Portland Development Corporation

PORTLAND DEVELOPMENT CORPORATION Board Meeting DATE: Thursday, May 21, 2026 TIME: 4:00 PM LOCATION: This meeting will take place remotely. Please click below to join the webinar. https://portlandmaine- gov.zoom.us/j/85883360174?pwd=gcCQpIZK7dS5Vlpeirx6VphGVLcq3c.1 Passcode:131579 Phone one-tap: +16469313860,,85883360174# US +19292056099,,85883360174# US (New York) Webinar ID: 858 8336 0174 International numbers available: https://portlandmaine-gov.zoom.us/u/kejx7Z2mBN To submit written public comment on an agenda item, email edd@portlandmaine.gov. Submissions must be received by 12:00 pm the day before the Portland Development Corporation meeting to guarantee their inclusion in the agenda packet. All submissions must include the commenter's name and legal address. To help ensure your comment is submitted for the correct item, please include the name of the agenda item (see below). AGENDA 1. President's comments 2. Review and accept Meeting Minutes a. See Meeting Minutes from December 18, 2025 b. See Meeting Minutes from April 16, 2026 Page 1  Communication regarding budget modification for 89 Elm Street 3. Brownfields RFL loan. a. Memorandum regarding 89 Elm Street Brownfields budget modification. b. Exhibit 4 from executed loan agreement c. Amended Exhibit 4 proposed by Avesta Review and vote on Interest-free Storefront Loan Application for $20,000 4. from SPACE Gallery, 538 Congress Street. a. See attached Memorandum to the Board b. SPACE Gallery Storefront Loan Application c. SPACE Gallery Underwriting Analysis Review and vote on Business Continuity Loan Application for Sam's 5. Rideshare LLC, 219 Brackett 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. 6. Treasurer's Report - April 2026 a. Monthly Administrative Budget 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. 7. Staff verbal update 8. Other Items to be discussed/brought up by Board Directors 9. Next Regular Meeting Date: June 18, 2026 City of Portland Commissions are not required to take public comment under FOAA and our Ordinance is silent regarding the duties of the Commission. The Commission has the discretion to not allow or allow public comment during its meetings, including the authority to limit the duration of comments. Since the Commission makes recommendations to the City Council, public comment is available at that level. Page 2 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 Meeting Remote Zoom Meeting Held on December 18, 2025 ​ A remote meeting, via Zoom, of the Portland Development Corporation (PDC) Board of Directors was held at 4:00 p.m. on Thursday, December 18, 2025. Present from the Board of Directors were Board President Kierston Van Soest and Directors Jon Berg, Matthew Buonopane, Sam Dargan, Eamonn Dundon, Scott Kleiman, and Beverly Werber. Board Directors Councilor Ben Grant, Nathan Henry, Assistant City Manager Dena Libner, and Nikki Yanok could not be present. Present from City staff were Associate Corporation Counsel Avery Novak, Program Coordinator Kaela Gonzalez, Business Programs Manager Nancy Martin, Principal Administrative Officer Lori Paulette, and Housing and Economic Development Director Greg Watson. City underwriters Liam Benson and David McLaughlin were also present. Item #1: President’s comments. Board President Van Soest opened the meeting at approximately 4:00 p.m. and thanked everyone for their role in the Business Award Event held at Ocean Gateway in November. Item #2: Review and accept Minutes of November 19, 2025. ​ On a motion made by Ms. Werber and seconded by Mr. Dundon, the Board voted 4-0-3 (Mr. Buonopane, Mr. Dargan, and Mr. Kleiman abstained) to approve the meeting minutes for November 19, 2025. Item #3: Review and vote on Brownfields Grant Request of $285,750 from Youth and Family Outreach, 331 Cumberland Avenue. Ms. Martin introduced the grant request for $285,750 from Youth and Family Outreach to support environmental remediation for the redevelopment of 331-337 Cumberland Avenue. The funds will enable the construction of 60 units of family housing and a new building to expand Page 4  DRAFT childcare, tripling infant capacity and doubling toddler capacity. Camelia Babson-Haley and Laura Reading spoke to the Board regarding the history of Youth Family Outreach, the current project, and answered questions from the Board. On a motion made by Mr. Dargan and seconded by Ms. Werber, the Board voted 7-0 to approve the $285,750 Brownfields Grant to Youth and Family Outreach. Item #4: Update from Loan Criteria Evaluation and backup materials. This item was taken up after Item #5 and Item #6. Ms. Martin presented the proposed criteria for loan evaluation and sought feedback from the Board, which included removing quantification and scoring, serving as a discussion tool at this time, and removing specific language regarding City Council priorities. Item #5: Review and vote on Storefront Interest-free Loan Request for $20,000 from Bad Neighbors, 511 Congress Street. Ms. Martin introduced Dennis Gaines, owner of Bad Neighbors, who is seeking $20,000 for storefront improvements for a new vinyl listening bar opening across the street from Arcadia. Funds will be used primarily for exterior signage and painting the storefront area. The business anticipates creating between 18 and 20 new full-time positions, with bartenders and servers starting at $10-12/hour plus tips and kitchen staff starting at $20/hour plus tips. Benefits include paid time off and an IRA retirement plan. The Board heard from Ms. Martin and James Nash regarding Item #6 before moving into executive session. On a motion made by Mr. Dundon and seconded by Mr. Kleiman, the Board voted 7-0 to enter into executive session pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119-A, to Page 5  DRAFT review proprietary confidential information associated with this loan application and the loan request highlighted in Item #6 at approximately 4:33 p.m. The Board returned to public session at approximately 4:46 p.m. On a motion made by Mr. Dundon and seconded by Ms. Werber the Board voted 6-0-1 (Mr. Berg abstained) to approve the $20,000 Interest-free Storefront Loan to Bad Neighbors. Item #6: Review and vote on a new loan request for $35,000 from Nash & Co., 417 Congress Street. Ms. Martin introduced James Nash, owner of Nash & Co., who is seeking a $35,000 commercial loan for working capital to carry the business through the challenging winter months. Nash & Co. is a creative general store in the Arts District offering retail, workshops, and creative services. Mr. Nash answered questions regarding marketing efforts, use of funds, rent, and business background. On a motion by Ms. Werber and seconded by Mr. Berg, the Board voted 7-0 to approve the loan of $35,000 to Nash and Co., as recommended by staff, with an interest rate of 7.75%. Board President Van Soest left the meeting at approximately 4:50 p.m. and Ms. Werber facilitated the remainder of the meeting. Item #7: Treasurer’s Report- November 2025. ​ Ms. Paulette gave a brief overview of the Treasurer’s Report that was included in the meeting materials. Item #8: Staff verbal update. ​ Ms. Martin provided a verbal update to the Board. City staff will be seeking $500,000 in Brownfields Assessment funds to recapitalize the program. There are 5 applicants being Page 6  DRAFT reviewed by the Legislative and Nominating Committee for the open spot on the Board. The loan closed on Tony’s Donuts today, and the grand reopening is slated for January 3, 2026. Item #9: Other Items to be discussed/brought up by Board Directors. No further items were discussed. Item #10: Next regular meeting date: January 15, 2025. ​ There being no further business, on a motion made by Mr. Kleiman and seconded by Mr. Dargan, the Board voted 6-0 to adjourn at approximately 5:03 p.m. Respectfully, Kaela Gonzalez Page 7  DRAFT Minutes Portland Development Corporation Meeting Remote Zoom Meeting Held on April 16, 2026 A remote meeting, via Zoom, of the Portland Development Corporation (PDC) Board of Directors was held at 4:00 p.m. on Thursday, April 16, 2026. Present from the Board of Directors were Board President Kierston Van Soest and Directors Jonathan Berg, Councilor Ben Grant, Sam Dargan, Scott Kleiman, Assistant City Manager Dena Libner, Tuck O’Brien, and Beverly Werber. Board Directors Matthew Buonopane, Nathan Henry, and Nikki Yanok could not be present. Present from City staff were Associate Corporation Counsel Avery Novak, Program Coordinator Kaela Gonzalez, Business Programs Manager Nancy Martin, and Principal Administrative Officer Lori Paulette. City underwriter Liam Benson was also present. Item #1: President’s comments. Board President Van Soest opened the meeting at approximately 4:00 p.m. and commented that the two interest-free storefront loans to be considered are encouraging. Item #2: Review and accept Minutes of March 19, 2026. On a motion by Ms. Werber and seconded by Mr. Dargan, the Board voted 7-0 to approve the meeting minutes of March 19, 2026. Item #3: Review and vote to use $25,800 in Brownfields Post Closeout Program Income to support soil pre-characterization at the Woodbury Project site. Ms. Martin presented the request, explaining that the funds are needed for soil sampling at the Woodbury project site. The $25,800 will be used to cover the difference in costs not fully covered by GPCOG assessment money. A key benefit of using program income is the elimination of the 30-day regulatory review period, which enables cleanup to start sooner (late spring or early summer). 