Portland Development Corporation — Portland, ME
Date: 2025-10-16
Time: 16:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, October 16, 2025
 TIME: 4:00 PM
 LOCATION: This meeting will take place remotely via Zoom.

 Please click below to join the webinar.
 https://portlandmaine-
 gov.zoom.us/j/85229414013?pwd=N2tESU9mMmUzZ000T1F4cVErZTRnQT09
 Passcode:272505

 Phone one-tap:
 +13126266799,,85229414013# US (Chicago)
 +16469313860,,85229414013# US

 Webinar ID: 852 2941 4013
 International numbers available: https://portlandmaine-gov.zoom.us/u/kiIXpoqU0

 AGENDA

1. President's Comments


 Review and vote on a Brownfield Subgrant Request from Portland Housing
2.
 Authority for 70 E Oxford Street - COMB Block


 a. See attached Memorandum and backup.
 Review and vote on loan request for $125,000 for Health Resonates, LLC,
3.
 773 Congress 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.
4. Treasurer's Report - September 2025


 a. Monthly Administrative Budget Report
 b. Cash Management Report
 c. Schedule of Loans Receivable
 d. Confidential - Loan Delinquency Report
5. Other Items to be discussed/brought up by Board Directors


 Next Regular Meeting Date: December 18, 2025 (Business Award Event on
6.
 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: Thursday, October 16, 2025
 TIME: 4:00 PM
 LOCATION: This meeting will take place remotely via Zoom.

 Please click below to join the webinar.
 https://portlandmaine-
 gov.zoom.us/j/85229414013?pwd=N2tESU9mMmUzZ000T1F4cVErZTRnQT09
 Passcode:272505

 Phone one-tap:
 +13126266799,,85229414013# US (Chicago)
 +16469313860,,85229414013# US

 Webinar ID: 852 2941 4013
 International numbers available: https://portlandmaine-gov.zoom.us/u/kiIXpoqU0

 AGENDA

1. President's Comments


 Review and vote on a Brownfield Subgrant Request from Portland Housing
2.
 Authority for 70 E Oxford Street - COMB Block


 a. See attached Memorandum and backup.
 Review and vote on loan request for $125,000 for Health Resonates, LLC,
3.
 773 Congress 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.




 Page 1
4. Treasurer's Report - September 2025


 a. Monthly Administrative Budget Report
 b. Cash Management Report
 c. Schedule of Loans Receivable
 d. Confidential - Loan Delinquency Report
5. Other Items to be discussed/brought up by Board Directors


 Next Regular Meeting Date: December 18, 2025 (Business Award Event on
6.
 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
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: October 16, 2025
RE: Brownfields Subgrant Request of $450,000 from Portland Housing Authority



PROJECT OVERVIEW:
The Portland Development Corporation is being presented with a $450,000 Brownfields subgrant
request from the Portland Housing Authority (PHA) to fund remediation of contamination at the
70 E. Oxford Street housing development, part of the PHA’s COMB Block redevelopment
project.
BUDGET AND BACKGROUND:
This funding request is to support environmental cleanup of the first and second phases of the
three-phase COMB Block redevelopment project, part of a broader plan to deliver 173 affordable
housing units. The first and second phases of the project will add 55 new homes and remove
blighted structures on a deteriorated site in East Bayside. The redevelopment addresses severe
housing shortages with most units reserved for low- and very-low-income households. The
project also advances Portland’s Reimagining Franklin Street initiative, creating a more walkable
and connected neighborhood.
The existing structures contain hazardous building materials, and residents have already been
relocated in anticipation of the project. The existing buildings will be abated using funds from
the Maine Department of Economic and Community Development (DECD) Brownfields
program and subsequently demolished. Cleanup activities funded by the City will include
excavation and off-site disposal of contaminated soil generated during construction, construction
of a protective cap and cover system to prevent residents from being exposed to remaining
contaminated soil, design and installation of vapor mitigation systems in the new buildings, and
other activities necessary for cleanup. Construction will create 25 skilled labor jobs during
remediation and involve 175 construction professionals. Cleanup is scheduled to begin in March
of 2026 and continue through 2027.
The total cleanup cost for the entire project is approximately $4.6 million, and the majority of the
cleanup costs will be incurred in the first two phases. The PHA received a direct cleanup grant
from the EPA of $3.3 million. GPCOG is providing $500,000 in Brownfields cleanup funding.
The PHA’s total cleanup request to the City is $802,977.57, which they have split across two
years. The initial request is for $450,000. The City expects to receive an application for
approximately $350,000 in cleanup funding from PHA next year once the City has requested,
and hopefully received, additional supplemental cleanup funds from the EPA.

