improvement loan request. The applicant demonstrates
significant stability and a clear alignment with City goals.


ATTACHMENT

 ●​ Underwriting Analysis
 ●​ Storefront Loan Application




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

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Commercial Loan Application - City of Portland
The City's Revolving Loan Program (RLP) provides commercial loans to Portland businesses to facilitate
economic growth and job creation. Loans are made to startups and existing businesses, and may range
from as little as $10,000 to as much as $250,000.

Businesses are encouraged to establish relationships with banks/credit unions, and to access the
conventional financing they offer whenever possible. The City's RLP is intended to assist when there's a
financing gap or when businesses are not yet able to access conventional financing.

Funds from the City's RLP can help to finance a wide range of activities. Fixed interest rates are generally a
point or two above the rates offered by the banking community, and are determined by the Portland
Development Corporation, the City's lending and granting board.

All City loans charge an origination fee of 1%. (This can be paid directly to the City, or deducted from the
loan proceeds)

If borrowers cannot pay interest for religious or other reasons, then they can pay a flat monthly fee instead.

To use this application, you must have a Google account. If you do not have a Google account, please call
207-756-8019 for assistance.




Email *

director@space538.org




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Interest-free loans of up to $20,000 are available to property owners and leaseholders in the *
Downtown TOD TIF District (visible on this map) to finance upgrades to existing commercial
properties with visible storefronts.
The goal of this new loan product is to help recruit and retain quality businesses, and to
promote activation of
the streetscape. These investments will support neighborhood safety through improved
environmental design and infrastructure investments such as lighting and entryway
improvements, encourage accessibility, and spur upgrades to commercial properties.


 Yes, I would like to apply for the interest-free storefront upgrade loan

 No thanks, I would like to apply for the standard commercial loan




Interest-free loans of up to $10,000 through the City of Portland’s Business Continuity Loan *
Program provides financial incentives to Portland businesses for the purposes of addressing
specific economic disruptions. Business can use this loan to pay for expenses like rent, payroll,
and utilities to ensure operational continuity during economic disruptions. The City has
budgeted funds to support these loans for eligible businesses city-wide in Portland, Maine. The
maximum loan amount is $10,000 over a 5-year term. Applicants will need to review the
program guidelines and complete an economic disruption worksheet (link).


 Yes, I would like to apply for the interest-free business continuity loan

 No thanks, I would like to apply for the standard commercial loan




Explain reason for seeking City loan (project scope): *

We would like to repaint the window trim on our storefront, make lighting and signage upgrades. We have
selected and have a quote from a painting contractor, which would be the largest expense from the loan.




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Amount of Loan Requested ($): *

20,000




Demographic Information


Race

 American Indian or Alaska Native

 Asian

 Black or African American

 Native Hawaiian or Other Pacific Islander

 White




Hispanic, Latino, or of Spanish origin


 Yes

 No




What is your preferred language?

English




Business Information




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Email address: *

director@space538.org




Legal Business Name: *

SPACE Gallery




Doing Business As (DBA) if different from Legal Name:

SPACE




Business Address (must be in Portland, Maine) *

534-538 Congress Street




Zip Code *

04101




Business Phone:

2078285600




Business Owner(s) Name:

Kelsey Halliday Johnson, Executive Director




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Cell Phone: *

609-220-7046




Business Type:


 Arts Business

 Business Service

 Childcare

 Events/Tourism

 Hospitality (Lodging)

 Fishery Related Business

 Food manufacturing/Production

 Other Manufacturing/Production

 Nonprofit

 Restaurant/Cafe/Bar

 Retail

 Vehicle Repair

 Other: Arts Business & Nonprofit




Please describe your business *

Interdisciplinary art center, gallery, event venue, grants and resources for artists, and below-market artist
studios.




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Is your business operating in a commercial space? *


 Yes

 No




If you answered "no" to the question above, please explain.




If you answered "yes" above, how much time remains on your lease?


 1 year

 2-3 years

 4-5 Years

 More than 5 years

 Not applicable




If you answered "yes", is there an option to renew your lease?


 Yes

 No

 Not applicable




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Business Structure: *


 Corporation

 Limited Partnership

 Sole Prorietorship

 Limited Liability Co.

 General Partnership

 Other: Corporation/ 501c3




Date your business first opened or is planning to open *

MM DD YYYY

08 / 02 / 2002




Taxpayer ID (EIN):

51-0432635




How many employees do you currently have? *

21




How many additional jobs will be created as a result of this requested loan? *

contractor labor




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What benefits do you offer your employees, if any? Select all that apply. *

 Health insurance

 Paid time off

 Paid sick time

 None




Please describe any community and/or charitable activities in which your business engages.

