Portland Development Corporation — Portland, ME
Date: 2025-09-18
Time: 16:00

PORTLAND DEVELOPMENT CORPORATION
 Board Meeting

 DATE: Thursday, September 18, 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 August 21, 2025 meeting


 a. See attached draft Meeting Minutes for August 21, 2025.
 Review and vote on Brownfields Loan Request for $750,000 for Fathom
3.
 Companies.


 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. Annual Meeting of the Board
 a. Review of Draft Annual Report for FY2025 and vote to forward it to the
 Corporator (City Council) as a communication.
 Vote to set the date for the Annual Meeting of the Corporator as October 6,
 2025.
 Election of Officers - President, Treasurer, Secretary.
 Any other business that may come before the Board.
5. Review and vote on recommendations for PDC Award event nominations.


 a. See attached memorandum.
 b. See attached letter from Greater Portland and Maine State Chambers of
 Commerce
6. Treasurer's Report - August 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.
7. Other Items to be discussed/brought up by Board Directors


8. Next Regular Meeting Date: October 16, 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, September 18, 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 August 21, 2025 meeting


 a. See attached draft Meeting Minutes for August 21, 2025.
 Review and vote on Brownfields Loan Request for $750,000 for Fathom
3.
 Companies.


 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. Annual Meeting of the Board




 Page 1
 a. Review of Draft Annual Report for FY2025 and vote to forward it to the
 Corporator (City Council) as a communication.
 Vote to set the date for the Annual Meeting of the Corporator as October 6,
 2025.
 Election of Officers - President, Treasurer, Secretary.
 Any other business that may come before the Board.
5. Review and vote on recommendations for PDC Award event nominations.


 a. See attached memorandum.
 b. See attached letter from Greater Portland and Maine State Chambers of
 Commerce
6. Treasurer's Report - August 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.
7. Other Items to be discussed/brought up by Board Directors


8. Next Regular Meeting Date: October 16, 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 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 Kierson 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.




 Page 3
 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




 Page 4
 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




 Page 5
 PORTLAND
DEVELOPMENT
CORPORATION
FY 2025 ANNUAL REPORT




 Photo Credit: Laura Bramley, Four West Studio LLC

 Page 6
 PORTLAND
 DEVELOPMENT
CORPORATION BOARD
 OF DIRECTORS

 FISCAL YEAR END 2025
 ANNUAL REPORT



 Prepared by Housing
 and Economic
 Development Staff




PAGE 02
 Page 7
 ABOUT THE PORTLAND
 DEVELOPMENT CORPORATION
 Formed by the City in 1991, the Portland Development
 Corporation (PDC) reviews and approves all requests for
 commercial loans and grants from the City’s business assistance
 program. The Housing and Economic Development Department
 provides the primary staff support to the PDC Board of Directors,
 with legal assistance from Corporation Counsel. The Department
 is also responsible for marketing and administration of the PDC’s
 Commercial Loan and Grant Programs. This annual report
 provides an overview of the PDC’s activities in Fiscal Year 2025
 (July 1, 2024 through June 30, 2025), during which time the PDC
 Board of Directors met remotely via Zoom fifteen times.


 PDC loans and grants are designed to complement private
 sources of funding to support Portland’s for- and non-profit
 businesses, increase jobs and the City’s tax base, while achieving
 broad-based and equitable economic development.




Idriss Cingoyi Kambeya, owner of Driscoll Child Development Center,
has received both loan and grant financing from the PDC to grow his
child care business.


 PAGE 03
 Page 8
  PDC LOAN PORTFOLIO
  At the end of FY25, the PDC active loan portfolio had 34 active
  loans, totaling an original amount lent of $3.76 million. These
  loans leveraged $88.4 million in private investment in Portland,
  for a leverage of $23.4 of private funds invested. This means that
  for every dollar lent by the PDC, more than $23 of private capital
  is leveraged. These loans helped to create or retain 323 jobs, and
  include a diverse mix of Portland businesses, ranging from
  microenterprises to real estate development companies.


  PDC LENDING HISTORY
 Total Amount of Funds Lent
 $14,589,472
 Private Financing Leveraged
 $204,130,215
 Jobs Retained
 1,566
 Jobs Created
 927

Since its inception in 1991, the PDC has
made 221 loans to a wide range of
businesses in Portland, including
breweries, biosciences, hospitality,
restaurants, retail, child care, sports
and fitness, wildlife conservation, and
food security non profits, among
others.

The default amount is $733,899,
which is 5% of the total amount of
funds lent. This amount is just one-
third of the 15% capital reserve
provisioned for this purpose.

