Portland Development Corporation

PORTLAND DEVELOPMENT CORPORATION Board Meeting DATE: Thursday, December 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 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 November 19, 2025 Meeting. a. See attached Meeting Minutes from November 19, 2025. Review and vote on Brownfields Grant Request for $285,750 for Youth and 3. Family Outreach, 331 Cumberland Avenue. a. See attached memorandum and backup materials. 4. Update from Loan Criteria Evaluation Subcommittee. a. See attached memorandum and backup materials. Page 1  Review and vote on Storefront Interest-free Loan Request for $20,000 from 5. Bad Neighbors, 511 Congress Street. a. Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board may go into executive session to review proprietary confidential information associated with this loan application. Review and vote on new loan request for $35,000 from Nash & Co., 417 6. Congress Street. a. Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board may go into executive session to review proprietary confidential information associated with this loan application. 7. Treasurer's Report - November 2025 a. Monthly Administrative Budget Report b. Cash Management Report c. Schedule of Loans Receivable d. Confidential - Loan Delinquency Report Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board may go into executive session to discuss/monitor any of the loans listed on the Report. 8. Staff verbal update 9. Other Items to be discussed/brought up by Board Directors 10. Next Regular Meeting Date: January 15, 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 Meeting Remote Zoom Meeting Held on November 19, 2025 ​ A remote special meeting, via Zoom, of the Portland Development Corporation (PDC) Board of Directors was held at 12:00 p.m. on Wednesday, November 19, 2025. Present from the Board of Directors were Board President Kierston Van Soest and Directors Jon Berg, Eamonn Dundon, Councilor Ben Grant, Assistant City Manager Dena Libner, Beverly Werber, and Nikki Yanok. Board Directors Matthew Buonopane, Sam Dargan, Nathan Henry, and Scott Kleiman could not be present. Present from City staff were Associate Corporation Counsel Avery Novak, Program Coordinator Kaela Gonzalez, Business Programs Manager Nancy Martin, Principal Administrative Officer Lori Paulette, and Housing and Economic Development Director Greg Watson. Item #1: President’s comments. Ms. Werber opened the meeting at approximately 12:06 p.m. Board President Van Soest joined shortly after. Item #2: Review and accept Meeting Minutes. ​ On a motion made by Mr. Dundon and seconded by Ms. Van Soest, the Board voted 4-3-0 (Ms. Werber, Mr. Berg, and Ms. Yanok abstained) to approve the meeting minutes for September 18, 2025. On a motion made by Ms. Werber and seconded by Mr. Berg, the Board voted 6-1-0 (Ms. Yanok abstained) to approve the meeting minutes of October 16, 2025. Item #3: Review and vote on Brownfields Subgrant Request of $400,000 from Roux Institute, 1 Beanpot Circle. Page 3  DRAFT Ms. Martin introduced the subgrant request for $400,000 from Northeastern University’s Roux Institute, noting that the $400,000 is a small portion of the estimated $13 million in eligible cleanup activities. Also emphasized was the project’s significant public benefits which include jobs, education, childcare, and infrastructure. Maureen Hickey, from Northeastern University, presented the project detailing the 13-acre site, the Alfond Center, the future Lunder Innovation Lab, and the parking garage. The grant funds are needed to transport and dispose of contaminated soil found during construction that was unanticipated. The site’s grade is being raised over 11 feet, and the project has been designed with resilience in mind. On a motion made by Mr. Berg and seconded by Ms. Werber, the Board voted 7-0 to approve the $400,000 Brownfields subgrant to Roux Institute. Item#4: Review and vote on loan request for $85,000 from Bachelder Holdings, LLC, 9 Bolton Street Ms. Martin provided an overview of the loan request from Bachelder Holdings, LLC for $85,000 to provide gap financing for Emily Bachelder, a long-time employee, to purchase the business and building of Tony’s Donuts. The gap was created when the business appraisal came in lower than the owner’s asking