We welcome between 25 and 35,000 visitors and event attendees a year for public programs, gallery hours,
peer nonprofit community programs, educational class visits, and more. We offer up to $7000 project grants
for artists throughout the state of Maine through the Kindling Fund and the Sonic Visions Fund, and want to
be a bedrock resource for a stronger creative economy.




Business Banking Information


Name of Bank:

Bangor Savings Bank




Loan Officer (if have one):

Dale Weichenbach oversees our Mortgage at Bangor Savings Bank




Loan Officer Telephone Number:




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 Name of Accountant (if have one):

 We work with PGM Accounting for our 990 preparation.




 Name of Attorney (if have one):

 Anthony Moffa, Maine Law professor is on our board




Sources of Loan Proceeds($)


Please enter the amount received by each applicable entity:




 City of Portland Loan Request ($) *

 20000




 Bank Loan if applicable ($)

 0




 Applicant Equity/Investment($)

 13,500




 Other ($)




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 TOTAL: *

 33500




Use of Loan Proceeds ($)


Please enter the amount to be used in each applicable category:




 Land and Building ($)




 Renovations/Fit-up ($)

 19000




 Machinery and Equipment ($)




 Permanent Working Capital ($) (e.g., salary, rent, utilities, inventory)




 Architectural/Engineering ($)

 13500




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Other ($)

1000




TOTAL ($) *

20000




Business Issues


Does the business or business owner owe any outstanding property taxes, fees, or liens to the *
City of Portland? If yes, please explain:

No




Does the business or business owner have any outstanding liens? *

No




Does the business have any balances owed on invoices that are 30 or more days overdue? *

No




Is the business or business owner involved in any pending lawsuits? If yes, please explain: *

No




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 Has business or business owner ever been involved in bankruptcy or insolvency proceedings? If *
 yes, please explain:

 No




 Businesses are encouraged to establish relationships with banks/credit unions to access the *
 conventional financing they offer whenever possible. Did you do this and if so, what was the
 result?

 We are still paying back our mortgage and are not available for more loans as a nonprofit.




Required Attachments for Existing Businesses


Any requested documents that are not provided will prevent an application from being processed until it is
complete. If documents are left out, the applicant will be contacted and asked to email those documents to
the City staff who are administering the program.




 Please attach: Complete 2025 business federal tax return.

 Add file




 Please attach: Complete 2024 business federal tax return

 SPACE gallery 99…


 Add file




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Please attach: Complete 2023 business federal tax return

 SPACEGallery_99…


 Add file




Please attach: Current Balance Sheet (within 90 days)

 SPACE_BalanceS…


 Add file




Please attach: Current Profit & Loss (within 90 days)

 Board Report Fin…


 Add file




Please attach: Signed commercial lease noting monthly or annual rent, marine berthing, or
commercial mortgage payment.

 Screenshot 2026…


 Add file




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Please attach: Current personal financial statement (PFS) from each owner of the business with
20% ownership or greater.
If applicant does not have a current personal financial statement, a personal financial statement form can
be found here.


 Add file




Required attachments for Startup Businesses


Please attach: 2025 complete personal tax return

 Add file




Please attach: 2024 complete personal tax return

 Add file




Please attach: 2023 complete personal tax return

 Add file




Please attach: Business Plan (For help with creating a business plan, click here.)

 Add file




Please attach: One year projected Cash Flow (month to month)

 Add file



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 Please attach: One year projected Profit and Loss Statement

 Add file




 Please attach: Start up Balance Sheet

 Add file




 Please attach: Signed commercial lease (noting monthly or annual rent, marine berthing, or
 commercial mortgage payment).

 Add file




 Please attach: Current personal financial statement (PFS) from each owner of the business with
 20% ownership or greater. If applicant doesn't have a PFS, a personal financial statement form
 can be found here.

 Add file




Certification and Signature


Certification, Credit Authorization, and Confidentiality of Records

To the best of my knowledge, the above information is accurate, and I (we) understand that any false or
misleading information I (we) provide may lead to my (our) disqualification form this program. I (we)
authorize the City of Portland and/or Portland Development Corporation to make whatever credit inquiries it
deems necessary to verify the accuracy of the information provided in connection with the review of this
loan application.

