Portland Development Corporation — Portland, ME
Date: 2026-02-19
Time: 16:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, February 19, 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 Minutes of December 18, 2025 Meeting


 a. See attached Meeting Minutes from December 18, 2025.
 Review and vote on commercial loan request for $75,000 from Bad
3.
 Neighbors, 511 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.
 Review and vote on recommendation to the City Council regarding
4.
 Weathering Winter Loan Guidelines.


 a. See attached Memorandum and Program Guidelines.
5. Treasurer's Report - January 2026


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


7. Next Regular Meeting Date: March 19, 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.

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, February 19, 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 Minutes of December 18, 2025 Meeting


 a. See attached Meeting Minutes from December 18, 2025.




 Page 1
 Review and vote on commercial loan request for $75,000 from Bad
3.
 Neighbors, 511 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.
 Review and vote on recommendation to the City Council regarding
4.
 Weathering Winter Loan Guidelines.


 a. See attached Memorandum and Program Guidelines.
5. Treasurer's Report - January 2026


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


7. Next Regular Meeting Date: March 19, 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.
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 DRAFT


 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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 DRAFT


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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 DRAFT


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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 DRAFT


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




 Page 6
 2.19.2026 Meeting Materials
 Item #4


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:​ February 13, 2026
RE:​ Financial support for business continuity during economic disruptions


Overview:

To support Portland business as they navigate the economic uncertainties of late 2025 and early
2026—challenges such as tariffs, the Custom House fire, enhanced ICE operations, frigid
temperatures and decreased tourism– staff recommend the creation of a small, flexible, interest-
free loan of $10,000 from revolved FAME funds to support business operations, called
Weathering Winter.

Recommendation:


Staff (Nancy Martin) proposes adopting an interest-free loan program similar to the downtown
storefront program to support business continuity during economic downtowns caused by the
various economic disruptions that have occurred in late 2025 and early 2026.


Attachments:


 ● Draft Loan Guidelines
 ● Economic Disruption Worksheet




 Page 7
 Draft Program Guidelines:
 Portland Business Continuity No-Interest Loans: “WEATHERING WINTER” Business Assistance Program


Program Description
The City of Portland’s Weathering Winter loan program provides financial incentives to Portland businesses
for the purposes of addressing specific economic disruptions. The program goals include supporting
businesses located in the City of Portland with 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. Businesses must apply by
April 15, 2026 to be considered.


Loan Administration & Terms
Applications will be reviewed and approved by the Portland Development Corporation. Determination of
funding will be based on the strength of the application, alignment with program goals, community benefit,
and overall need due to specific disruptions.

 ●​ Loan terms: Up to $10,000 at zero percent interest for a five-year term.
 ●​ Collateral will be required to secure the loans.
 ●​ An origination fee of 1% of the loan amount applies.


The program can be utilized by businesses in conjunction with the City’s Revolving Commercial Loan Fund
(RLF) program. Active commercial loan recipients are eligible to apply, provided they remain current with
their loan payments.


Eligibility Requirements:
The project applicant must be current on all property taxes, fees, judgments, or liens. The business must have
ten (10) or fewer employees.


Documentation of Disruption:
Applicants must provide documentation of the specific business disruption that necessitated the need for
continuity funds. This may include financial statements showing losses, profit and loss statements, or cash
flow statements detailing the impact of the disruption, along with a completed worksheet provided with the
application.


Eligible funding activities:




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 ●​ General operating expenses; ie: working capital, inventory purchases, salaries, rent, and utilities.


Ineligible funding activities:


 ●​ Anything not included in the list of eligible activities.


Application Process
Applications will be reviewed and approved by the Portland Development Corporation, and may require additional
information from applicants as part of the review process. A determination of funding award will be based on the
overall strength of the application, including the documented economic disruption, the community benefit of the
loan, and the overall need of the applicant for funding the project.

Loan terms: Up to $10,000 at zero percent interest for a five-year term. Collateral such as a lien on business assets
will be required to secure the loans. Origination fee of 1% of loan amount applies.

Application Process
Online application using Google Forms on a rolling basis.