price. Emily Bachelder spoke about her deep personal and family connection to the 65-year-old business, her financial investment, and growth plans. Ms. Bachelder confirmed that the equipment is sound and will not require large near-term investments. On a motion made by Mr. Berg and seconded by Ms. Werber, the Board voted 6-0 to enter into executive session pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119-A, to review proprietary confidential information associated with this loan application at approximately 12:37 p.m. (Mr. Dundon left the meeting at approximately 12:30 p.m.). Page 4  DRAFT The Board returned to public session at approximately 1:07 p.m. On a motion by Ms. Werber and seconded by Mr. Berg, the Board voted 6-0 to approve the loan of $85,000 to Bachelder Holdings, LLC for a 10-year term at a 7.75% interest rate pending receipt and review of the updated loan documentation and commitment letter from Evergreen. Item #4: Treasurer’s Report- October 2025. ​ Ms. Paulette gave a brief overview of the Treasurer’s Report that was included in the meeting materials. Item #6: Staff verbal update. ​ Mr. Watson provided an update on the zero-interest loan program, noting that there is continued interest. One of those businesses did not continue pursuing the loan since it did not own the building. Feedback has also been received, suggesting the loan program be more flexible and allow for reimbursement of operating costs and staffing expenses instead of being limited to infrastructure and visible street-facing improvements. ​ Ms. Martin also provided a brief overview of the loan criteria subcommittee, which will meet in early December. The previously awarded $200,000 in CDBG funds for Job Creation Grants is expected to be advertised early next year, following shifting federal guidance. And lastly, early this month Ms. Martin submitted an application for additional CDBG funding for another round of Microenterprise Grants. Item #7: Other Items to be discussed/brought up by Board Directors. No further items were discussed. Item #8: Next regular meeting date: December 18, 2025 (Business Award Event on November 20, 2025). Page 5  DRAFT ​ There being no further business, on a motion made by Mr. Berg and seconded by Ms. Werber, the Board voted 6-0 to adjourn at approximately 1:17 p.m. Respectfully, Kaela Gonzalez Page 6 City of Portland | Housing and Economic Development Department Gregory P. Watson, Director MEMORANDUM TO: President Kierston Van Soest and PDC Board Members FROM Nancy L. Martin, Business Programs Manager CC: Greg Watson, Director, Housing and Economic Development Department DATE: December 18, 2025 RE: Brownfields Subgrant Request of $285,750 from Youth and Family Outreach PROJECT OVERVIEW: The Portland Development Corporation is being presented with a $285,750 Brownfields subgrant request from Youth and Family Outreach (YFO) to support environmental remediation as part of the redevelopment of their property at 331-337 Cumberland Avenue. The project will demolish the two existing structures to create one new structure that will provide affordable housing as well as expanded childcare services. BUDGET AND BACKGROUND: Youth and Family Outreach is planning for new construction of sixty units of family housing in one new construction building located on approximately 20,000 SF at 331-337 Cumberland Avenue in Portland. At least 60% of the Low-Income Housing Tax Credit (LIHTC) Units will be rented to households earning 50% Area Median Income (AMI) or less, and the remaining LIHTC Units will be rented to households earning 60% AMI or less. Ten units will be pledged for use by populations with special needs and will have project based vouchers. Thirteen units will be handicap accessible (seven are required and YFO is pledging an additional six units). This development will include a unique co-location of an established childcare facility with mixed-income family housing. As an existing childcare facility, YFO currently has over 300 children on its waiting list; 95% of their families live in Portland and, at any given time, roughly 18% are unhoused. The expansion of the childcare facility would allow YFO to serve 50 additional children. The project has received all local approvals from the Portland Planning Board. The $285,750 in requested City subgrant funding will be allocated to a single task in the project, specifically to fund temporary shoring and a retaining wall. EPA has confirmed eligibility for this task. Consulting underwriter David McLaughlin assessed YFO’s financial capacity on behalf of GPCOG for a Brownfields loan and subgrant for the same project, which was approved in June 2025. 