I (we) hereby request that information provided by me (us) and developed by the City of Portland and/or the
Portland Development Corporation, or its staff or agents, with respect to this application for financial
assistance be designated confidential and not open for public inspection, pursuant to 5 M.R.S.A. Section
13119 et sq.

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Certain records of the City of Portland and/or the Portland Development Corporation are designated
CONFIDENTIAL AND WILL NOT BE MADE AVAILABLE FOR PUBLIC INSPECTION. This includes the
disclosure of tax or financial information; assessment of creditworthiness or financial condition; records
obtained by the City of Portland and/or the Portland Development Corporation in connection with the
monitoring or servicing of an existing project; proprietary information; and, information regarding the
financial status of the application.




 I understand that an electronic signature has the same legal effect and can be enforced in the *
 same way as a written signature. Please type your name below as an electronic signature if you
 agree.

 Kelsey Halliday Johnson




 Title of Signatory:

 Executive Director, SPACE Gallery




 This form was created inside of City of Portland.


 Forms




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  PORTLAND DEVELOPMENT CORPORATION

 LOAN REQUEST

 DAVID MCLAUGHLIN, UNDERWRITER

 May 9, 2026

APPLICANT/BORROWER: Space Gallery

APPLICANT’S ADDRESS: 538 Congress St., Portland, Maine 04101

LOAN REQUEST: $20,000

INTEREST RATE: 0%

TERM: 5 year term and 5 year amortization

PURPOSE: An interest free storefront loan to make property improvements.

OVERVIEW: Space Gallery is an art center that promotes the arts and humanities through advocacy,
programing, commissioning, statewide grant making, resource-sharing and community collaboration. It
was founded in 2002.

They curate art exhibits, showcase music, present film screenings, facilitates lectures and discussions,
rent space to artists at below market cost, oversee a statewide granting program, engage the public in
community events and open forums as some of their services.

Of the 2025 revenues, 47% came from events, 39% from giving and 11% from rental income.

They have a well done website (space538.org) that has links to well done annual reports and a strategic
plan.

FINANCIAL OVERVIEW:

The provided financial information included the 2023 - 2024 Federal tax returns and the management
prepared income and expense statement for Jan/Feb 2026. The major pertinent findings are as follows:



 Income & Expenses: (000) omitted


 2023 2024 2025


 Revenues $580 493 1,168


 Net 68 12 (30)


 EBIDTA 148 98 39




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 Debt Service 80 80 80


 Excess 68 18 (41)



12/30/2024 Balance Sheet:

Working Capital - $127k
Total Debt - $729k
Equity - 776k
Debt/equity. - .94

 -​ The trend is positive with an accrued net of $50k over the past three fiscal years with the best
 year the most recent in 2025.
 -​ The organization is well capitalized and not leveraged with $776k in net assets and a .94
 debt/worth ratio. They have sustained operations for 23 years and are well positioned today.
 -​ Working capital is strong at $127k as of 12/30/24 and is adequate. Current liabilities are less
 than $1k.
 -​ Business debt service coverage is strong at 1.8 in 2025. The only debt is the commercial
 mortgage.


COLLATERAL: A security interest in all business assets. No value is given for collateral purposes. If the
term were to exceed five years, a junior mortgage on the commercial real estate would have been
recommended.

 -​ CONDITIONS:

Acceptable review of current balance sheet

STRENGTHS / WEAKNESSES:

 -​ Good trend
 -​ In operations for 23 years and well positioned today.
 -​ Adequate debt service coverage of 1.8 in 2025.
 -​ Adequate working capital and capitalization
 -​ The local arts community continues to expand

-

 -​ None significantly noted


RECOMMENDATION : I recommend approval based on the above noted strengths. I view this as low to
moderate risk given the long term history of success and being in a relatively strong balance sheet
position.




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 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2026
 For Month Ending
 4/30/2026


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 $35 10,556 91.8% 949
 Postage $200 171 85.5% 29
 Travel, Training, Meetings $9,000 8,294 92.2% 706
 Contractual Services $8,000 $390 5,168 64.6% 2,832
 Operating Transfer to Fin. $9,647 0 0.0% 9,647
 Advertising $2,500 0 0.0% 2,500
 Auto Expense Reimb. $100 0 0.0% 100
 Printing & Binding $650 490 75.4% 160
 Office Supplies $750 $214 316 42.1% 434

  Total FY2026 Expenditures $42,352 $639 24,995 59.0% 17,357




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 FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program

(Preliminary and Subject to Change)

