Portland Development Corporation — Portland, ME
Date: 2025-08-21
Time: 16:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, August 21, 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


2. Review and accept Minutes of July 17, 2025 meeting


 a. See attached July 17, 2025 Meeting Minutes
 Review and vote on loan application from Maine Foot and Ankle
3.
 Specialists, 619 Brighton Ave, Suite 103.


 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.
4. Treasurer's Report - July 2025
 a. Monthly Administrative Report
 b. Cash Management Report
 c. Schedule of Loans Receivable
 d. Confidential Delinquency Report; update on loan modifications, if any.
 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.
5. Staff verbal update


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


7. Next Regular Meeting Date: September 18, 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, August 21, 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


2. Review and accept Minutes of July 17, 2025 meeting


 a. See attached July 17, 2025 Meeting Minutes
 Review and vote on loan application from Maine Foot and Ankle
3.
 Specialists, 619 Brighton Ave, Suite 103.


 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.
4. Treasurer's Report - July 2025




 Page 1
 a. Monthly Administrative Report
 b. Cash Management Report
 c. Schedule of Loans Receivable
 d. Confidential Delinquency Report; update on loan modifications, if any.
 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.
5. Staff verbal update


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


7. Next Regular Meeting Date: September 18, 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
 Special Remote Zoom Meeting
 Held on July 17, 2025

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

Directors was held at 4:00 p.m. on Thursday, July 17, 2025. Present from the Board of Directors

were Board President Kierston Van Soest and Directors Jonathan Berg, Eamonn Dundon, Nathan

Henry, Scott Kleiman (arriving shortly after Item #3 was taken up), Assistant City Manager Dena

Libner (arriving shortly after Item #3 was taken up), Beverly Werber, and Nikki Yanok. Directors

Matthew Buonopane, Sam Dargan, and Councilor Ben Grant could not be present. Present from

City staff were Associate Corporation Counsel Avery Dandreta, Program Coordinator Kaela

Gonzalez, Business Programs Manager Nancy Martin, Associate Corporation Counsel Amy

McNally, Principal Administrative Officer Lori Paulette, and Housing and Economic

Development Director Greg Watson. Also present were City Underwriters Liam Benson and

David McLaughlin.

 Item #1: President’s comments.

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

an overview of the agenda and proposed flow of the meeting.

 Item #2: Review and vote to accept Meeting Minutes.

 a.​ March 5, 2025 Meeting Minutes

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

Dundon and Ms. Werber abstained) to approve the March 5, 2025 Meeting Minutes.

 b.​ June 25, 2025 Meeting Minutes

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

(Mr. Henry and Ms. Van Soest abstained) to approve the June 25, 2025 Meeting Minutes.




 Page 3
 DRAFT


 Item #3: Review and vote on 89 Elm Street Brownfields Loan Modification Request.

 Ms. Martin introduced Nate Howes with Avesta to provide a brief overview of their

request to make a change to the Brownfield loan promissory note to make the City’s loan a

non-recourse obligation secured solely by the property at 89 Elm Street. This action will ensure

that Avesta’s LIHTC investor will make capital contributions.

 On a motion made by Mr. Dundon and seconded by Ms. Yanok, the Board voted 5-3-0

(Mr. Berg, Mr. Kleiman, and Ms. Libner abstained) to approve Avesta’s non-recourse request for

the Brownfields loan and authorize its Assistant Secretary to sign all necessary documents to that

effect.

 Item #4: Review and vote on request from Maine Community Bank to release lien

on 580 Brighton Avenue (Rosemont Bakery).

 Ms. Martin referenced the confidential memorandum and noted that if there are questions

regarding this item, they could be addressed in executive session.

 On a motion made by Ms. Werber and seconded by Mr. Henry, the Board voted 7-1-0

(Mr. Berg abstained) to approve the request from Maine Community Bank to release the lien on

580 Brighton Avenue.

 Item #5: Review and vote on the following ARPA Microenterprise Grant

Applications:

 Ms. Martin introduced the three final Microenterprise Grant applicants which could be

funded from the remaining balance of the ARPA-funded program, just under $5,000. The three

applications are from Luna LLC doing business as Leda, Hope Home Care LLC, and Kaboss

Market. Ms. Martin introduced Meta and Chris Simmons, with Kaboss Market, who provided

information on the use of funds if awarded. They have a 3-year lease and plan to provide bulk




 Page 4
 DRAFT


meats and prepared food, and would use the funding to help install equipment for a preparation

license and for restocking.

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

approve all remaining ARPA Microenterprise Grant funding (up to $5,000) to Kaboss Market,

with Luna LLC dba Leda and Hope Home Care LLC as second and third alternatives,

respectively.

 Item #6: Review and vote on loan request from Another Round, 545 Congress

Street, Unit 1A.

 This loan request is the first application for the new storefront loan program for

downtown businesses. Funds would be utilized for lighting and security cameras. Ms. Martin

answered questions regarding the application process and program monitoring.

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

(Mr. Berg abstained) to approve an $8,000 loan at 0% interest rate for a 5-year term subject to

the applicant providing an updated business financial statement.