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 Page 7 TIMELINE: Abatement of hazardous materials in the existing buildings will occur first, followed by demolition of the existing buildings, and removal of contaminated soils to a licensed facility. Estimated Schedule of Environmental Cleanup: Beginning in December 2025: abatement of hazardous materials in existing buildings, demolition, and removal of contaminated soils to licensed facility Estimated Schedule of New Construction: April/May 2026: construction start November 2027: construction completion RECOMMENDATION: PDC staff (Nancy Martin) and underwriter (David McLaughlin) propose approving a Brownfields subgrant of $285,750 to Youth and Family Outreach. ATTACHMENTS: ● Underwriting assessment by David McLaughlin ● Budget provided by YFO 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 Page 8  DAVID MCLAUGHLIN, UNDERWRITER June 19, 2025 for GPCOG, edited December 11 2025 for City of Portland APPLICANT/BORROWER: Youth and Family Outreach ADDRESS: 331 Cumberland Avenue, Portland, Maine BROWNFIELDS SUBGRANT REQUEST: $285,750 PURPOSE: Funding the remediation costs of contamination at 331-337 Cumberland Avenue, Portland. The estimated cost of cleanup is slightly over $1 million. The remaining funds will be provided by GPCOG, DECD and YFO. This is part of a $27 million construction project to double the capacity of the current childcare services to 110 and create 60 units of affordable housing for families. Completion of the expansion is anticipated in November 2027. The project has received Planning Board approval. OVERVIEW: YFO, a 501 (c) (3) non-profit organization which has been in operation since 1850, is accredited by the National Association for the Education of Young Children, a level 4 on Maine’s Quality Rating System and state licensed whose primary mission is early child care and education. They operate the current childcare center that is to be expanded. They have owned the real estate at 331 Cumberland Avenue, Portland since 1850. YFO purchased the real estate at 337 Cumberland for $896M in 2018. The current project and request is to double the size of the current childcare facility and add 60 units of family housing. There will be four efficiency units that are approximately 378 SF, twenty four one-bedroom units that range from 534 to 700 SF, twenty-two two-bedroom that range from 670 to 931 SF and ten three-bedroom units that range from 893 to 980 SF. Forty eight units will be rented to households earning 60% of AMI or less and twelve units will be rented to households earning 100% of AMI or less. At less 60% of the LIHTC will be rented to households earning 50% AMI or less. MaineHousing will be providing ten project based Vouchers (20% of LIHTC units) for ten units that will be pledged for use by special needs. There will be a community room, fitness room, office, indoor bike storage, trash room, laundry room and broadband infrastructure. The second floor will have a separate unit to expand daycare by 50 for a total of 110 children. The preliminary project cost and source of funding is as follows for the total project: SOURCES USES Maine State Housing mtg. $10,790,000 Construction $21,540,000 Portland HTF 1,080,000 Financing 1,167,000 MSHA RLP 1,000,000 Development 2,000,000 GPCOG 700,000 Reserves 855,000 Other Soft debt 291,000 Soft costs 1,726,000 Other Credit Equity 405,000 Net Syndication of tax credit 9,061,000 SLIHTC 2,713,000 Deferred Development Fee 1,250,000 TOTAL $27,290,000 $27,290,000 Page 9 They are in the process of securing the financing. Applications are being completed for submission to Maine State Housing for permanent financing, a grant and the Low Income Housing Tax Credit, and to the Federal Home Loan Bank for AHP financing and a grant. MSHA has issued a Notice of Intent and has allocated the funds. The construction cost was estimated by Penobscot General Contractors. This cost estimate was noted is subject to