1 Page 8  DRAFT On a motion made by Mr. Berg and seconded by Mr. O’Brien, the Board voted 7-0 to approve the $25,800 Brownfields Post Closeout Program Income (PCPI) to CHOM. Item #4: Review and vote on an interest-free storefront loan application for $20,000 and a commercial loan request for $50,000 from Feast Ephemera, LLC, 122 Washington Avenue. Ms. Martin provided a quick review of the request from Feast Ephemera, LLC, and introduced one of the owners, William Emery, to the Board. The request is for a combined $20,000 interest-free storefront loan (for facade and signage) and a $50,000 working capital loan for startup costs. The business is expected to create 12 new jobs. William Emery presented his new dual-concept hospitality business to the Board. On a motion made by Mr. Dargan and seconded by Mr. Berg, the Board voted 8-0 to approve the $50,000 commercial loan at 7.75% interest rate, and the $20,000 interest-free storefront loan to Feast Ephemera, LLC. Item #5: Review and vote on interest-free storefront loan request for $15,000 from Bub’s Home Kitchen, 28 Monument Square. Ms. Martin queued the next storefront loan request of $15,000 from Bub’s Home Kitchen and the Board heard from owner James Shaffer. The request was for a $15,000 interest-free storefront loan to purchase and build a 24-seat outdoor dining area. Mr. Shaffer operates Bub's Home Kitchen out of the Portland Public Market in Monument Square, specializing in homestyle shelf-stable and "take and make" foods. The outdoor dining will create a continuous stretch of dining spaces from Shay's down to the public market. The seating is intended to be a shared, open space for all market vendors and the public. Mr. Shaffer is also putting together a farmers' 2 Page 9  DRAFT market in Monument Square for the first Fridays of the month, with the goal of making it a weekly event. On a motion made by Mr. Dargan and seconded by Mr. Berg, the Board voted 8-0 (Mr. Kleiman joined after Item #2 and #3 were taken up) 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 and the loan request highlighted in Item #4 at approximately 4:28 p.m. The Board returned to public session at approximately 4:43 p.m. On a motion made by Mr. O’Brien and seconded by Mr. Dargan, the Board voted 8-0 to approve the $15,000 interest-free storefront loan to Bub’s Home Kitchen. Item #6: Treasurer’s Report- March 2026. ​ The delinquency report was discussed in executive session, and Ms. Paulette stated that she will add the downtown TIF fund to the cash management report next month. Item #7: Other Items to be discussed/brought up by Board Directors. Ms. Martin provided an update on public engagement regarding four city-owned parcels referred to as "Midtown", and directed members to portlandmaine.gov/midtown for the survey and noted an upcoming public engagement session on April 29th. Mr. Kleiman suggested adding a discussion item to a future meeting agenda about how PDC programming could augment or help accelerate business activity around the launch of the new Waterfront Park. ​ Item #8: Next regular meeting date: May 21, 2026. ​ There being no further business, on a motion made by Mr. Grant and seconded by Mr. Dargan, the Board voted 8-0 to adjourn at approximately 4:52 p.m. 3 Page 10  DRAFT Respectfully, Kaela Gonzalez 4 Page 11 City of Portland | Housing and Economic Development Department Mary Davis, Acting Deputy Director ​ PUBLIC MEMORANDUM TO:​ ​ President Kierston Van Soest and PDC Board Members FROM:​ Nancy Martin, Business Programs Manager CC:​ ​ Mary Davis, Acting Deputy Director, HEDD; Avery Novak, Associate Corporation Counsel DATE:​​ May 21, 2026 RE:​ ​ Communication re: 89 Elm Street Brownfields Loan Overview: In July 2024, Avesta successfully applied to the Portland Development Corporation for a Brownfields subgrant of $500,000 and loan of $2,136,424 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 has been fully reimbursed to Avesta. At the July 2025 meeting of the Portland Development Corporation, the Board approved a loan modification request to include a non-recourse clause. Currently, all remediation work has been completed and Avesta is preparing its Brownfields loan drawdown package. The amount of soil that had to be managed and disposed of off-site is much greater than what was originally expected. The developer states that the entirety of the Brownfields RLF loan could be covered by eligible soil disposal activities alone, as opposed to the variety of tasks that had been originally budgeted for, which are listed in Exhibit 4 of the executed loan agreement. This communication is to inform the Portland Development Corporation that Avesta has requested a budget modification for the Brownfields loan, and that staff (Nancy Martin) will process the necessary documentation for this administrative update. Attachments: 1.