 Item #7: Review and vote on a loan request by Cognitive Care LLC, 415 Congress

Street, Suite 418.

 Ms. Martin has provided the Board with a revised loan structure based on feedback from

the previous meeting, which is available in the confidential loan materials.

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

$100,000 loan subject to the drawdown procedure outlined in the confidential materials to

Cognitive Care LLC. This request was not approved.

 Item #8: Review and vote on a new loan request by Eduardo’s Brazilian Grill One,

11 W Presumpscott Street.




 Page 5
 DRAFT


 Paulo and Cristiana Eduardo have been operating out of the Fork Food Lab in South

Portland and are looking to purchase a food trailer to expand their Brazilian food business.

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

abstained) to approve a $45,000 loan to Eduardo’s Brazilian Grill One as recommended by staff.

 Item #9: Review and vote on a new loan request by Aomori and Aomori Market, 52

Hanover Street.

 Reo and Helen, with Aomori, presented their request for a gap financing loan for both a

new Japanese restaurant and a market in the Bayside Neighborhood. Funds would be utilized for

working capital, an exhaust system, furniture, equipment, and a sound system.

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

(Mr. Berg abstained) to approve two loans each for $100,000, as recommended by staff to

Aomori and Aomori Market.

 Item #10: Review and vote on request by Gulf of Maine Sashmi dba True Fin loan,

305 Commercial Street.

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

go into executive session at approximately 4:45 p.m. pursuant to 1 M.R.S.A. 405(6)(F) and 5

M.R.S.A. 13119-A, to discuss proprietary information regarding all grant and loan requests

presented in the agenda.

​ At approximately 5:08 p.m. the Board returned to the public session to vote on items in

the agenda.

​ Staff noted that it is expected to receive a last payment from Gulf of Maine Sashimi of

approximately $4,464, after which when applied to the loan, there would be just over $20,000

left to write off.




 Page 6
 DRAFT


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

(Ms. Yanok abstained) to approve the discharge of True Fin’s loan and write off the remaining

balance, which is anticipated to be just over $20,000

 Item #11: Treasurer’s Report - June 2025.

 This item was not discussed.

 Item #12: Staff verbal update.

 Staff did not present any verbal updates to the Board.

 Item #13: Other Items to be discussed/brought up by Board Directors.

 Ms. Werber requested that an update be provided at the next meeting on the Downtown

Storefront Improvement Loan Program.

 Item #14: Next regular meeting date: August 21, 2025.

​ There being no further business, the Board agreed to adjourn by consensus at

approximately​5:18 p.m.

 Respectfully, Kaela Gonzalez




 Page 7
 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2026
 For Month Ending
 7/31/2025


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 $0 0 0.0% 11,505
 Postage $200 $0 0 0.0% 200
 Travel, Training, Meetings $9,000 $0 0 0.0% 9,000
 Contractual Services $8,000 $0 0 0.0% 8,000
 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 $0 0 0.0% 650
 Office Supplies $750 $0 0 0.0% 750

  Total FY2026 Expenditures $42,352 $0 0 0.0% 42,352




 Page 8
 FY2025 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program

(Preliminary and Subject to Change)

 UDAG CIP CIP FAME FAME SSBCI TOTAL

 Period Ending: 06/30/2025 271 272 274 277 279

 Unrestricted Loans/Grants Restricted Unrestricted REDLP


Beginning Balance 311,910 357,909 161,201 402,951 474,190 1,708,162

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


 Principal payments received 6,632 54,243 3,308 34,301 7,381 26,118 5,607 115,983 2,395 37,146

 Interest payments received from loans 3,045 40,057 95 1,022 1,440 5,332 7,504 51,923 3,943 45,256



 Interest Income 778 7,418 922 10,060 414 5,562 1,011 18,551 1,210 14,322



 Other Income/Adjustments - - - - -

 Pass Through From FAME/SSCBI - - - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements - Expenses (410) (1,446) (3,010) (1,539)


  Disbursements - Loans/Grants


Ending Cash Balance (Munis) 322,365 361,825 168,990 414,064 480,199 1,747,442

Less Reserves for: Loans

  Beautification Program (EC0301) (72,000)

 Transfers not yet recorded (UDAG Int) (40,057)




Adjusted Ending Cash Balance 210,308 361,825 168,990 414,064 480,199 1,635,385




 Page 9
 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: 6/30/2025 278 280 281 280 RLF
 Unrestricted Loans/Grants Restricted/Cleanup Restricted/Assessments Restricted/Cleanup


Beginning Balance 486,236 118,712 104,106 2,410,129 3,119,183

Additions MTD YTD MTD YTD MTD YTD MTD YTD


 Principal payments received - 15,613 4,055 24,954 - -

 Interest payments received from loans - 200 1,291 15,307 - -


 Interest Income 1,265 12,364 374 3,091 - -


 Other Income/Adjustments - 11,332 - -

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

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements -Other (18,339) (2,817) (6,553)


Ending Cash Balance (Munis) 469,161 124,431 101,289 2,403,576 3,098,458

Less Reserves for:

Reserve For Commitments (12,054) 0 (2,136,424)