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

 1 of 5

 Page 3
RECOMMENDATION:
PDC staff (Nancy Martin) and underwriter David McLaughlin) propose approving a Brownfields
subgrant of $450,000 to the Portland Housing Authority for the first and second phases of
environmental cleanup of the COMB Block development.

ATTACHMENT:

PDC Underwriting analysis




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

 2 of 5

 Page 4
 PORTLAND DEVELOPMENT CORPORATION

 BROWNFIELDS GRANT REQUEST

 DAVID MCLAUGHLIN, UNDERWRITER

 October 16, 2025

Note: This underwriting analysis was originally done in August for PHA’s Brownfields loan request to
GPCOG. The proposed Portland Development Corporation financing for this project is a subgrant.

APPLICANT/BORROWER: Portland Housing Authority

APPLICANT’S ADDRESS: 970 Baxter Ave, Portland, Maine

PROJECT LOCATION: 70 E. Oxford St., Portland, Maine

GRANT REQUEST: $450,000

INTEREST RATE: N/A

TERM: N/A

PURPOSE: Funding the remediation costs of contamination at 70 East Oxford St., Portland. Estimated
cost of cleanup is $4,602,977.57. The remediation costs are to be funded by:

EPA Grant - $3,300,000
GPCOG Grant - $250,000
GPCOG Loan - $250,000
City of Portland/PDC Grant- $450,000
*Future PDC request - $352,977.57
TOTAL $4,602,977.57

*PHA expects to apply to the City for additional funding next year, once the City has requested and
received supplemental funding to EPA, in order to make up the shortfall of $352,977.57

OVERVIEW:

The Portland Housing Development Authority has been in operation since 1943. It provides long term
rental housing and assistance to more than 3,000 low income families, seniors and disabled individuals.
It houses close to 10% of the City of Portland population. Management is experienced and has
demonstrated long term success. They are the developer for this project and management of the
planned three phase 173 residential units. The first and second phases of the project will add 55 new
homes and remove blighted structures on a deteriorated site in East Bayside.. The Source and Use of
Funds for the permanent financing of the project is as follows. MSHA will provide construction financing
for the total project.

 SOURCES USES

Maine State Housing mtg. $11,228,000 Construction Costs $18,737,000
Maine State Housing subsidy 650,000 Contingency 10% 1,859,000
City of Portland 650,000 Shared Construct 1,117,500



 3 of 5

 Page 5
AHP Loan 1,600,000 Contingency (5%) 708,531
AHP Subsidy 2,000,000 Soft costs 5,680,000
Deferred Developer Fee 500,000
Net Syndication of tax credit 11,249,000

TOTAL $26,276,000 $26,276,000

The AHP Loan and City of Portland Trust Fund (loan) both have terms of 30 years with no interest.

They are in process of securing the financing. Applications are being completed for submission to Maine
State Housing for construction and permanent financing, a grant and the Low Income Housing Tax
Credit, and to the Federal Home Loan Bank for AHP financing and a grant. MSHA has issued a Notice of
Intent and has allocated the funds. The construction cost was estimated by DEW Construction. This cost
estimate was noted is subject to change, but noted that it anticipated increased costs until the
commencement of construction.

Phase I and Phase ll environmental site assessments have been done by Sevee and Maher Engineers. The
Phase ll found evidence of environmental hazards. The study did suggest several voluntary steps that
could be taken to further reduce environmental risk. These recommendations are incorporated into the
project costs. Maine State Housing Authority has reportedly indicated this cleanup will be a condition of
approval.

FINANCIAL OVERVIEW: CPA audited statements of the Portland Housing Authority were provided for
fiscal 2021 -2024 and reviewed. The major pertinent findings are as follows:

 Portland Housing Authority (000)

 2021 2022 2023 2024

Current Ratio 17.3 12.0 12.0 11.5
Working Capital 30,998 30,979 30,725 30,423
Net Assets 16,573 22,315 25,824 45,085
Total Debt 38,819 35,655 37,697 41,820
Debt Worth Ratio 2.3 1.6 1.5 .93
Revenues. 42,672 44,377 48,850 73,277
Net Income. 2,294 5,742 3,509 19,261
Debt Service Coverage 3.1 4.9 3.4 11.1
Excess Cash Flow. 3,838 7,117 4,875 22,381



 - The net working capital position is strong at $30,243k with an 11.5 current ratio as of 6/30/24.
 This is significantly stronger than the industry average and evidences the ability to fund any
 needed project equity.
 - The balance sheet is well capitalized with $45,005k in net assets and a .93 debt/worth ratio.
 - The debt service coverage ratio was strong in 2024 at 11.1 with excess cash flow of $22,338k.
 - Revenues increased by 50.0% in 2024
 - There is a significant increase in Net Assets in 2024 that was noted as the result of increases in
 HUD funding



 4 of 5

 Page 6
 - Growth appears consistent and well managed with improved profitability
 - PHA is in a strong financial position and is well positioned to support this project on a
 contingency basis if needed.