  PAGE 04
 Page 9
 FY 2025 PDC ACTIVITY
 During FY2025, the PDC closed commercial loans to eight businesses
 for a total of $901,500, two Brownfield grants of $500,000 and
 $70,000, five Microenterprise Grants (funded by the American Rescue
 Plan Act) of $5,000 each totalling $25,000, and ten Job Creation
 Grants (funded by the City of Portland’s Community Development
 Block Grant) of $10,000 each totalling $100,000.



 AT A GLANCE

 +8 COMMERCIAL
 LOANS
 $901,500



 +2 BROWNFIELD
 GRANTS
 $570,000



 +5 MICROENTERPRISE
 GRANTS
 $25,000



 +10 JOBGRANTS
 CREATION

 $100,000

Cultivating Community received a PDC loan to

 FY25 TOTAL
construct 500 raised garden beds in Portland’s
 community gardens.
 (Photo credit: Cultivating Community)
 $1,596,500
 PAGE 05
 Page 10
  COMMERCIAL LOAN ACTIVITY:
 FY2021 THROUGH FY2025

 FY2021 FY2022 FY2023 FY2024 FY2025


 No. of
 loans 3 3 5 3 8
 made



  $ of
 Funds 298,000 425,250 555,000 457,688 901,500
  Lent




Leverage
 1:7 1:10 1:49 1:4 1:5
  Ratio




 Jobs
 8 4 30 25 30
Created




  Jobs
 40 6 10 30 11
Retained



 The FY2025 PDC loan portfolio grew with eight commercial loans
closed for a total of $901,500, helping to create thirty new jobs and
 retain eleven. These loans leveraged $4,129,550 in private
 commercial investment.


 PAGE 06
 Page 11
FY25 COMMERCIAL LOANS
The City of Portland’s Revolving Loan Fund provides commercial
financing to businesses located in Portland to facilitate economic
growth and job creation.

Loans are available to start-up and existing businesses, for-profit
as well as non-profit, and generally range from $10,000 to
$250,000.

Businesses are encouraged to establish relationships with banks
and credit unions to access conventional financing.

The City’s loans are intended to
assist when there is a financing gap,
or when businesses are not yet able
to access conventional funding.




 Moonbats
 Poster Shop
 Kehben Grier, owner of
 Moonbats Poster Shop, used loan
 funds to purchase inventory, a
 vehicle, and marketing materials.
 The loan enabled Kehben to
 expand operations to a brick and
 mortar space after two years of
 sidewalk sales.




 PAGE 07
 Page 12
FY25 COMMERCIAL LOANS


 Two Fat Cats
 Bakery
 Stacy Begin, owner of
 Two Fat Cats Bakery,
 used loan funds to
 open a new location in
 Portland’s West End.




 Mandy &
 Matt’s Cafe
 Matt and Amanda
 Lebel, owners of
 Mandy & Matt’s Cafe,
 used loan funds to help
 secure real estate to
 open their new
 business, located in
 Morrills Corner.




A total of eight commercial loans were closed by the PDC in FY25:
Two Fat Cats Bakery, Biodiversity Research Institute,
Cultivating Community, Yardie Ting, Salud Portland,
Mandy and Matt’s Cafe, Leda, and Moonbats Poster Shop.

In FY25, the PDC introduced an option for potential loan applicants who
may be religiously prohibited from paying interest to pay a fee on their
City loan instead, increasing the inclusivity and accessibility of the
City’s loan product.

 PAGE 08
 Page 13
AMERICAN RESCUE PLAN ACT
(ARPA) MICROENTERPRISE
GRANT PROGRAM
This program provided grants to
businesses that were impacted by the
COVID-19 pandemic, originally starting
in FY2022 with $272,500 in total funds,
which were quickly depleted with
grants to 51 businesses.
In FY2024, with additional ARPA
funding allocated by the City Council,
the PDC awarded grants of $5,000 to 81
low-moderate income microbusiness
owners, totaling $405,000. With the
remaining funding available, the PDC
awarded 5 more grants during FY2025,
nearly bringing this program to a close.
Businesses used the grants for a variety
of needs such as marketing, inventory,
rent and payroll.