  Fund 280 Reserve for Administration

Adjusted Ending Cash Balance 457,107 124,431 101,289 267,152 949,980




 Page 10
 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending July 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 $58,071
 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $22,060
 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $25,138
 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $194,112
 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $176,933
 Sub-Total PBF (UDAG) $476,314
 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $47,060
 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 $3,636
 $3,636
 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 $2,161
 30119 Quattrucci & Rouda, LLC 3/19/2019 4/1/2029 $100,000 $0 $100,000 $10,246
 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) $130,255

 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 $56,700
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $13,718
 30125 Zootility Co. 8/7/2019 9/1/2024 $150,000 $0 $150,000 $122,197
 30378 Gulf of Sashimi 10/19/2022 11/1/2027 $65,000 $0 $65,000 $20,032
 30416 Forefront Partners I, LP 5/31/2023 5/31/2033 $200,000 $0 $200,000 $170,524
 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 $37,452
 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $132,094
 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $198,710
 Sub-Total FAME Fund $1,015,887
 FAME SSBCI 279:
 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $170,184
 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 $120,314
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $151,878
 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $222,913
 30592 Yardie Ting 11/14/2024 12/1/2029 $45,000 $0 $45,000 $42,590
 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $78,718
 Sub-Total FAME SSBCI $828,831
 Brownfields Loan Fund 278 and 280
 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $191,377
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $302,668
 Sub-Total Brownfields $494,045

 Grand Total Loans $3,913,938 $0 $3,913,938 $2,996,028
 Allowance for uncollectable loans at 15% $449,404
 Total with Allowance for uncollectable loans: $2,546,624




 Page 11

FINAL August 21, 2025 PDC Meeting Minutes
 Approved September 18, 2025 with correction to add "t"
 to Board President's name.

 Minutes
 Portland Development Corporation
 Special Remote Zoom Meeting
 Held on August 21, 2025

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

Directors was held at 4:00 p.m. on Thursday, August 21, 2025. Present from the Board of

Directors were Jonathan Berg, Sam Dargan, Eamonn Dundon, Nathan Henry, Councilor Ben

Grant, Scott Kleiman, and Beverly Werber. Board President Kierston Van Soest and directors

Matthew Buonopane, Assistant City Manager Dena Libner, 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, Associate Corporation

Counsel Amy McNally, and Principal Administrative Officer Lori Paulette. Also present was

City Underwriter Liam Benson.

 Item #1: President’s comments.

 Director Dundon opened the meeting at approximately 4:00 p.m., and said he would be

chairing in President Van Soest’s absence. Director Dundon announced his resignation, stating

that this would be his final meeting. He extended his gratitude to the Board and staff for their

service alongside him. Lori Paulette informed Director Dundon that he could remain on the

Board until his replacement was confirmed.

 Item #2: Review and vote on Meeting Minutes of July 17, 2025.

 On a motion made by Ms. Werber and seconded by Mr. Berg, the Board voted 5-2-0 (Mr.

Dargan and Mr. Kleiman abstained) to approve the June 25, 2025 Meeting Minutes.

 Item #3: Review and vote on loan application from Maine Foot and Ankle

Specialists, 619 Brighton Ave, Suite 103.
 DRAFT


 Ms. Martin introduced a loan request from Maine Foot and Ankle, a startup podiatry

practice owned by Dr. Jules Bodo. The requested amount of $100,000 would be utilized to

finance an X-ray machine, remodeling of the X-ray room, and permanent working capital to be

used to hire two new full-time employees and to pay rent. Ms. Martin introduced Dr. Bodo, who

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

 On a motion made by Mr. Dargan 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

discuss proprietary information regarding this loan at approximately 4:28 p.m.

 The Board returned to the public session at approximately 4:45 p.m.

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

7-0 to approve a $100,000 loan to Maine Foot and Ankle Specialists, subject to collateral

requirements.

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

 This item was not discussed.

 Item #5: Staff verbal update.

 Ms. Martin gave a verbal update regarding the upcoming PDC Annual Meeting in

September. The meeting will include the election of officers and the acceptance of the draft

Annual Report, which will be presented at the Meeting of the Corporator (i.e., City Council).

Staff is also planning the annual PDC Awards event, scheduled for November at the Ocean

Gateway. Nominee suggestions will be shared, and further suggestions are encouraged.

 Ms. Werber requested an update on the Arts District Loan Program. Ms. Martin informed

the Board that the closing for Another Round from this program is scheduled for tomorrow. The

vacancy ordinance, scheduled for its first reading on August 25th and potential passage on
 DRAFT


September 3rd, may encourage more property owners to utilize the loan program. The City also

launched a new webpage for downtown initiatives, featuring the loan program.

 Mr. Dundon mentioned that the Chamber's "Eggs and Issues" event on September 11th

will focus on downtown, and the loan program will be highlighted.

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

 No further items were discussed.

 Item #14: Next regular meeting date: September 18, 2025.

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

Berg, the Board voted 6-0 (Councilor Ben Grant left the meeting during Item #4) to adjourn at

approximately 4:56 p.m.

 Respectfully, Kaela Gonzalez