Portland Development Corporation — Portland, ME
Date: 2025-07-17
Time: 16:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, July 17, 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 Meeting Minutes


 a. March 5, 2025 Meeting Minutes
 b. June 25, 2025 Meeting Minutes
3. Review and vote on 89 Elm Street Brownfields Loan Modification Request


 a. See attached memorandum and backup materials.
 Review and vote on request from Maine Community Bank to release lien on
4.
 580 Brighton Avenue (Rosemont Market).
 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.
5. Review and vote on the following Microenterprise Grant Applications:


 a. Luna LLC dba Leda, 265 Marginal Way
 b. Hope Home Care LLC, 640 Brighton Ave
 c. Kaboss Market, 21 Portland Street

 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 any of the grants listed on the agenda.
 Review and vote on loan request from Another Round, 545 Congress St.,
6.
 Unit 1A


 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.
 Review and vote on a loan request by Cognitive Care LLC, 415 Congress
7.
 Street, Suite 418.


 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.
 Review and vote on a new loan request by Eduardo's Brazilian Grill One, 11
8.
 W Presumpscott 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.
 Review and vote on a new loan request by Aomori and Aomori Market, 52
9.
 Hanover 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.


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.
 Review and vote on request by Gulf of Maine Sashmi dba True Fin loan,
10.
 305 Commercial 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.
11. Treasurer's Report - June 2025


 a. Monthly Administrative Budget 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.
12. Staff verbal update


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


14. Next Regular Meeting Date: August 21, 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, July 17, 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 Meeting Minutes


 a. March 5, 2025 Meeting Minutes
 b. June 25, 2025 Meeting Minutes
3. Review and vote on 89 Elm Street Brownfields Loan Modification Request


 a. See attached memorandum and backup materials.
 Review and vote on request from Maine Community Bank to release lien on
4.
 580 Brighton Avenue (Rosemont Market).




 Page 1
 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.
5. Review and vote on the following Microenterprise Grant Applications:


 a. Luna LLC dba Leda, 265 Marginal Way
 b. Hope Home Care LLC, 640 Brighton Ave
 c. Kaboss Market, 21 Portland Street

 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 any of the grants listed on the agenda.
 Review and vote on loan request from Another Round, 545 Congress St.,
6.
 Unit 1A


 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.
 Review and vote on a loan request by Cognitive Care LLC, 415 Congress
7.
 Street, Suite 418.


 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.
 Review and vote on a new loan request by Eduardo's Brazilian Grill One, 11
8.
 W Presumpscott 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.
 Review and vote on a new loan request by Aomori and Aomori Market, 52
9.
 Hanover 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.


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
 Review and vote on request by Gulf of Maine Sashmi dba True Fin loan,
10.
 305 Commercial 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 discuss proprietary information regarding this
 loan. After the executive session, the Board will vote in public session.
11. Treasurer's Report - June 2025


 a. Monthly Administrative Budget 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.
12. Staff verbal update


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


14. Next Regular Meeting Date: August 21, 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 3
 DRAFT


 Minutes
 Portland Development Corporation
 Special Remote Zoom Meeting
 Held on March 5, 2025

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

Board of Directors was held at 12:00 p.m. on Wednesday, March 5, 2025. Present from the Board

of Directors were Board President Kierston Van Soest, Directors Jonathan Berg, Matthew

Buonopane, Nathan Henry, Dena Libner, and Nikki Yanok. Board Directors Sam Dargan,

Eamonn Dundon, Councilor Ben Grant, Scott Kleiman, and Beverly Werber could not be

present. Present from City staff were Associate Corporation Counsel Avery Dandreta, ARPA

Project 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. The City of Portland’s Qualified

Environmental Professional on this project, Jedd Steinglass of Woodard and Curran, was also in

attendance.

 Item #1: President’s comments.

 President Van Soest thanked the Directors for their attendance at this special meeting.

 Item #2: Review and vote on a waiver request from Avesta Housing Development

Corporation for 89 Elm Street.