 Photo Credit: Four West Studio




 FY2025
 GRANTEES:
 Calmbrook
 Pine Coast Painting
 Luxe White Tooth Care
 Four West Studio
 Babb’s Ceramics



 137 ARPA GRANTS
 Photo Credit: Pine Coast Painting
 AWARDED SINCE 2022!
 PAGE 9
 Page 14
 BROWNFIELD LOANS AND GRANTS
 FY2021 THROUGH FY2025

 FY2021 FY2022 FY2023 FY2024 FY2025


 No. of
 Brownfield 1 Loan & 1 Loan &
 2 Grants 1 Grant 2 Grants
  Grants/ 1 Grant 1 Grant
 Loans


 $250,00
 Loan/
 Total $ $425,250 $51,500 $574,000 $570,000
 $150,00
 Grant

Since 1996, the City of Portland has received nearly $7 million in Brownfields
funding from the US EPA for assessment and cleanup of environmentally
contaminated sites. The City has been notified that it will receive another $2
million in supplemental clean-up funding in FY26.

The City Council accepts and appropriates these funds to recapitalize the
Brownfields Revolving Loan and Grant Program and a Brownfield
Assessment Program. The revolving loan funds are used as loans to for-profit
developers, and, in some cases, as grants to non-profits, to remediate
Brownfields sites throughout the City.

The PDC has granted staff administrative oversight of the assessment grant
funds, which covers the cost of Phase I and Phase II Environmental Site
Assessments in Portland. In FY25, assessment work was done at various sites,
including (but not limited to) Fitzpatrick Stadium, Mechanics Hall, and Maine
State Pier.


 PAGE 10
 Page 15
 FY25 BROWNFIELDS ACTIVITY
 In FY25, the PDC Board approved the
 largest Brownfields remediation
 project in PDC history. Avesta Housing
 received approval for a combined $2.6
 million in financing ($2.1 mill. loan
 which closed in FY26, and $500,000
 grant which closed in FY25) for an
 development at 89 Elm Street to create
 201 units of affordable housing.


The PDC approved a $70,000 grant to
assess potential  contamination at
Fitzpatrick Stadium that was generated
by the more than $2 million in stadium
improvements provided by the Hearts of
Pine, Portland’s new professional soccer
team. Later in FY25, PDC staff leveraged
this PDC invesment with a Brownfields
cleaup grant of $205,000 from the
Greater Portland Council of Governments
to complete the cleanup of the site.


 PDC staff also secured a Targeted
 Brownfields Assessment (TBA) at the
 Maine State Pier, a service in which EPA
 directs a contractor to conduct
 environmental assessment activities at
 no cost to the recipient community. The
 TBA, valued at $130,000, will help the
 City understand how contamination will
 impact potential future reuse.




 PAGE 11 Page 16
  CDBG JOB CREATION GRANTS
 The Business Assistance Program for Job Creation (BAP) provides
 reimbursement grants to for-profit Portland businesses to create
 new net jobs for low/moderate income individuals with $10,000
 per full-time job (or two part-time jobs). This is a matching grant
 program funded by the City of Portland’s Community
 Development Block Grant. Since the program’s inception (FY12
 through FY22), 70 recipients have created 150 jobs.



 10 FULL-TIME EQUIVALENT
 JOBS CREATED IN FY2025
 Belleflower Brewing Co. Driscoll Child Develpt. Center
 Two Fat Cats Bakery Burundi Star Coffee
 Hunt & Alpine Polish Nail Salon
 Leda Salud Portland
 Sur Lie Cong Tu Bot

 “With help from the Portland
 Development Corporation’s grant,
 we were able to expand our team
 and bring on a talented new
 employee—supporting our
 commitment to offering full-time,
 sustainable, and growth-focused
 positions in the local workforce.
 Our salon is proud to provide a
 positive, inclusive environment
 where clients and employees alike
 feel valued, seen, and supported.
 We’re deeply grateful to be part of
 Portland’s small business
 community and to receive this
 investment in our growth and
 mission.”
 Victoria Churchill,
 Founder of Polish


Photo Credit: Polish



 PAGE 12
 Page 17
PDC CLIENT SPOTLIGHT




 Photo Credits: Salud Portland
 Dorienne Lewin, owner of Salud Portland, needed financing to grow
her East Bayside fitness studio. With a commercial loan as well as a job
  creation grant from the PDC, she was able to expand into a larger
 space, renovate the studio, and hire additional staff for her enlarged
business, where she can now offer a variety of fitness classes all under
 one roof, including Pilates, barre, and trampoline.

 Leda, another PDC loan and grant client, offers smoothies, specialty
lattes, and drop-in childcare inside Salud’s new fitness studio space.


 PAGE 13
 Page 18
CITY/PDC ANNUAL AWARDS
PROGRAM
Returning in 2023 after a four-year hiatus due to the COVID
pandemic, the Annual Business Awards was once again held on
November 21, 2024 to honor Portland businesses for their
contribution to our economy. The four categories this past year
awarded by the City of Portland and the PDC were: Economic
Development Achievement, Small Business of the Year, PDC
Client of the Year, and the Legacy Award.




