Portland Development Corporation

PORTLAND DEVELOPMENT CORPORATION Board Meeting DATE: Thursday, July 16, 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 Minutes of May 21, 2026 meeting a. See attached Draft Meeting Minutes from May 21, 2026 Review and vote on commercial loan request for $125,000 from Spurling 3. Holdings LLC, 772 Congress Street. Page 1  a. Note: Pursuant to 1 M.R.S.A. 405(6)(F) and 5 M.R.S.A. 13119—A, the Board may go into executive session to review proprietary confidential information associated with this loan application. 4. Treasurer's Report - June 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. 5. Staff verbal update 6. Other Items to be discussed/brought up by Board Directors 7. Next Regular Meeting Date: August 20, 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  DRAFT Minutes Portland Development Corporation Meeting Remote Zoom Meeting Held on May 21, 2026 ​ A remote meeting, via Zoom, of the Portland Development Corporation (PDC) Board of Directors was held at 4:00 p.m. on Thursday, May 21, 2026. Present from the Board of Directors were Board President Kierston Van Soest and Directors Jonathan Berg, Matthew Buonopane, Councilor Ben Grant, Nathan Henry, Scott Kleiman, and Tuck O’Brien. Board Directors Sam Dargan, Assistant City Manager Dena Libner, Beverly Werber, 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 David McLaughlin was also present. Item #1: President’s comments. Board President Van Soest opened the meeting at approximately 4:00 p.m. Item #2: Review and accept Minutes of December 18, 2025 and April 16, 2026 On a motion by Mr. Berg and seconded by Mr. O’Brien, the Board voted 4-0-2 (Mr. Buonopane and Mr. Henry abstained) to approve the meeting minutes of April 16, 2026. Mr. Kleiman was not present for this vote. On a motion by Mr. Buonopane and seconded by Mr. Berg, the Board voted 4-0-3 (Councilor Grant, Mr. Henry, and Mr. O’Brien abstained) to approve the meeting minutes of December 18, 2025. Item #3: Communication regarding budget modification for 89 Elm Street Brownfields RFL loan. Ms. Martin informed the Board of an administrative change to the Brownfields loan for 89 Elm Street, switching the eligible activity from engineered cover systems and concrete 1 Page 3  DRAFT sidewalks to soil disposal. This change is permissible under the Brownfist program and will streamline the reimbursement process. Item #4: Review and vote on Interest-free Storefront Loan Application for $20,000 from SPACE Gallery, 538 Congress Street. Ms. Martin presented the application for the $20,000 interest-free loan for the non-profit SPACE Gallery. Executive Director Kelsey Halliday Johnson detailed plans to use the funds primarily for a fresh coat of paint on trim and windows, as well as new signage and lighting to improve staff and public safety on Congress Street. Discussion included future aspirations for a significant faḉade project to remove the current entry inlets to improve visibility and address issues with people sleeping in the entryways. On a motion made by Mr. Henry and seconded by Mr. Kleiman, the Board voted 7-0 to approve the $20,000 interest-free storefront loan to SPACE Gallery. Item #5: Review and vote on Business Continuity Loan Application for Sam's Rideshare LLC, 219 Brackett Street. Ms. Martin introduced the first application for the new loan program, which was designed to assist Portland businesses recovering from challenges such as decreased tourism, weather events, and tariffs. Applicant Sam Rafferty requested approximately $9,000 to refinance existing business debt, citing decreased revenue due to Canadian tariffs. On a motion made by Mr. Berg and seconded by Mr. O’Brien, 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 review proprietary confidential information associated with this loan application at approximately 4:23 p.m. The Board returned to public session at approximately 4:46 p.m. 2 Page 4  DRAFT On a motion made by Mr. Henry and seconded by Mr. Berg, the Board voted 0-7 to decline the request for a Business Continuity Loan for Sam’s Rideshare LLC, as the Board concluded it did not meet the criteria of the program guidelines. Item #6: Treasurer’s Report- April 2026. ​ The delinquency report was discussed in executive session, and Ms. Paulette reported 42 loans on the scheduled loans receivable (over $4 million) and noted $1.7 million in available non-Brownfields cash management funds. Item #7: Other Items to be discussed/brought up by Board Directors. Ms. Martin announced a free Brownfields workshop on May 28th and 29th to discuss Portland's Brownfields strategy and challenges in securing post-Bipartisan Infrastructure Law (BIL) funding, and mentioned the Build Maine conference on June 2nd and 3rd. Downtown Activation work is ongoing, with 14 installations of artwork in vacant storefront windows in the Downtown Pedestrian Activities District. A discussion was held regarding how to improve outreach for the loan programs. Councilor Grant suggested leveraging downtown ambassadors to hand out flyers to businesses, an idea Ms. Martin agreed to follow up on. ​ Item #8: Next regular meeting date: June 18, 