change, but noted that it anticipated increased costs until the commencement of construction. Phase I and Phase ll environmental site assessment has been completed. However, a new Phase I and II site assessments will be required by MSHA. The current Phase ll report found evidence of environmental hazards to include abandoned UST, lead and arsenic in the soil, but all within acceptable limits. The study did suggest several voluntary steps that could be taken to further reduce environmental risk. These recommendations are incorporated into the project costs. Maine State Housing Authority has reportedly indicated this cleanup will be a condition of approval. The current request is only for the first phase of the environmental cleanup of $1,060k. It is expected that a request for subordination of this $400k loan will be made and approval is expected based on preliminary information, but will be subject to a review of the final project. FINANCIAL OVERVIEW: CPA audited statements of Youth and Family Outreach were provided and reviewed. The major pertinent findings are as follows: Youth and Family Outreach (000) 2021 2022 2023 2024 Current Ratio 7.1 14.4 7.6 6.0 Working Capital 340 432 224 428 Net Assets 2,031 2,128 2,560 2,299 Total Debt. 579 541 534 587 Debt Worth Ratio. .29 .25 .21 .26 Revenues 1,712 1,211 1,084 1,428 Net Income 626 97 (102) 273 Debt Service Coverage. 28.0 10.0 1.0. 13.0 Excess Cash Flow. 783 260 0 370 - YFO has a good working capital position as of 9/30/24 with a 6.0 current ratio and $428k in working capital. Both are above industry averages. This is the highest working capital position of the past eight years. - The current leverage is low .26 debt worth ratio and $2,299 in net assets. There has been consistent growth in net assets. - Debt service coverage is strong at 13.0 with $270k in excess cash flow after debt service in 2024. - YFO is in a strong financial position to support this project on a contingency basis if needed. Project Operating Budget: The application included cash flow projections with detailed supporting assumptions assuming completion of the daycare center and residential units. They concluded that both the cost and revenue projections were in line with industry benchmarks. Operations are projected to stabilized in the first Page 10 year with $192k in cash flow to service debt. The debt servicing requirements have not been included, but is expected to result in debt service coverage in excess of 1.0. COLLATERAL: A second mortgage on the commercial real estate located at 337 and 331 Cumberland Avenue, Portland subject to prior debt of $500k with The Genesis Fund. The appraised value of the combined properties is $1,588k for a loan to value ratio of 57%. GPCOG Is well secured during the environmental cleanup phase. It is anticipated that a request for subordination of this GPCOG Brownfield loan will be made as part of the financing for the construction phase. That is still in the planning phase and a review of the project will be made at the time of that request. A requirement of the expected future subordination request will be subject to a review of the final budget that evidences adequate debt service coverage. I have discussed this with YFO management who understands this requirement and process. CONDITIONS: - Acceptable review of final project budget to include the remediation costs prior to closing - If a VRAP, letter of completion of clean up - Acceptable review of commitment letters from all other sources of financing and reasonable assurances from those sources that either all major preclosing conditions have been met or are expected to be met prior to closing. STRENGTHS / WEAKNESSES: - Project equity of 62% - YFO has a strong long term history in development and management of similar projects - YFO is financially strong and able to support project with combined $370k in excess cash flow and $428k in working capital - Portland has a housing shortage and there is a significant waiting list for both market and subsidized rental units. Daycare is also short in supply relative to the current demand. - Collateral position is 57% of property valuation - - There were no significant noted weaknesses RECOMMENDATION: I recommend approval based on the above noted strengths subject to the above Conditions. It should be noted