​ Exhibit 4 from executed loan agreement 2.​ Amended Exhibit 4 proposed by Avesta 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 1 Page 12 Page 13  Exhibit 4 (Amended) Brownfield Loan Project Budget Additional Loan Cleanup Project Tasks: 1. Qualified Environmental Professional (QEP) Services (TRC) – $61,700.34 2. Engineered Cover Systems (Structural Soil System) – $952,737 3. Soil Management and/or Disposal Costs – $1,116,224.57 4. Reimbursed Sub-grant Overage Costs – $5,762.09 Brownfield Loan Project Budget Total: $2,136,424 Page 14 City of Portland | Housing and Economic Development Department Mary Davis, Acting Deputy Director ​ ​ MEMORANDUM TO:​ ​ President Kierston Van Soest and PDC Board Members FROM​​ Nancy L. Martin, Business Programs Manager CC:​ ​ Mary Davis, Housing and Economic Development Department DATE:​​ May 21, 2026 RE:​ ​ Interest-free Storefront Loan Application for $20,000 from SPACE Gallery, 538 Congress Street OVERVIEW SPACE Gallery, a local nonprofit, is seeking a $20,000 storefront loan to improve their storefront. They will use this loan to repaint the window trim on their storefront, as well as make lighting and signage upgrades. This project aligns with City’s goals to revitalize downtown Portland and strengthen activation of Congress Street and the Arts District. BUDGET AND BACKGROUND Applicant Profile: SPACE Gallery is a 501(c)(3) nonprofit art center founded in 2002 with a 23-year track record of continuous operation. It has 21 employees and its executive director is Kelsey Halliday Johnson. Loan Request: The requested amount is $20,000, proposed at 0% interest with a 5-year term and 5-year amortization. Project Scope: Funding will be utilized for repainting window trim and making essential lighting and signage upgrades to the Congress Street storefront. Security: The City will maintain a security interest in all business assets as collateral. FINANCIAL CAPACITY AND CONSIDERATIONS SPACE Gallery maintains a solid financial position characterized by strong capitalization and consistent operational history. See attached underwriting analysis for more details. PUBLIC BENEFIT Community Impact: The gallery welcomes 25,000 to 35,000 visitors annually and provides statewide grants to Maine artists. Downtown Activation: The project aligns with the City’s goals to improve the Congress Street streetscape. 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 1 Page 15 Risk Assessment: This is identified as a low-to-moderate risk request due to the borrower's strong balance sheet and long-term history of success. RECOMMENDATION Staff (Nancy Martin) and Underwriter (David McLaughlin) recommend the Board approval of this $20,000 interest-free storefront improvement loan request. The applicant demonstrates significant stability and a clear alignment with City goals. ATTACHMENT ●​ Underwriting Analysis ●​ Storefront Loan Application 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 2 Page 16 Commercial Loan Application - City of Portland The City's Revolving Loan Program (RLP) provides commercial loans to Portland businesses to facilitate economic growth and job creation. Loans are made to startups and existing businesses, and may range from as little as $10,000 to as much as $250,000. Businesses are encouraged to establish relationships with banks/credit unions, and to access the conventional financing they offer whenever possible. The City's RLP is intended to assist when there's a financing gap or when businesses are not yet able to access conventional financing. Funds from the City's RLP can help to finance a wide range of activities. Fixed interest rates are generally a point or two above the rates offered by the banking community, and are determined by the Portland Development Corporation, the City's lending and granting board. All City loans charge an origination fee of 1%. (This can be paid directly to the City, or deducted from the loan proceeds) If borrowers cannot pay interest for religious or other reasons, then they can pay a flat monthly fee instead. To