 Ms. Martin gave an overview of the history of the subgrant and loan to Avesta Housing

Development Corporation for 89 Elm Street, approved on July 18, 2024. Avesta requests a

waiver asking the City to reimburse Avesta once they incur costs with both the subgrant and

loan. The staff recommends approving Avesta’s request to provide reimbursement based on

incurred costs for the $500,000 Brownfields remediation subgrant and table the request for the




 1

 Page 4
 DRAFT


loan, with the requirement that Avesta provide proof of payment within 30 days from receipt of

grant funds.

 Nate Howes with Avesta Housing Development Corporation further explained the reason

for the request and reiterated that this request is due to the uncertainty of funding at the Federal

level. Mr. Howes and staff answered a few questions posed by the Directors.

 On a motion made by Mr. Buonopane and seconded by Mr. Henry, the Board voted 5-0-1

(Mr. Berg abstained) to approve the waiver request by Avesta Housing Development Corporation

as recommended by the memorandum included in the backup materials to the PDC by staff.

 Item #3: Other Items to be discussed/brought up by Board Directors

 No other items were discussed.

 Item #4: Next Regular Meeting Date: March 20, 2025.

​ There being no further business, on a motion by Mr. Berg and seconded by Ms. Yanok,

the Board voted 6-0 to adjourn the meeting at 12:21 p.m. ​ ​ ​

 Respectfully, Kaela Gonzalez




 2

 Page 5
 DRAFT


 Minutes
 Portland Development Corporation
 Special Remote Zoom Meeting
 Held on June 25, 2025

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

Board of Directors was held at 12:00 p.m. on Wednesday, June 25, 2025. Present from the Board

of Directors were Directors Jonathan Berg, Matthew Buonopane, Sam Dargan, Eamonn Dundon,

Councilor Ben Grant, Assistant City Manager Dena Libner (arriving shortly after Item #2 was

taken up), and Beverly Werber. Board President Kierston Van Soest and Directors Nathan Henry,

Scott Kleiman, 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, Principal Administrative Officer Lori Paulette, and Housing and

Economic Development Director Greg Watson.

 Item #1: President’s comments.

 Director Dundon opened the meeting at approximately 12:04 p.m. and said he would be

chairing in President Van Soest’s absence.

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

 a.​ March 5, 2025 Meeting Minutes

 This item was not discussed..

 b.​ May 15, 2025 Meeting Minutes

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

approve the May 15, 2025 Meeting Minutes.

 Item #3: Review and vote on approval and recommendation to the City Council

regarding the proposed Business Assistance (BAP) for Job Creation Guidelines.




 Page 6
 DRAFT


 Ms. Martin provided a history of the Job Creation Grant Program, which first received

funding in 2012 and was recently recapitalized with $205,000 in Community Development

Block Grant (CDBG) funding in May of 2025. Key changes from the 2024 program include

clarification on full-time and part-time hours, employers must maintain the job for six months,

grantees will receive grant funding incrementally to accompany quarterly reporting, and eligible

uses have been limited to just commercial rent to streamline the process and promote commercial

occupancy in Portland.

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

recommend to the City Council the proposed Business Assistance (BAP) for Job Creation

Guidelines with an amendment to add the word “each” to the second bullet point under Grant

Terms to read “Business will create one (1) full-time job at least 40 hours/week or two (2)

part-time jobs at least 20 hours/week each for every $10,000 of approved grant funding.”

 Item #4: Review and vote on a recommendation for a loan application by Cognitive

Community Care LLC, 415 Congress Street, Suite 418.

 Ms. Martin introduced a loan request from Cognitive Care LLC, a community-based

behavioral health agency owned by Leah Killinger, who is seeking $100,000 to provide

permanent working capital. The company, in operation since May, currently has three employees

and plans to hire an additional fifteen. The primary revenue source is Medicaid reimbursements,

which can take up to 30 to 60 days to process.