Project Operating Budget:

This current request is to clean up environmental contamination on 1.53 acres located in East Bayside
Portland. This clean will be followed by Phase 1 of a three phase development of 173 units of affordable
housing. The current $26,276,000 Phase1 and 2 includes the construction of 55 residential units.
Seventeen of the units will be below 60% Area Medium Income and thirty-three units will be below 50%
Area Medium Income. The remaining five units its will be market rent. This will replace 40 units in three
buildings that are in need of significant repairs and maintenance, and will be demolished. The total three
phase project has an estimated cost of 72,000k. Construction is projected to start spring 2026.

RECOMMENDATION : I recommend approval.




 5 of 5

 Page 7
 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2026
 For Month Ending
 9/30/2025


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 $0 10,320 89.7% 1,185
 Postage $200 $0 0 0.0% 200
 Travel, Training, Meetings $9,000 $0 0 0.0% 9,000
 Contractual Services $8,000 $2,178 2,178 27.2% 5,823
 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 $35 125 19.2% 525
 Office Supplies $750 $0 0 0.0% 750

  Total FY2026 Expenditures $42,352 $2,213 12,623 29.8% 29,730




 Page 8
 FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program

(Preliminary and Subject to Change)

 UDAG CIP CIP FAME FAME SSBCI TOTAL

 Period Ending: 08/31/2025 271 272 274 277 279

 Unrestricted Loans/Grants Restricted Unrestricted REDLP


Beginning Balance 290,049 366,031 175,015 430,793 489,658 1,751,545

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


 Principal payments received 5,450 5,450 6,722 6,722 4,949 4,949 11,302 11,302 7,986 7,986

 Interest payments received from loans 3,565 3,565 84 84 51 51 5,590 5,590 4,858 4,858



 Interest Income 0 - (4) (4) -5 (5) (17) (17) (9) (9)



 Other Income/Adjustments - - - - -

 Pass Through From FAME/SSCBI - - - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements - Expenses


  Disbursements - Loans/Grants


Ending Cash Balance (Munis) 299,064 372,833 180,010 447,668 502,492 1,802,067

Less Reserves for: Loans

  Beautification Program (EC0301) (72,000)

 Transfers not yet recorded (UDAG Int) (3,565)




Adjusted Ending Cash Balance 223,499 372,833 180,010 447,668 502,492 1,726,502




 Page 9
 FY2025 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM

(Preliminary and Subject to Change)

 Brownfield 1 Brownfield 3 Brownfield 10/1/2022 TOTAL

 Period Ending: 08/31/2025 278 281 280 RLF

 Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup


Beginning Balance 472,251 85,672 2,402,468 2,960,391

Additions MTD YTD MTD YTD MTD YTD


 Principal payments received 1,803 18,557 - -

 Interest payments received from loans 2,149 - -

 Interest Income 12,364 - -

 Other Income/Adjustments - - -

 Pass Through From FAME/SSCBI/EPA - - 2,000,000 2,000,000

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements -Other (12,767) (37,265) $ (9,971)


Ending Cash Balance (Munis) 461,288 48,407 4,392,497 4,902,192

Less Reserves for:

Reserve For Commitments (19,941) (2,886,424)

  Fund 280 Reserve for Administration

Adjusted Ending Cash Balance 441,347 48,407 1,506,073 1,995,827




 Page 10
 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending September 30, 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 $56,652
 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $21,171
 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $23,017
 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $193,273
 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $176,312
 Sub-Total PBF (UDAG) $470,426
 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $40,399
 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 $3,203
 $3,203
 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
 30119 Quattrucci & Rouda, LLC 3/19/2019 4/1/2029 $100,000 $0 $100,000 -$11
 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) $119,720

 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 $51,704
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $12,636
 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 $167,568
 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $245,893
 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $37,092
 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $127,037
 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 $169,574
 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 $14,733
 30071 Wynsum, LLC 11/5/2021 12/1/2026 $131,250 $0 $131,250 $119,582
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $150,957
 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 $39,238
 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $77,419
 Reo Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $100,000
 Coco Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $100,000
 Eduardos Brazillian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,500
 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000
 Sub-Total FAME $0 $2,074,494

 FAME GROW ME SSBCI 279
 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $22,500 $22,500
 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $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 $190,054
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $300,370
 Sub-Total Brownfields $490,424

 Grand Total Loans $4,201,938 $0 $4,201,938 $3,279,166
 Allowance for uncollectable loans at 15% $491,875
 Total with Allowance for uncollectable loans: $2,787,291




 Page 11

FINAL 10-16-2025 PDC Meeting Minutes
 Approved 11-19-2025

 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
 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.
 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