2024 Business Award Recipients: Pictured from left to right;
PDC Board President Kierson Van Soest, Mayor Mark Dion, City
Manager Danielle West, Portland Community Squash
Development Director Sarah Stickney and Exective Director
Barrett Takesian, Biodiversity Research Institute Executive
Director David Evers, Portland Ship Yard owner Phineas
Sprague Jr., and DiMillos on the Water Managers Steve DiMillo
and Johnny DiMillo.




PAGE 14
 Page 19
PDC CLIENT OF THE YEAR:
BIODIVERSITY RESEACH INSTITUTE
Based in Portland, Maine, at 276 Canco Road, BRI is a nonprofit
organization dedicated to ecological research with the mission of
assessing emerging threats to wildlife and ecosystems. BRI’s
story began in 1989 with the capture of a Common Loon on a
Michigan lake founder David Evers, Ph.D. More than three
decades later, their research spans 50+ countries in an effort to
understand and mitigate the impacts of pressing ecological
threats to wildlife and ecosystems. This mission significantly
impacts communities by promoting sustainable practices and
enhancing ecological knowledge that benefits both local and
global environments.




SMALL BUSINESS OF THE YEAR:
PORTLAND COMMUNITY SQUASH
Portland Community Squash, at 66 Noyes Street, started as a
grassroots effort to bring squash to Maine in 2013 with the goal
of creating an inclusive and intentionally diverse squash
community. Hundreds of volunteers and thousands of supporters
helped PCS to open the facility in January 2017. The facility offers
squash, wellness, and education to hundreds of adults and
students. Currently serving an average of 200 students yearly,
the recent $6M expansion to add three more courts and a cafe
will expand their reach even further.




 PAGE 15
 Page 20
ECONOMIC DEVELOPMENT
ACHIEVEMENT: PORTLAND SHIP YARD
The Ship Yard values the working waterfront and serves the
various businesses that make up the commercial industry, from
fishing to large passenger transportation. It has a full service
rigging, welding, A/C electronics, fiberglass, paint/varnish,
carpentry, and cabinetry facility. From parts and service, to use
of their Travel Lift, it has the services needed for the industry.
The Sprague family has been in this business on Portland’s
waterfront for over 40 years and is a valued part of Portland’s
ocean economy.




LEGACY AWARD:
DiMILLOS RESTAURANT AND MARINA
The DiMillo family has been serving fine food in Portland since
Tony DiMillo opened his first restaurant, Anthony’s in 1954.
DiMillo’s Floating Restaurant began serving seafood on the water
in 1982 and after 20 years changed its name to DiMillo’s On the
Water. This family-owned and operated establishment was the
first floating restaurant to open on the upper East Coast. The
Marina provides summer and year-round dockage. DiMillo’s
yacht sales are in Portland, Freeport, Kennebunk, and Kittery,
Maine, plus Glen Cove, New York, Oxford & West River,
Maryland. The company’s contributions to Portland’s economy
and identity can hardly be overstated - 70 years from the first
business in 1954!




 PAGE 16
 Page 21
 PORTLAND DEVELOPMENT
 CORPORTATION
STATEMENT OF NET POSITION
 June 30, 2025
 (Prelimary and Subject to Audit)




PAGE 17
 Page 22
  PORTLAND DEVELOPMENT
 CORPORTATION
 Statement of Revenues,
 Expenditures, and Changes in Fund
 Balance for the Year Ended
 June 30, 2025
 (Prelimary and Subject to Audit)




PAGE 18
 Page 23
The PDC looks forward to continuing to assist in providing and
leveraging investment in Portland area businesses and
development projects. With grant programs, its loan portfolio
growing, and loan funds available to invest, the PDC would like to
thank the City Council for its continued support.


PDC BOARD OF DIRECTORS:
Councilor Ben Grant
Jonathan Berg
Matthew Buonopane
Sam Dargan
Eamonn Dundon, Treasurer
Nathan Henry
Scott Kleiman
Kierston Van Soest, President
Beverly Werber, Secretary
Nikki Yanok
Dena Libner, Assistant City Manager


PDC STAFF:
Greg Watson, Housing and Economic Development Director
Nancy Martin, Business Programs Manager
Kaela Gonzalez, Program Coordinator
Lori Paulette, Principal Administrative Officer
Avery Dandreta, Associate Corporation Counsel
Amy McNally, Associate Corporation Counsel




  PAGE 19
 Page 24
PORTLANDMAINE.GOV
 Page 25
City of Portland | Housing and Economic Development Department
Gregory P. Watson, Director
​ ​

 MEMO

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:​​ September 18, 2025
RE:​ ​ PDC Awards

Introduction:
PDC staff shared recommendations for PDC awards by email to the Board on September 3rd,
2025. Several responses were received by members of the Board. The PDC Awards are generally
provided for five categories: Economic Development Achievement, Business of the Year, Small
Business of the Year, PDC Client of the Year, and the Legacy Award.