 Ms. Martin introduced Ms. Killinger, who provided details on the services provided,

referral sources, marketing efforts, and strategy for attracting and training new personnel.

 On a motion made by Mr. Dargan and seconded by Mr. Berg the Board voted 7-0 to enter

into executive session at approximately 12:30 p.m.




 Page 7
 DRAFT


 At approximately 1:05 p.m. the Board returned to the public session.

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

Libner left the meeting at approximately 1:00 p.m.) to table the loan request from Cognitive

Community Care LLC.

 Item #5: Review and vote on ARPA Microenterprise Grant Application from Babb’s

Ceramics, 62 Mellen Street.

 Ms. Martin introduced a grant application by Babb’s Ceramics, an art business selling

handmade, one-of-a-kind ceramics. Funds would be used to assist with business expenses.

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

approve a $5,000 ARPA Microenterprise Grant to Babb’s Ceramics.

 Item #6: Treasurer’s Report.

 Mr. Dundon inquired about the beautification program's reserve, which Mr. Watson

clarified as funds designated for visual and placemaking contributions, with further discussion

planned for next year's budget.

 Item #7: Staff verbal update.

 Ms. Martin updated the Board on inquiries she had received regarding the interest-free

loan product, which had been approved by both the Board and the City Council. Additionally,

Ms. Martin noted that the vacancy ordinance, recommended by the Housing and Economic

Development Committee, is scheduled for the Planning Board on July 8, 2025.

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

 Ms. Werber inquired about revisiting the previously held discussion regarding interest

rates.

 Item #9: Next regular meeting date: July 17, 2025.




 Page 8
 DRAFT


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

Berg the Board voted ​6-0 to adjourn at approximately 1:11 p.m. ​ ​

 Respectfully, Kaela Gonzalez




 Page 9
City of Portland | Housing and Economic Development Department
Gregory P. Watson, Director
​


 PUBLIC MEMORANDUM
TO:​ ​ President Kierston Van Soest and PDC Board Members
FROM:​ Nancy Martin, Business Programs Manager
CC:​ ​ Gregory Watson, Director, HEDD; Amy McNally, Associate Corporation Counsel
DATE:​​ July 17, 2025
RE:​ ​ 89 Elm Street Brownfields Loan Modification Request

Overview:
At the July 18, 2024, meeting of the Portland Development Corporation, the Board approved a
$500,000 Brownfields subgrant to Avesta Housing Development Corporation and a $2,136,424
Brownfields loan to 89 Elm Street Apartments LLC, 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 was fully executed on November 20, 2024 and has been fully expended.
The property transfer and loan closing occurred on July 8, 2025. Draft loan documents have been
circulating among the various lending parties, including MaineHousing and the City of Portland,
since January 2025. On June 28th, Avesta’s LIHTC investor proposed edits to the City of Portland’s
Brownfield loan promissory note to make the City’s loan a non recourse obligation secured solely by
the property at 89 Elm Street (meaning the PDC could not pursue 89 Elm Street Apartments LLC for
the debt beyond the property if they defaulted). After internal consultation, staff decided that PDC
Board approval would be necessary to approve this change. City Council approval is not needed
because the Council has designated the Portland Development Corporation as the City’s lending and
granting board.
Without this non recourse clause, Avesta’s LIHTC investor will not make their capital contributions
which are necessary for financial feasibility; the capital contributions total approximately $35 million.
The non-recourse request is typical in LIHTC transactions; permanent loans must be non-recourse for
tax purposes. The other permanent financing for this project, including MaineHousing financing, are
all non-recourse.
Recommendation:
As the City of Portland’s lending board, staff (Nancy Martin) and consulting underwriter (David
McLaughlin) recommend that the Portland Development Corporation vote to approve Avesta’s non
recourse request for the Brownfields loan, and authorize its Assistant Secretary to sign all necessary
documents to that effect.