use this application, you must have a Google account. If you do not have a Google account, please call 207-756-8019 for assistance. Email * director@space538.org 1 Page 17 Interest-free loans of up to $20,000 are available to property owners and leaseholders in the * Downtown TOD TIF District (visible on this map) to finance upgrades to existing commercial properties with visible storefronts. The goal of this new loan product is to help recruit and retain quality businesses, and to promote activation of the streetscape. These investments will support neighborhood safety through improved environmental design and infrastructure investments such as lighting and entryway improvements, encourage accessibility, and spur upgrades to commercial properties. Yes, I would like to apply for the interest-free storefront upgrade loan No thanks, I would like to apply for the standard commercial loan Interest-free loans of up to $10,000 through the City of Portland’s Business Continuity Loan * Program provides financial incentives to Portland businesses for the purposes of addressing specific economic disruptions. Business can use this loan to pay for expenses like rent, payroll, and utilities to ensure operational continuity during economic disruptions. The City has budgeted funds to support these loans for eligible businesses city-wide in Portland, Maine. The maximum loan amount is $10,000 over a 5-year term. Applicants will need to review the program guidelines and complete an economic disruption worksheet (link). Yes, I would like to apply for the interest-free business continuity loan No thanks, I would like to apply for the standard commercial loan Explain reason for seeking City loan (project scope): * We would like to repaint the window trim on our storefront, make lighting and signage upgrades. We have selected and have a quote from a painting contractor, which would be the largest expense from the loan. 2 Page 18 Amount of Loan Requested ($): * 20,000 Demographic Information Race American Indian or Alaska Native Asian Black or African American Native Hawaiian or Other Pacific Islander White Hispanic, Latino, or of Spanish origin Yes No What is your preferred language? English Business Information 3 Page 19 Email address: * director@space538.org Legal Business Name: * SPACE Gallery Doing Business As (DBA) if different from Legal Name: SPACE Business Address (must be in Portland, Maine) * 534-538 Congress Street Zip Code * 04101 Business Phone: 2078285600 Business Owner(s) Name: Kelsey Halliday Johnson, Executive Director 4 Page 20 Cell Phone: * 609-220-7046 Business Type: Arts Business Business Service Childcare Events/Tourism Hospitality (Lodging) Fishery Related Business Food manufacturing/Production Other Manufacturing/Production Nonprofit Restaurant/Cafe/Bar Retail Vehicle Repair Other: Arts Business & Nonprofit Please describe your business * Interdisciplinary art center, gallery, event venue, grants and resources for artists, and below-market artist studios. 5 Page 21 Is your business operating in a commercial space? * Yes No If you answered "no" to the question above, please explain. If you answered "yes" above, how much time remains on your lease? 1 year 2-3 years 4-5 Years More than 5 years Not applicable If you answered "yes", is there an option to renew your lease? Yes No Not applicable 6 Page 22 Business Structure: * Corporation Limited Partnership Sole Prorietorship Limited Liability Co. General Partnership Other: Corporation/ 501c3 Date your business first opened or is planning to open * MM DD YYYY 08 / 02 / 2002 Taxpayer ID (EIN): 51-0432635 How many employees do you currently have? * 21 How many additional jobs will be created as a result of this requested loan? * contractor labor 7 Page 23 What benefits do you offer your employees, if any? Select all that apply. * Health insurance Paid time off Paid sick time None Please describe any community and/or charitable activities in which your business engages. We welcome between 25 and 35,000 visitors and event attendees a year for public programs, gallery hours, peer nonprofit community programs, educational class visits, and more. We offer up to $7000 project grants for artists throughout the state of Maine through the Kindling Fund and the Sonic Visions Fund, and want to be a bedrock resource for a stronger creative economy. Business Banking Information Name of Bank: Bangor Savings Bank Loan Officer (if have one): Dale Weichenbach oversees our Mortgage at Bangor Savings Bank Loan Officer Telephone Number: 8 Page 24  Name of Accountant (if have one): We work with PGM Accounting for our 990 