Award Criteria:
 ●​ Economic Development Achievement (Should comply with Required Criteria as
 applicable)
 ○​ A visionary individual, business or organization that has had a significant impact
 on strengthening the City’s economy. Considerations may include expanding
 and/or diversifying the workforce; helping to make Portland a great place to live,
 work and locate a business; improvements to health and environmental
 sustainability; other contributions.
 ●​ Business of the Year:
 ○​ Greater than 50 Employees
 ●​ Small Business of the Year:
 ○​ 50 or fewer employees
 ●​ PDC Business of the Year:
 ○​ Is or has been a PDC loan and/or grant client
 ●​ Legacy Award:
 ○​ A business that has been in continuous operation in Portland for at least 20 years
 and made substantial contributions to the City.



Required criteria for each award:

 ●​ Business/Non-Profit located in Portland
 ●​ High quality of product(s) or service(s)
 ●​ Considered a great place to work, that is, treats its employees well
 ●​ A good community partner


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


 Page 26
Additional criteria for consideration:

 ●​ Unique approach in one or more aspects of the business/organization
 ●​ Excellent customer service
 ●​ Workforce diversity (i.e., race, gender, culture, sexuality, ability (those with disabilities)
 ●​ Markets and promotes Portland
 ●​ Exports products or services outside Maine and/or the United States
 ●​ Environmental sustainability (e.g., reduced carbon footprint, sustainable energy
 management)

Staff Recommendations:

Discussion and possible vote to select awardees:

Economic Development Achievement: Redfern Properties

Business of the Year: SMRT Architects

Small Business of the Year: Factory 3 (Note: Board members also suggested: Northeast
Hearing and Speech, MaineWorks, and Portland House of Music)

PDC Client of the Year: Matcha Mood

Legacy Award: David Woods Clothier


Information on Recommended Awardees:

Economic Development Achievement: Redfern Properties
Redfern Properties is a socially and environmentally conscious real estate development firm with
a focus on mixed-use and multi-family housing. With the recent completion of The Casco, an
eighteen-story apartment building on Federal Street, it now holds the title of tallest building in
Portland. The Casco provides for over 250 studio, one- and two-bedroom apartments, primarily
market rate - not affordable housing nor luxury housing but right in the middle, with rents
between $1,200 and $2,200. There are also ground floor commercial spaces, and an 18th-floor
“sky lounge” for residents - boasting phenomenal views. Managing Partner Jonathan Culley is
an active community member and is currently serving on Portland’s Social Housing Task Force,
Quality Housing Coalition, and past Board Chair of Avesta Housing - the largest nonprofit
affordable housing provider in Northern New England. Other notable projects in Portland include
the transformation of the old Mercy Hospital on State Street into 165 apartments with a retail
plaza and the historic rehabilitation of a circa 1913 building into 81 apartments in the Arts
District. Redfern has plans to redevelop an industrial site in Portland’s Bayside neighborhood
into 2 or more buildings with roughly 500 residential apartments.




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


 Page 27
Business of the Year: SMRT Architects
SMRT is an award-winning architecture and engineering firm with a 140-year legacy founded on
innovation and collaboration. A trusted partner in shaping built environments that inspire,
endure, and enrich communities, our multidisciplinary team of architects, engineers, planners,
and designers collaborate seamlessly to deliver integrated solutions that address complex
challenges, strengthen communities, and better our world. Committed to sustainability,
stewardship, and service, we create spaces that meet today's needs and anticipate tomorrow's
demands. With a diverse portfolio spanning education, advanced manufacturing, government,
civic, workplace, housing, hospitality, and life science projects, SMRT is headquartered in
Portland on Washington Avenue and serves clients nationwide. SMRT has set core values with
collaboration stated as their cornerstone to success and has received the Just 2.0 Social Justice
Label achievement (a voluntary disclosure tool) demonstrating their commitment to
transparency, and DEI initiatives.