that this project is still in the planning stage and could be subject to change. Any change though is expected to be more minor and should not impact the recommendation or the proposed conditions. I have especially focused on the adequacy of capitalization of the project, the capability of management and assuring that our collateral position is appropriate. All are noted as strengths. Page 11  Funding Sources Youth and Family Outreach 331-337 Cumberland Avenue Portland, Maine Non-Brownfields ABCA Budget Brownfields Funding Sources Funding Sources Totals All ABCA Alternative 3 Tasks (Alternative #3) DECD* DEP** GPCOG* City Brownfields YFO Cost Share**** Totals Brownfields CDBG*** Grants ($ 250,000) ($ 50,000) ($400,000) ($ 285,750) ($ 985,750) ($ 250,000) ($ 1,235,750) Loans ($300,000) ($ 300,000) ($ 300,000) Other ($ 50,000) ($ 50,000) ($ 50,000) Task 1 QEP PM ($ 15,000) St.Germain Invoice 20077 May 2025 3,891.75 St.Germain Invoice 20108 June 2025 1,920.25 St.Germain Invoice 20343 July 2025 2,464.75 St.Germain Invoice 20449 August 2025 1,767.25 St.Germain Invoice 20576 September 2025 ($ 10,890) 845.75 Task 2: QEP CIP, ABCA, RAP, Costing, SSQAPPs ($ 20,000) St.Germain Invoice 20077 May 2025 776.25 St.Germain Invoice 20108 June 2025 8,605.00 St.Germain Invoice 20343 July 2025 3,371.88 St.Germain Invoice 20449 August 2025 2,026.26 St.Germain Invoice 20576 September 2025 ($ 17,386) 2,607.00 Task 3: QEP EMMP (Completed) ($ 4,635) St.Germain Invoice 20077 May 2025 753.75 -- -- -- St.Germain Invoice 20108 June 2025 1,425.50 -- -- -- St.Germain Invoice 20343 July 2025 1,602.00 -- -- -- St.Germain Invoice 20449 August 2025 853.75 -- -- -- Task 4: QEP Soil Characterization Sampling and Testing ($ 15,400) St.Germain Invoice 20108 June 2025 12,735.14 St.Germain Invoice 20343 July 2025 897.74 St.Germain Invoice 20576 September 2025 ($ 14,002) 369.00 Task 5: QEP Cover Systems Design Assistance ($ 2,500) St.Germain Invoice 20576 September 2025 185.00 Task 6: QEP Env Construction Oversight ($ 9,000) Task 7 QEP VRAP Summary Report ($ 8,500) Task 8**: Contractor HBM Abatement ($ 72,590) St.Germain Invoice 20449 August 2025 -- 180.00 -- Task 9***: Contractor Demolition and Site Enclosure ($ 250,845) -- -- -- -- -- City of Portland Invoice INV-00122567 -- -- -- -- -- 7,520 Task 10: Soil Site Work and Loading ($ 403,288) Task 11: Contractor Soil Transport and Disposal ($ 361,722) Task 12: Temp Shoring and Retaining Wall ($ 285,750) Total ($ 1,491,508) 5% Contingency ($ 74,575) Grand Total ($ 1,566,083) 47,098.02 180.00 0.00 0.00 1,335,750.00 7,520.00 1,585,750.00 Remaining Funding ($ 202,901.98) ($ 49,820.00) $700,000) ($ 285,750) $50,000) 1,288,471.98 242,480 1,530,951.98 Notes: *DECD and GPCOG funding sources targeted for Brownfields Tasks (Tasks 1 - 7 and Tasks 10 - 12). **DEP funding source targeted for Task 8: Contractor HBM Abatement. ***Task 9 is not Brownfields eligible. Target funding source for building demolition is Community Development Block Grant (CDBG) ****YFO Cost Share funding source targeted for Brownfields Tasks (Tasks 1 - 7 and Tasks 10 - 12). Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Proposed minimum wage increase detrimental to Portland | Letter pressherald.com/2025/10/11/proposed-minimum-wage-increase-detrimental-to-portland-letter Child care workers deserve to earn a living wage. They educate our children during the most critical years of development. However, the proposed minimum wage increase in Portland to $19 by 2028 presents a serious challenge for child care. We cannot simply raise prices or absorb additional costs. Every dollar we pay must come directly from tuition, and the families we serve are already stretched. This puts us in a difficult position. While we fully support higher pay for our staff, raising it without additional public investment means the burden falls on working families. And when child care becomes unaffordable, parents are forced to cut hours, leave jobs or make unsafe care choices. That’s a loss for them, for employers, and for Portland’s economy. I’d encourage voters to vote no on the minimum wage increase, and be vocal supporters of public investment in child care. Camelia Babson-Haley Portland © 2025 The Portland Press Herald 1/1 Page 30 City of Portland | Housing and Economic Development Department Gregory