preparation. Name of Attorney (if have one): Anthony Moffa, Maine Law professor is on our board Sources of Loan Proceeds($) Please enter the amount received by each applicable entity: City of Portland Loan Request ($) * 20000 Bank Loan if applicable ($) 0 Applicant Equity/Investment($) 13,500 Other ($) 9 Page 25  TOTAL: * 33500 Use of Loan Proceeds ($) Please enter the amount to be used in each applicable category: Land and Building ($) Renovations/Fit-up ($) 19000 Machinery and Equipment ($) Permanent Working Capital ($) (e.g., salary, rent, utilities, inventory) Architectural/Engineering ($) 13500 10 Page 26 Other ($) 1000 TOTAL ($) * 20000 Business Issues Does the business or business owner owe any outstanding property taxes, fees, or liens to the * City of Portland? If yes, please explain: No Does the business or business owner have any outstanding liens? * No Does the business have any balances owed on invoices that are 30 or more days overdue? * No Is the business or business owner involved in any pending lawsuits? If yes, please explain: * No 11 Page 27  Has business or business owner ever been involved in bankruptcy or insolvency proceedings? If * yes, please explain: No Businesses are encouraged to establish relationships with banks/credit unions to access the * conventional financing they offer whenever possible. Did you do this and if so, what was the result? We are still paying back our mortgage and are not available for more loans as a nonprofit. Required Attachments for Existing Businesses Any requested documents that are not provided will prevent an application from being processed until it is complete. If documents are left out, the applicant will be contacted and asked to email those documents to the City staff who are administering the program. Please attach: Complete 2025 business federal tax return. Add file Please attach: Complete 2024 business federal tax return SPACE gallery 99… Add file 12 Page 28 Please attach: Complete 2023 business federal tax return SPACEGallery_99… Add file Please attach: Current Balance Sheet (within 90 days) SPACE_BalanceS… Add file Please attach: Current Profit & Loss (within 90 days) Board Report Fin… Add file Please attach: Signed commercial lease noting monthly or annual rent, marine berthing, or commercial mortgage payment. Screenshot 2026… Add file 13 Page 29 Please attach: Current personal financial statement (PFS) from each owner of the business with 20% ownership or greater. If applicant does not have a current personal financial statement, a personal financial statement form can be found here. Add file Required attachments for Startup Businesses Please attach: 2025 complete personal tax return Add file Please attach: 2024 complete personal tax return Add file Please attach: 2023 complete personal tax return Add file Please attach: Business Plan (For help with creating a business plan, click here.) Add file Please attach: One year projected Cash Flow (month to month) Add file 14 Page 30  Please attach: One year projected Profit and Loss Statement Add file Please attach: Start up Balance Sheet Add file Please attach: Signed commercial lease (noting monthly or annual rent, marine berthing, or commercial mortgage payment). Add file Please attach: Current personal financial statement (PFS) from each owner of the business with 20% ownership or greater. If applicant doesn't have a PFS, a personal financial statement form can be found here. Add file Certification and Signature Certification, Credit Authorization, and Confidentiality of Records To the best of my knowledge, the above information is accurate, and I (we) understand that any false or misleading information I (we) provide may lead to my (our) disqualification form this program. I (we) authorize the City of Portland and/or Portland Development Corporation to make whatever credit inquiries it deems necessary to verify the accuracy of the information provided in connection with the review of this loan application. I (we) hereby request that information provided by me (us) and developed by the City of Portland and/or the Portland Development Corporation, or its staff or agents, with respect to this application for financial assistance be designated confidential and not open for public inspection, pursuant to 5 M.R.S.A. Section 13119 et sq. 15 Page 31 Certain records of the City of Portland and/or the Portland Development Corporation are designated CONFIDENTIAL AND WILL NOT BE MADE AVAILABLE FOR PUBLIC INSPECTION. This includes the disclosure of tax or financial information; assessment of creditworthiness or financial condition; records obtained