Small Business of the Year: Factory 3
Founded in 2017 and located at 105 St. James Street in Portland, Factory 3’s mission is to create
a space that empowers makers to realize their full potential by removing as many barriers as
possible. The shared makerspace on St. John Street is a hub of creativity and entrepreneurship.
Owner Patrick Russell started Factory 3 because he felt it would be a catalyst for explosive
growth in Portland’s creative economy. Having visited makerspaces across the country, he saw
firsthand what happens when people of different backgrounds work together in an environment
that is intentionally set up to remove as many barriers as possible to creative growth. Per Patrick,
“There should be no judgment. The space should be spotless. Tools should be easy to find. Help
should be easy to locate when needed. If you want to improve yourself as a maker or business
owner, Factory 3 is open for membership.”

Other candidates for Small Business of the Year (suggested by Board members):

Northeast Hearing and Speech: Celebrating 100 years of service this year, Northeast Hearing &
Speech, a non-profit hearing and speech center at 75 W. Commercial Street, has been serving the
communities of Southern Maine since 1924. Their dedicated clinicians offer a complete range of services
to help people of all ages hear, speak, and communicate including speech language pathology and
audiology services as well as the latest hearing aid technology. Northeast Hearing & Speech also offers
several community-based initiatives and programs such as free or low-cost hearing screenings for
children, hearing clinics and workshops for retirement communities, and providing professional
development training.

MaineWorks, at 494 Forest Avenue, is an innovative employment company with a social mission: to
dignify the experience for people who face real barriers to workforce re-entry, including people
recovering from substance use disorder and people with felony convictions. Providing jobs in the fields of
construction, carpentry, masonry, roadwork, bridges, demolition, landscaping, and much more,
MaineWorks is not just a staffing company - having provided quality, long term employment for
hundreds of men and women since opening in 2010. In 2014 MaineWorks was recognized as the most
successful innovative business in the State of Maine by SCORE. Margo Walsh was honored as one of
five Women to Watch by MaineBiz Magazine and also as a 2023 business leader of the year. MaineWorks
is featured on the video for the Federal Minimum Wage Campaign.


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


 Page 28
Portland House of Music: Located at 25 Temple Street, this is a live music and events venue. It
is one of the most popular music spaces in Portland, especially for Maine musicians, though
national acts also perform there. Opened in June 2015, the then owner, Ken Bell, said this medium
sized room (accommodating up to 300) would fill a void between Empire and Port City Music
Hall. Ken was previously the owner and manager of the Big Easy in Portland. In July 2022, Patrick
Calabro bought the business from Ken Bell and noted that no major changes would be made but
would like to bring in more national acts. The interior has seating on several levels, with pews
formerly used at St. Patrick’s Church in Lewiston lining the walls on the top level. The House of
Music has hosted many fundraisers including for Florence House, Equality Maine, Hurricane
Relief, Go Big for Hunger and others, as well as the Portland Buy Local Indie Business Awards.
Portland House of Music was a recipient of a $20,000 BAP grant as well as a Development Action
Grant for infrastructure. They have a variety of events including music shows targeted for children.


PDC Client of the Year: Matcha Mood
Two entrepreneurial sisters from Thailand have revolutionized the local beverage scene with
their vibrant new drink and desserts shop. Each creation at Matcha Mood,
at 654 Congress Street, is meticulously infused with high quality matcha from Japan. The store’s
charming and aesthetically pleasing ambiance has made it a magnet for young people,
especially students, turning it into a bustling social hub. In less than a year, the business
exceptional growth allowed them to pay back their loan ahead of schedule. This financial
milestone underscores their business acumen and the overwhelming popularity of their concept.
Additionally, Matcha Mood has become a favorite among tourists, drawing more visitors to the
Portland area and contributing to the local economy.


Legacy Award: David Woods Clothier
David Wood Clothier was founded in 1978 and today brings customers seeking upscale menswear from
all regions of our State as well as from other States. In serving his customers, he developed trusted
relationships with all of us who sought his advice and service as well as with brands from all over the
world. From the shoemaker in Massachusetts to the Irish maker of small-batch knitwear; for handmade
ties from England to Florence, Italy for the latest in fashion trends; his reach was unlimited, his will to
serve-unmatched. In David’s words: “ What I truly love about the business most, is the personal
relationships that you develop with your customers and suppliers; it’s a very social business.” (See
attached letter from Quincy Hentzel and Dana Conners, CEOs of the Greater Portland and Maine State
Chambers of Commerce)

Attachments: Letter from Greater Portland and Maine State Chambers of Commerce




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


 Page 29
We are writing to seek special recognition from the City of Portland for David Hodgkins – known to
many of us as David Wood of David Wood Clothier. We are doing so because of his outstanding and
remarkable career of 45 years as owner of a top shelf men’s clothing business and his role as a trusted
advisor in men’s wear.