Attachment:
Request letter from Avesta

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

 1

 Page 10
June 30, 2025

Nancy Martin
Business Programs Manager
Housing and Economic Development
City of Portland
389 Congress Street
Portland, ME 04101

RE: Nonrecourse Loan Request

Dear Nancy,

On June 30, 2025, the City of Portland’s corporation counsel indicated to our financing partners that
the previous approvals of the PDC’s loan of $2,136,424 required recourse against the ownership
entity. Investor counsel pointed out that a recourse obligation would undermine their underwriting
and tax credit investment. We are requesting that the PDC allow for the BRLF loan to be non-recourse
and secured by a mortgage on the property subject to the intercreditor agreement between
MaineHousing, the City of Portland, and Avesta Housing.

Loans made for LITHC developments are always non-recourse, limiting security to the financed
building and underlying assets. The City of Portland typically provides non-recourse loans for its
other sources of financing, FedHOME and Housing Trust Fund, with the understanding that it’s the
underlying value of the asset, not guarantees from the ownership entity, that ultimately secure the
City’s financing. LIHTC investors will not accept the liability from a guarantee against the ownership
entity and investor underwriting assumes non-recourse debt due to the differential tax treatment of
recourse and non-recourse obligations. In the simplest terms, having a recourse obligation
undermines the “limited liability” of an investor in an ownership structure and can result in tax
implications that undermine the ownership percentages and the entire deal structure.

We are happy to provide more details and/or arrange a call between the PDC staff, corporation
counsel, and our counsel to discuss.




 Page 11
Sincerely,




Nate Howes
Senior Development Officer
Avesta Housing




 Page 12
 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2025
 For Month Ending
 6/30/2025


Operating transfer from EDF 40,122
 ------------
 Total Funds Available 40,122

 Current Year to Percent
 FY2025 Expenditures Budget Month Date of Budget Balance
 Administrative Services 11,175 $0 11,233 100.5% (58)
 Postage 300 $0 128 42.7% 172
 Travel, Training, Meetings 9,000 $0 8,790 97.7% 210
 Contractual Services 6,000 $975 6,805 113.4% (805)
 Operating Transfer to Fin. 9,647 $9,647 9,647 100.0% 0
 Advertising 2,500 $0 364 14.6% 2,136
 Auto Expense Reimb. 100 $0 0 0.0% 100
 Printing & Binding 650 $0 436 67.1% 214
 Office Supplies 750 $0 330 44.0% 420

  Total FY2025 Expenditures 40,122 $10,622 37,733 94.0% 2,389




 Page 13
 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 14
 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 15
 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending June 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 $59,113
 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $24,045
 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $26,185
 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $196,079
 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $177,240
 Sub-Total PBF (UDAG) $482,662
 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $50,379
 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 $3,829
 $3,829
 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 $916
 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 $15,170
 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) $135,333

 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 $61,647
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $16,664
 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 $23,260
 30416 Forefront Partners I, LP 5/31/2023 5/31/2033 $200,000 $0 $200,000 $175,543
 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $246,284
 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $37,809
 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $134,594
 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $199,036
 Sub-Total FAME Fund $1,035,601
 FAME SSBCI 279:
 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $170,792
 30086 Driscoll Child Dev. Center 5/5/2021 6/1/2026 $60,000 $0 $60,000 $29,728
 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 $120,677
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $152,336
 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $223,243
 30592 Yardie Ting 11/14/2024 12/1/2029 $45,000 $0 $45,000 $41,645
 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $79,362
 Sub-Total FAME SSBCI $832,516
 Brownfields Loan Fund 278 and 280
 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $188,192
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $303,811
 Sub-Total Brownfields $492,003

 Grand Total Loans $3,913,938 $0 $3,913,938 $3,032,323
 Allowance for uncollectable loans at 15% $454,848
 Total with Allowance for uncollectable loans: $2,577,475




 Page 16

FINAL July 17, 2025 PDC Meeting Minutes
 Approved August 21, 2025

 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.
 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
 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.
 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.
 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