by the City of Portland and/or the Portland Development Corporation in connection with the monitoring or servicing of an existing project; proprietary information; and, information regarding the financial status of the application. I understand that an electronic signature has the same legal effect and can be enforced in the * same way as a written signature. Please type your name below as an electronic signature if you agree. Kelsey Halliday Johnson Title of Signatory: Executive Director, SPACE Gallery This form was created inside of City of Portland. Forms 16 Page 32  PORTLAND DEVELOPMENT CORPORATION LOAN REQUEST DAVID MCLAUGHLIN, UNDERWRITER May 9, 2026 APPLICANT/BORROWER: Space Gallery APPLICANT’S ADDRESS: 538 Congress St., Portland, Maine 04101 LOAN REQUEST: $20,000 INTEREST RATE: 0% TERM: 5 year term and 5 year amortization PURPOSE: An interest free storefront loan to make property improvements. OVERVIEW: Space Gallery is an art center that promotes the arts and humanities through advocacy, programing, commissioning, statewide grant making, resource-sharing and community collaboration. It was founded in 2002. They curate art exhibits, showcase music, present film screenings, facilitates lectures and discussions, rent space to artists at below market cost, oversee a statewide granting program, engage the public in community events and open forums as some of their services. Of the 2025 revenues, 47% came from events, 39% from giving and 11% from rental income. They have a well done website (space538.org) that has links to well done annual reports and a strategic plan. FINANCIAL OVERVIEW: The provided financial information included the 2023 - 2024 Federal tax returns and the management prepared income and expense statement for Jan/Feb 2026. The major pertinent findings are as follows: Income & Expenses: (000) omitted 2023 2024 2025 Revenues $580 493 1,168 Net 68 12 (30) EBIDTA 148 98 39 1 Page 33  Debt Service 80 80 80 Excess 68 18 (41) 12/30/2024 Balance Sheet: Working Capital - $127k Total Debt - $729k Equity - 776k Debt/equity. - .94 -​ The trend is positive with an accrued net of $50k over the past three fiscal years with the best year the most recent in 2025. -​ The organization is well capitalized and not leveraged with $776k in net assets and a .94 debt/worth ratio. They have sustained operations for 23 years and are well positioned today. -​ Working capital is strong at $127k as of 12/30/24 and is adequate. Current liabilities are less than $1k. -​ Business debt service coverage is strong at 1.8 in 2025. The only debt is the commercial mortgage. COLLATERAL: A security interest in all business assets. No value is given for collateral purposes. If the term were to exceed five years, a junior mortgage on the commercial real estate would have been recommended. -​ CONDITIONS: Acceptable review of current balance sheet STRENGTHS / WEAKNESSES: -​ Good trend -​ In operations for 23 years and well positioned today. -​ Adequate debt service coverage of 1.8 in 2025. -​ Adequate working capital and capitalization -​ The local arts community continues to expand - -​ None significantly noted RECOMMENDATION : I recommend approval based on the above noted strengths. I view this as low to moderate risk given the long term history of success and being in a relatively strong balance sheet position. 2 Page 34  Portland Development Corporation Preliminary Draft Operating Report FY2026 For Month Ending 4/30/2026 Operating transfer from EDF 42,352 ------------ Total Funds Available 42,352 Current Year to Percent FY2026 Expenditures Budget Month Date of Budget Balance Administrative Services $11,505 $35 10,556 91.8% 949 Postage $200 171 85.5% 29 Travel, Training, Meetings $9,000 8,294 92.2% 706 Contractual Services $8,000 $390 5,168 64.6% 2,832 Operating Transfer to Fin. $9,647 0 0.0% 9,647 Advertising $2,500 0 0.0% 2,500 Auto Expense Reimb. $100 0 0.0% 100 Printing & Binding $650 490 75.4% 160 Office Supplies $750 $214 316 42.1% 434 Total FY2026 Expenditures $42,352 $639 24,995 59.0% 17,357 Page 35  FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program (Preliminary and Subject to Change) UDAG CIP CIP FAME FAME SSBCI TOTAL Period Ending: 04/30/2026 271 272 274 277 279 263 Unrestricted Loans/Grants Restricted Unrestricted REDLP Beginning Balance 234,294 397,120 193,318 725,715 14,370 222,000 1,786,818 Additions th Date No Updated MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD Principal payments received 7,437 49,895 3,364 31,286 812 11,745 54,349 164,502 - 23,022 - - Interest payments received from loans 1,355 29,873 39 633 188 3,282 9,263 57,511 