David leaves a deep impact both aesthetic and economic. His journey of nearly 5 decades in the
menswear industry is a compelling story of passion, dedication and a keen understanding of style that
transcends mere clothing.

David Wood Clothier was founded in 1978 and today brings customers seeking upscale menswear
from all regions of our State as well as from other States. In serving his customers, he developed
trusted relationships with all of us who sought his advice and service as well as with brands from all
over the world. From the shoemaker in Massachusetts to the Irish maker of small-batch knitwear; for
handmade ties from England to Florence, Italy for the latest in fashion trends; his reach was
unlimited, his will to serve-unmatched. In David’s words: “ What I truly love about the business most,
is the personal relationships that you develop with your customers and suppliers; it’s a very social
business.”

His vision was to provide classic styling at a fair price. A vision that encouraged - Quality over
Quantity. He believed that: “You do not need a lot of clothes, you need the right clothes.” To aid in his
belief he implemented a “fit kit” guide, encouraging customers to embrace a sustainable and refined
wardrobe, emphasizing thoughtful, timeless purchases that contribute to cohesive aesthetic, with
quality in mind.

Along his journey he met Sara Hutchison Brown. Sara worked on the wholesale side of luxury
menswear for years. David encouraged her to move to Portland to work in his store and eventually to
take over his business.

And she did…...

“Cut out of the same cloth” she has continued the standard for style and service. In her own words:
“She admires David for his attention to detail, from his tie selection to his routine sweep outside the
store every morning, as well as his openness to new styles and ideas”. She speaks glowingly of his
ability to build lifelong generational relationships with customers.

As David Hodgkins steps into retirement, his legacy is entrenched in Portland’s retail landscape. His
commitment to elegance, quality and personal connections has not only shaped David Wood Clothier,
it has also elevated the expectations for menswear while attracting people to come to Portland to
shop. In many ways. He has served, without the official title, as an Ambassador for a City he loves and
has graced for 45 years.

Our hope is that David Hodgkins as David Wood Clothier will be officially recognized by the City of
Portland for a career of service and success.




 Page 30
 Portland Development Corporation
 Preliminary Draft Operating
 Report FY2026
 For Month Ending
 8/31/2025


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 $10,320 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 $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 $90 90 13.9% 560
 Office Supplies $750 $0 0 0.0% 750

  Total FY2026 Expenditures $42,352 $10,410 10,410 24.6% 31,942




 Page 31
 FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program

(Preliminary and Subject to Change)

 UDAG CIP CIP FAME FAME SSBCI TOTAL

 Period Ending: 07/31/2025 271 272 274 277 279

 Unrestricted Loans/Grants Restricted Unrestricted REDLP


Beginning Balance 282,269 362,631 169,351 414,967 481,265 1,710,483

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


 Principal payments received 4,134 4,134 3,314 3,314 5,078 5,078 6,997 6,997 8,399 8,399

 Interest payments received from loans 3,542 3,542 89 89 592 592 8,846 8,846 5,257 5,257



 Interest Income - 922 922 414 414 1,011 1,011 - -



 Other Income/Adjustments - - - - -

 Pass Through From FAME/SSCBI - - - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements - Expenses


  Disbursements - Loans/Grants


Ending Cash Balance (Munis) 289,945 366,957 175,434 431,821 494,921 1,759,078

Less Reserves for: Loans

  Beautification Program (EC0301) (72,000)

 Transfers not yet recorded (UDAG Int) (3,542)




Adjusted Ending Cash Balance 214,403 366,957 175,434 431,821 494,921 1,683,535




 Page 32
 FY2026 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM

(Preliminary and Subject to Change)

 Brownfield 1 Brownfield 3 Brownfield 10/1/2022 TOTAL

 Period Ending: 7/31/2025 278 281 280 RLF
 Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup


Beginning Balance 469,161 87,205 2,402,468 2,958,834

Additions MTD YTD MTD YTD MTD YTD


 Principal payments received 1,140 1,140 - -

 Interest payments received from loans 1,949 1,949 - -


 Interest Income - - -


 Other Income/Adjustments - - -

 Pass Through From FAME/SSCBI/EPA - - -

Deductions

  FAME Annual Admin. Fee; Invoices


  Disbursements -Other (1,533)


Ending Cash Balance (Munis) 472,251 85,672 2,402,468 2,960,391

Less Reserves for:

Reserve For Commitments (111,088) (2,136,424)