2026. ​ There being no further business, on a motion made by Mr. Kleiman and seconded by Mr. Henry, the Board voted 7-0 to adjourn at approximately 4:56 p.m. Respectfully, Kaela Gonzalez 3 Page 5  Portland Development Corporation Preliminary Draft Operating Report FY2026 For Month Ending 6/30/2026 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 $47 10,603 92.2% 902 Postage $200 171 85.5% 29 Travel, Training, Meetings $9,000 8,294 92.2% 706 Contractual Services $8,000 $2,145 7,313 91.4% 687 Operating Transfer to Fin. $9,647 $9,647 9,647 100.0% 0 Advertising $2,500 0 0.0% 2,500 Auto Expense Reimb. $100 0 0.0% 100 Printing & Binding $650 $46 536 82.5% 114 Office Supplies $750 316 42.1% 434 Total FY2026 Expenditures $42,352 $11,886 36,881 87.1% 5,471 Page 6  FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program (Preliminary and Subject to Change) UDAG CIP CIP FAME FAME SSBCI TOTAL Period Ending: 06/30/2026 271 272 274 277 279 263 Unrestricted Loans/Grants Restricted Unrestricted REDLP Beginning Balance 253,427 405,657 196,160 666,221 15,377 250,000 0 1,786,841 Additions th Date No Updated MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD Principal payments received 3,007 58,052 3,375 38,031 821 13,383 6,060 181,174 306 23,468 - Interest payments received from loans 6,190 40,227 28 695 179 3,644 6,750 74,375 490 25,198 - Interest Income 6,031 9,338 5,005 18,817 8,632 - Other Income/Adjustments - - - 3,431 (3,431) - Pass Through From FAME/SSCBI - - - - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements - Expenses (49,149) (28,000) Disbursements - Loans/Grants AP CHK Ending Cash Balance (Munis) 262,624 409,060 197,160 629,881 16,173 222,000 1,736,899 Less Reserves for: Loans Beautification Program (EC0301) Transfers not yet recorded (UDAG Int) Adjusted Ending Cash Balance 262,624 409,060 197,160 629,881 16,173 222,000 1,736,899 Page 7  FY2026 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM (Preliminary and Subject to Change) Brownfield 1 Brownfield 3 Brownfield 10/1/2022 TOTAL Period Ending: 06/30/2026 278 281 280 RLF Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup Beginning Balance 585,166 4,732 4,368,797 4,958,695 Additions MTD YTD MTD YTD MTD YTD Principal payments received 1,178 21,626 - - Interest payments received from loans 852 15,450 - - Interest Income 12,879 - - Other Income/Adjustments - - - Pass Through From FAME/SSCBI/EPA - - - Deductions FAME Annual Admin. Fee; Invoices 89 Elm Street Disbursements -Other (2,136,424) Ending Cash Balance (Munis) 587,196 4,732 2,232,373 2,824,301 Less Reserves for: Reserve For Commitments 0 (1,740,760) Fund 280 Reserve for Administration Adjusted Ending Cash Balance 587,196 4,732 491,613 1,083,541 Page 8  Portland Development Corporation Schedule of Loans Receivable For Month Ending June 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 $41,962 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $10,800 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $15,638 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 $175,107 30681 Health Resonates 11/13/2025 11/1/2030 $125,000 $0 $125,000 $110,144 Sub-Total PBF (UDAG) $546,074 Portland Business Fund 272 (Restricted - CIP): 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $10,175 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 $1,955 $1,955 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 $600 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 $29,790 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000 Sub-Total PBF (Bonds/CIP Unrestricted) $115,720 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 $0 30127 Gallery Acquisition Co. Inc. 5/16/2019 6/1/2026 $75,000 $0 $75,000 $5,385 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 $153,911 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $241,827 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $33,339 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $103,322 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $194,971 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $162,633 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 $116,215 30068 688 Forest Ave., LLC 12/21/2021 1/1/2027 $168,000 $0 $168,000 $145,540 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 $21,621 30686 Nash & Co. 1/30/2026 3/1/2031 $35,000 $0 $35,000 $33,552 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 $79,657 30709 Bad Neighbors LLC 5/6/2026 7/1/2031 $100,000 $0 $100,000 $98,630 Sub-Total FAME $2,143,148 FAME GROW ME SSBCI 279 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,621 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000 $72,621 DOWNTOWN FUND 263: 30636 Another Round 8/22/2025 10/1/3030 $8,000 $0 $8,000 $6,733 30710 Bad Neighbors LLC 4/24/2026 7/1/2031 $20,000 $0 $20,000 $19,667 Brownfields Loan Fund 278 and 280 30515 Forefront Partners I, LP/Fund 280 5/31/2023 4/30/2033 $200,000 $0 $200,000 $184,027 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $289,864 Sub-Total Brownfields $473,891 Grand Total Loans $4,466,937 $0 $4,466,937 $3,389,985 Allowance for uncollectable loans at 15% $508,498 Total with Allowance for uncollectable loans: $2,881,487 Page 9