148 24,052 - - Interest Income 5,004 7,608 4,163 15,775 8,570 - Other Income/Adjustments - - - 3,431 (3,431) - Pass Through From FAME/SSCBI - - - - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements - Expenses (97,938) Disbursements - Loans/Grants Ending Cash Balance (Munis) 243,086 400,523 194,318 691,390 14,517 1,543,835 Less Reserves for: Loans Beautification Program (EC0301) Transfers not yet recorded (UDAG Int) Adjusted Ending Cash Balance 243,086 400,523 194,318 691,390 14,517 222,000 1,765,835 Page 36  FY2026 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM (Preliminary and Subject to Change) Brownfield 1 Brownfield 3 Brownfield 10/1/2022 TOTAL Period Ending: 04/30/2026 278 281 280 RLF Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup Beginning Balance 575,421 4,732 4,368,797 4,948,950 Additions MTD YTD MTD YTD MTD YTD Principal payments received 1,842 17,542 - - Interest payments received from loans 1,248 13,354 - - Interest Income 10,373 - - Other Income/Adjustments - - - Pass Through From FAME/SSCBI/EPA - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements -Other Ending Cash Balance (Munis) 578,511 4,732 4,368,797 4,952,040 Less Reserves for: Reserve For Commitments (30,137) (4,237,184) Fund 280 Reserve for Administration Adjusted Ending Cash Balance 548,374 4,732 131,613 684,719 Page 37  Portland Development Corporation Schedule of Loans Receivable For Month Ending April 30, 2026 ----Committed/Disbursed Funds----- Date Maturity Original Not Yet Total Outstanding Case ID Account No. & Name of Loan Date Loan Disb. Disb . Princ. Bal. --------------------------- ---------- ---------- ----------- ------- -------- ------------ Portland Business Fund 271 (UDAG/Unrestricted): 30124 Rosemont Market, Inc. 8/8/2019 9/1/2029 $150,000 0 $150,000 $44,694 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $13,942 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $17,740 30423 Longfellow Property, LLC 6/26/2023 7/1/2030 $200,000 $0 $200,000 $192,424 30514 Longfellow Property, LLC 5/6/2024 7/1/2031 $182,688 $0 $182,688 $175,363 30681 Health Resonates 11/13/2025 11/1/2030 $125,000 $0 $125,000 $113,725 Sub-Total PBF (UDAG) $557,887 Portland Business Fund 272 (Restricted - CIP): 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $16,931 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 $2,105 $2,105 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 $794 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 $1,330 30400 AAA Rue Marchie, d/b/a Timber 3/28/2023 4/1/2028 $40,000 $0 $40,000 $30,611 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000 Sub-Total PBF (Bonds/CIP Unrestricted) $116,735 FAME Fund 277: 30198 Auto-Care, LLC 2/5/2016 3/1/2021 $32,500 $0 $32,500 $18,667 30061 Forefront Brick South, LLC 11/18/2016 12/1/2026 $250,000 $0 $250,000 $38,797 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $8,540 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 $157,005 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $242,249 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $34,113 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $108,730 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $195,672 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $163,265 30086 Driscoll Child Dev. Center 5/5/2021 6/1/2026 $60,000 $0 $60,000 $25,578 30085 Flores Restaurant LLC 6/9/2021 7/1/2026 $38,000 $0 $38,000 $6,020 30071 Wynsum, LLC 11/5/2021 12/1/2026 $131,250 $0 $131,250 $117,352 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $146,511 30527 Another Round 6/5/2024 8/1/2029 $225,000 $0 $225,000 $220,529 30592 Yardie Ting 11/14/2024 12/1/2029 $45,000 $0 $45,000 $36,302 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $74,643 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 $22,236 30686 Nash & Co. 1/30/2026 3/1/2031 $35,000 $0 $35,000 $34,038 30656 Maine Foot and Ankle 9/25/2025 11/1/2035 $49,999 $0 $49,999 $49,999 30683 Bachelder Holdings, LLC 12/18/2025 2/1/2033 $85,000 $0 $85,000 $82,566 Sub-Total FAME $2,103,720 FAME GROW ME SSBCI 279 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,236 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000 $72,236 DOWNTOWN FUND 263: 30636 Another Round 8/22/2025 10/1/3030 $8,000 $0 $8,000 $6,733 Brownfields Loan Fund 278 and 280 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $185,378 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $292,223 Sub-Total Brownfields $477,600 Grand Total Loans $4,346,937 $0 $4,346,937 $3,353,947 Allowance for uncollectable loans at 15% $503,092 Total with Allowance for uncollectable loans: $2,850,855 Page 38