 UDAG CIP CIP FAME FAME SSBCI TOTAL

 Period Ending: 04/30/2026 271 272 274 277 279 263

 Unrestricted Loans/Grants Restricted Unrestricted REDLP


Beginning Balance 234,294 397,120 193,318 725,715 14,370 222,000 1,786,818

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

 Principal payments received 7,437 49,895 3,364 31,286 812 11,745 54,349 164,502 - 23,022 - -

 Interest payments received from loans 1,355 29,873 39 633 188 3,282 9,263 57,511 148 24,052 - -



 Interest Income 5,004 7,608 4,163 15,775 8,570 -



 Other Income/Adjustments - - - 3,431 (3,431) -

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

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements - Expenses (97,938)


  Disbursements - Loans/Grants


Ending Cash Balance (Munis) 243,086 400,523 194,318 691,390 14,517 1,543,835

Less Reserves for: Loans

  Beautification Program (EC0301)

 Transfers not yet recorded (UDAG Int)




Adjusted Ending Cash Balance 243,086 400,523 194,318 691,390 14,517 222,000 1,765,835




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 FY2026 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM

(Preliminary and Subject to Change)

 Brownfield 1 Brownfield 3 Brownfield 10/1/2022 TOTAL

 Period Ending: 04/30/2026 278 281 280 RLF
 Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup


Beginning Balance 575,421 4,732 4,368,797 4,948,950

Additions MTD YTD MTD YTD MTD YTD


 Principal payments received 1,842 17,542 - -

 Interest payments received from loans 1,248 13,354 - -


 Interest Income 10,373 - -


 Other Income/Adjustments - - -

 Pass Through From FAME/SSCBI/EPA - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements -Other


Ending Cash Balance (Munis) 578,511 4,732 4,368,797 4,952,040

Less Reserves for:

Reserve For Commitments (30,137) (4,237,184)

  Fund 280 Reserve for Administration

Adjusted Ending Cash Balance 548,374 4,732 131,613 684,719




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 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending April 30, 2026

 ----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 $44,694
 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $13,942
 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $17,740
 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $192,424
 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $175,363
 30681 Health Resonates 11/13/2025 11/1/2030 $125,000 $0 $125,000 $113,725
 Sub-Total PBF (UDAG) $557,887

 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $16,931
 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 $2,105
 $2,105
 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 $794
 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 $1,330
 30400 AAA Rue Marchie, d/b/a Timber 3/28/2023 4/1/2028 $40,000 $0 $40,000 $30,611
 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000
 Sub-Total PBF (Bonds/CIP Unrestricted) $116,735

 FAME Fund 277:
 30198 Auto-Care, LLC 2/5/2016 3/1/2021 $32,500 $0 $32,500 $18,667
 30061 Forefront Brick South, LLC 11/18/2016 12/1/2026 $250,000 $0 $250,000 $38,797
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $8,540
 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 $157,005
 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $242,249
 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $34,113
 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $108,730
 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $195,672
 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $163,265
 30086 Driscoll Child Dev. Center 5/5/2021 6/1/2026 $60,000 $0 $60,000 $25,578
 30085 Flores Restaurant LLC 6/9/2021 7/1/2026 $38,000 $0 $38,000 $6,020
 30071 Wynsum, LLC 11/5/2021 12/1/2026 $131,250 $0 $131,250 $117,352
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $146,511
 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $220,529
 30592 Yardie Ting 11/14/2024 12/1/2029 $45,000 $0 $45,000 $36,302
 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $74,643
 30655 Reo Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $99,355
 30654 Coco Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $99,355
 30658 Eduardos Brazillian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,236
 30686 Nash & Co. 1/30/2026 3/1/2031 $35,000 $0 $35,000 $34,038
 30656 Maine Foot and Ankle 9/25/2025 11/1/2035 $49,999 $0 $49,999 $49,999
 30683 Bachelder Holdings, LLC 12/18/2025 2/1/2033 $85,000 $0 $85,000 $82,566
 Sub-Total FAME $2,103,720

 FAME GROW ME SSBCI 279
 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,236
 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000
 $72,236

 DOWNTOWN FUND 263:
 30636 Another Round 8/22/2025 10/1/3030 $8,000 $0 $8,000 $6,733
 Brownfields Loan Fund 278 and 280
 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $185,378
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $292,223
 Sub-Total Brownfields $477,600


 Grand Total Loans $4,346,937 $0 $4,346,937 $3,353,947
 Allowance for uncollectable loans at 15% $503,092
 Total with Allowance for uncollectable loans: $2,850,855




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