 Page 9
 Estimated Economic Disruption Worksheet
 Required for application to Weathering Winter loan
Details
Name of Business:______________​​ Type of Business:_____________

Owner Last Name: _______________​ First Name:__________________

Work Phone: __________________​​ Email:_____________________

Business Street Address (must be in Portland)________________________________

Estimated Adverse Economic Impact
When did the economic disruption start and end? From___________ To: ______________

What were your businesses' revenues during the affected damage period?_________________

What were your businesses' revenues during that SAME period of the prior year?____________

Amount of business interruption insurance received or anticipated, if any:__________________

Please provide a brief explanation of what adverse economic effects the disaster had on your
business:
___________________________________________________________________________

___________________________________________________________________________

How many people did you employ prior to the disruption? ______________

How many did you employ after? _________________________

If your business also suffered property damage, please complete:

Estimated dollar loss to:

Real Property (Building), if owned:__________________________

Contents:________________________________(include machinery and equipment,
furniture and fixtures, inventory, leasehold improvements, etc.)

Insurance recovery expected or received for property damages:_________________________


Form Completed By:___________________ Title:_____________________________

Date:_________________________________________________________________




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 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2026
 For Month Ending
 1/31/2026


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 $47 10,505 91.3% 1,000
 Postage $200 171 85.5% 29
 Travel, Training, Meetings $9,000 $141 8,294 92.2% 706
 Contractual Services $8,000 $650 4,778 59.7% 3,222
 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 $750 102 13.6% 648

  Total FY2026 Expenditures $42,352 $838 24,340 57.5% 18,012




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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: 01/31/2026 271 272 274 277 279

 Unrestricted Loans/Grants Restricted Unrestricted REDLP


Beginning Balance 207,996 383,683 189,246 688,588 16,273 1,485,784


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


 Principal payments received 6,704 87,122 3,347 54,277 0 42,008 12,087 196,028 124 TBA

 Interest payments received from loans 2,690 61,312 56 1,465 0 8,001 11,876 122,295 507 TBA



 Interest Income 10,577 14,897 7,861 24,864 TBA



 Other Income/Adjustments - - - - -

 Pass Through From FAME/SSCBI - - - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements - Expenses (41,960)


  Disbursements - Loans/Grants


Ending Cash Balance (Munis) 217,390 387,086 189,246 670,591 16,904 1,481,215

Less Reserves for: Loans

  Beautification Program (EC0301)

 Transfers not yet recorded (UDAG Int)




Adjusted Ending Cash Balance 217,390 387,086 189,246 670,591 16,904 1,481,215




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 FY2025 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM

(Preliminary and Subject to Change)

 Brownfield 1 Brownfield 2 Brownfield 10/1/2022 TOTAL

 Period Ending: 01/31/2026 278 281 280 RLF
 Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup


Beginning Balance 571,392 48,407 4,392,497 5,040,281

Additions MTD YTD MTD YTD MTD YTD


 Principal payments received 1,827 27,645 - -

 Interest payments received from loans 1,263 9,795 - -


 Interest Income 18,960 - -


 Other Income/Adjustments (12,173) -

 Pass Through From FAME/SSCBI/EPA - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements -Other (34,949) (4,195)


Ending Cash Balance (Munis) 574,481 13,458 4,388,302 5,010,573

Less Reserves for:

Reserve For Commitments (10,340) (4,022,174)

  Fund 280 Reserve for Administration

Adjusted Ending Cash Balance 564,141 13,458 366,128 978,059




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 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending January 31, 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 $49,428
 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $16,008
 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $19,117
 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 $119,012
 Sub-Total PBF (UDAG) $571,351

 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $27,022
 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 $2,497
 $2,497
 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 $1,607
 30400 AAA Rue Marchie, d/b/a Timber 3/28/2023 4/1/2028 $40,000 $0 $40,000 $32,650
 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000
 Sub-Total PBF (Bonds/CIP Unrestricted) $119,018

 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 $41,560
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $9,442
 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 $161,573
 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $243,494
 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $35,253
 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $116,694
 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $196,707
 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $165,161
 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 $9,363
 30071 Wynsum, LLC 11/5/2021 12/1/2026 $131,250 $0 $131,250 $118,101
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $148,617
 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $220,878
 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 $75,982
 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 $22,376
 30686 Nash & Co. 1/30/2026 3/1/2031 $35,000 $0 $35,000 $35,000
 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 $84,535
 Sub-Total FAME $0 $2,137,909

 FAME GROW ME SSBCI 279
 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,376
 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000
 $72,376

 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 $187,390
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $295,735
 Sub-Total Brownfields $483,125


 Grand Total Loans $4,346,937 $0 $4,346,937 $3,420,032
 Allowance for uncollectable loans at 15% $513,005
 Total with Allowance for uncollectable loans: $2,907,027




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