  Fund 280 Reserve for Administration

Adjusted Ending Cash Balance 361,163 85,672 266,044 712,879




 Page 33
 Portland Development Corporation
 Schedule of Loans Receivable
 For Month Ending August 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 $23,938
 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $193,694
 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $176,624
 Sub-Total PBF (UDAG) $474,386
 Portland Business Fund 272 (Restricted - CIP):
 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $43,657
 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 $3,386
 $3,386
 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 $768
 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 $5,298
 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) $125,312

 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 $54,208
 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $12,766
 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
 30416 Forefront Partners I, LP 5/31/2023 5/31/2033 $200,000 $0 $200,000 $169,049
 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 $129,575
 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $198,382
 Sub-Total FAME Fund $987,729
 FAME SSBCI 279:
 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 $119,949
 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $151,419
 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $222,581
 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 $78,071
 Sub-Total FAME SSBCI $823,065

 DOWNTOWN FUND 263:
 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 $190,716
 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $301,521
 Sub-Total Brownfields $492,237

 Grand Total Loans $3,921,938 $0 $3,921,938 $2,957,772
 Allowance for uncollectable loans at 15% $443,666
 Total with Allowance for uncollectable loans: $2,514,106




 Page 34

FINAL 9.18.2025 PDC Meeting Minutes
 Approved 11-19-2025


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

Directors were Board President Kierston Van Soest and Directors Eamonn Dundon, Councilor

Ben Grant, Nathan Henry, Assistant City Manager Dena Libner, and Scott Kleiman. Board

Directors Jonathan Berg, Matthew Buonopane, Sam Dargan, Beverly Werber, 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,

and Housing and Economic Development Director Greg Watson. Also present was City

Underwriter David McLaughlin.

 Item #1: President’s comments.

 Board President Van Soest opened the meeting at approximately 4:08 p.m. and provided a

short overview of the meeting.

 Item #2: Review and vote on Meeting Minutes of August 21, 2025.

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

(Ms. Van Soest and Ms. Libner abstained) to approve the August 21, 2025 Meeting Minutes with

an amendment to add “t” to the Board President’s name.

 Item #3: Review and vote on Brownfields Loan Request for $750,000 for Fathom

Companies.

 Ms. Martin introduced a Brownfields loan request from Fathom Companies (Monument

Hotel LLC). The funds will be used for the redevelopment of the M&T Bank building into a

92-room hotel with full food and beverage service. The City received $2 million in supplemental
 DRAFT


EPA funding for Brownfields which will be used to fund this loan, and GPCOG will split the

remediation cost with the city. The total project cost is $60 million, with $1.5 million allocated

equally for remediation between GOCPG and the City. The hotel is expected to open in April

2027. Ms. Martin introduced Marieke Thormann, the Vice President of Development who

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

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

5-0 (Mrs. Libner abstained due to a technical issue) 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 4:20 p.m.

 The Board returned to the public session at approximately 4:31 p.m.

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

to approve a $750,000 Brownfields loan request to Fathom Companies with the conditions noted

in the confidential memorandum provided to the Board.

 Item #4: Annual Meeting of the Board.

 Ms. Martin informed the Board that if approved, the Annual Meeting of the Corporator

will be held at the October 6, 2025 City Council meeting. In preparation for the meeting, staff

have drafted an annual report for the Board’s consideration. The Board also typically selects

officers for the year. Councilor Grant offered to speak on behalf of the Board at the City Council

meeting and present the Annual Report.

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

to accept and forward the Draft Annual Report, as amended with edits provided to staff, and to

set the date for the Annual Meeting of the Corporator as October 6, 2025.
 DRAFT


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

to elect Kierston Van Soest as President, Beverly Werber as Treasurer, and Sam Dargan as

Secretary.

 Item#5: Review and vote on recommendations for PDC Award event nominations.

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

to approve the recommendations for the PDC Award event nominations.

 Item #6: Treasurer’s Report.

 Mr. Dundon inquired when the new Brownfields money would appear on the cash report.

Ms. Martin explained that the City was awarded $2 million (out of a $4 million request) in

August, and the City Council needs to accept and appropriate it over two meetings (October 6th

and 20th). Ms. Martin also noted it was a competitive award and that GPCOG also received $2

million out of a $4 million request.

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

 Mr. Dundon will continue to serve until a replacement is named.

 Item #14: Next regular meeting date: October 16, 2025.

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

Councilor Grant, the Board voted 5-0 (Mr. Henry left prior to the vote) to adjourn at

approximately 4:47 p.m.

 Respectfully, Kaela Gonzalez