P. Watson, Director PUBLIC 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: December 18, 2025 RE: Discussion and possible action regarding loan evaluation criteria Introduction: Several members of the PDC indicated interest in creating guidance in evaluating the public benefit of loans presented to the committee. These members met on December 9th and identified a possible means to evaluate loans based on several guidelines that focus on jobs, geographic location, and alignment with City and State strategies. The question of pegging interest rates to public benefit was also discussed. Recommendation: Staff recommend discussion and a possible vote to adopt a trial period of six months in which the attached criteria are evaluated with every proposed loan, and after that point revisiting the issue of interest rate setting. Attachment: Summary of December 9th meeting on loan evaluation criteria 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 Page 31  Summary of December 9th meeting on loan evaluation criteria Present: Beverly Werber, Jon Berg, David McLaughlin, Scott Kleiman, Nate Henry, Greg Watson, and Nancy Martin Summary: Discussion centered on how to evaluate public benefits of loans presented to the committee, and also how to set interest rates. Decided to create a procedure in which these 3 key focus areas are included in all loans presented to the PDC: 1. Jobs (retained, created, wages, and benefits) 2. Priority location (as identified in Portland’s Comprehensive Plan) 3. Alignment with City and State strategies such as City and State Economic Development Strategies and the City Council's priorities of Climate Change, DEI, Affordable Housing; as well as Industry (ie commercial waterfront or biotechnology, versus payday lending or dollar store) The subcommittee agreed it would be best to see how this approach goes for a set period, before addressing whether to set interest rates based on these focus areas. Proposed matrix compiled by staff after the meeting to include in every proposed loan: Focus Area 1: Jobs How many jobs retained? _____________ How many new jobs created? _____________ Employee benefits provided? _____________ 4= Both health and PTO 3= Health Care 2= Paid Time Off 1=Self-employed 0 = None Employee wages (staff requests additional guidance on this) ______________ 4 = above $30 per hour 3 = $20 to $29.99 2 = $ above min wage and below $20 1 = current min. wage (as of 1/1/26, $16.75) Focus Area 2: Priority Location ______________ (ie Waterfront, Downtown, Bayside, transit nodes) 1 - Yes 0 = No Focus Area 3: Strategic alignment _______________ Alignment with City/State priorities and strategies, including Council Common Goals 1 - Yes 0 = No TOTAL Public Benefit Score: ________________ Page 32  Portland Development Corporation Preliminary Draft Operating Report FY2026 For Month Ending 11/30/2025 Operating transfer from EDF 42,352 ------------ Total Funds Available 42,352 Current Year to Percent FY2026 Expenditures Budget Month Date of Budget Balance Administrative Services $11,505 $0 10,395 90.4% 1,110 Postage $200 $32 132 65.8% 68 Travel, Training, Meetings $9,000 $8,153 8,153 90.6% 847 Contractual Services $8,000 $0 2,178 27.2% 5,822 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 $105 490 75.4% 160 Office Supplies $750 $0 0 0.0% 750 Total FY2026 Expenditures $42,352 $8,290 21,348 50.4% 21,004 Page 33  FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program (Preliminary and Subject to Change) UDAG CIP CIP FAME FAME SSBCI TOTAL Period Ending: 11/30/2025 271 272 274 277 279 Unrestricted Loans/Grants Restricted Unrestricted REDLP Beginning Balance 313,854 378,861 186,269 741,056 2,998 1,623,038 Additions th Date No Updated MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD Principal payments received 4,479 74,838 3,336 50,930 0 41,731 8,433 170,490 - 48,924 Interest payments received from loans 3,087 55,898 67 1,409 1,000 7,001 8,528 97,239 338 56,266 Interest Income 1,035 10,577 1,414 14,897 699 7,861 2,708 24,864 2 18,826 Other Income/Adjustments - - - - - Pass Through From FAME/SSCBI - - - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements - Expenses (122,762) (2,507) Disbursements - Loans/Grants Ending Cash Balance (Munis) 199,692 383,679 187,969 758,217 3,337 1,532,894 Less Reserves for: Loans Beautification Program (EC0301) Transfers not yet recorded (UDAG Int) (55,898) Adjusted Ending Cash Balance 143,794 383,679 187,969 758,217 3,337 1,476,996 Page 34  FY2025 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM (Preliminary and Subject to Change) Brownfield 1 Brownfield 2 (2016) Brownfield 3 Brownfield 10/1/2022 TOTAL 278 280 281 280 RLF Period Ending: 11/30/2025 Unrestricted Loans/Grants Restricted/Cleanup Restricted/Assessments Restricted/Cleanup Beginning Balance 593,314 11,096 18,140 4,391,597 5,014,147 Additions MTD YTD MTD YTD MTD YTD MTD YTD Principal payments received 1,818 23,996 0 24,954 - - Interest payments received from loans 1,272 7,266 0 15,307 - - Interest Income 2,224 18,956 43 5,057 - - Other Income/Adjustments - 11,332 - Pass Through From FAME/SSCBI/EPA - - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements -Other (18,156) Ending Cash Balance (Munis) 580,472 11,139 18,140 4,391,597 5,001,347 Less Reserves for: Reserve For Commitments (55,396) 0 (3,736,424) Fund 280 Reserve for Administration Adjusted Ending Cash Balance 525,076 11,139 18,140 655,173 1,209,528 Page 35  Portland Development Corporation Schedule of Loans Receivable For Month Ending November 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 $52,345 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $19,158 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $20,880 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $192,424 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $175,682 30681 Health Resonates 11/13/2025 11/1/2030 $125,000 $0 $125,000 $122,480 Sub-Total PBF (UDAG) $582,968 Portland Business Fund 272 (Restricted - CIP): 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $33,722 Sub-Total PBF (Bonds/CIP Restricted) Portland Micro Capital Fund 271 (UDAG/Unrestricted): 30250 Portland Trading Co. LLC 4/26/2013 8/1/2018 $15,000 $0 $15,000 $2,734 $2,734 Sub-Total Micro Capital Fund Portland Business Fund Fund 274 (CIP/Unrestricted): 30062 On Time Transportation 3/26/2018 4/1/2023 $10,000 $0 $10,000 $762 30070 Emerson, James (C19RR[Brick Trust]) 5/21/2021 6/1/2023 $10,000 $0 $10,000 $10,000 30075 Dos Naciones LLC 3/3/2021 3/1/2023 $5,000 $0 $5,000 $5,000 30316 Rankin WA, LLC 2/28/2022 2/1/2024 $5,000 $0 $5,000 $1,607 30400 AAA Rue Marchie, d/b/a Timber 3/28/2023 4/1/2028 $40,000 $0 $40,000 $33,085 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000 Sub-Total PBF (Bonds/CIP Unrestricted) $119,454 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 $46,657 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $10,640 30125 Zootility Co. 8/7/2019 9/1/2024 $150,000 $0 $150,000 $122,197 30416 Forefront Partners I, LP 5/31/2023 5/31/2033 $200,000 $0 $200,000 $164,584 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $244,710 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $36,364 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $121,904 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $197,384 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $167,033 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 $9,369 30071 Wynsum, LLC 11/5/2021 12/1/2026 $131,250 $0 $131,250 $118,845 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $150,028 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $221,567 30592 Yardie Ting 11/14/2024 12/1/2029 $45,000 $0 $45,000 $38,122 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $76,762 30655 Reo Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $99,355 30654 Coco Miyake LLC 9/18/2025 11/1/2030 $100,000 $0 $100,000 $99,355 30658 Eduardos Brazillian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,500 30656 Maine Foot and Ankle 9/25/2025 11/1/2035 $49,999 $0 $49,999 $49,999 Sub-Total FAME $0 $2,043,440 FAME GROW ME SSBCI 279 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,500 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000 $72,500 DOWNTOWN FUND 263: 30636 Another Round 8/22/2025 10/1/3030 $8,000 $0 $8,000 $8,000 Brownfields Loan Fund 278 and 280 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $188,725 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $298,059 Sub-Total Brownfields $486,784 Grand Total Loans $4,226,937 $0 $4,226,937 $3,349,601 Allowance for uncollectable loans at 15% $502,440 Total with Allowance for uncollectable loans: $2,847,161 Page 36