Portland Development Corporation

PORTLAND DEVELOPMENT CORPORATION Board Meeting DATE: Thursday, April 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 March 19, 2026 meeting a. See attached Meeting Minutes for March 19, 2026 Page 1  Review and vote on request to use $25,800 in Brownfields Post Closeout 3. Program Income to support soil pre-charaterization at the Woodbury Project site. a. See attached Memorandum b. See Task Order from TRC Review and vote on Interest-free Storefront Loan Application for $20,000 4. and Commercial Loan Application for $50,000 from Feast Ephemera, LLC, 122 Washington Avenue. 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 Interest-free Storefront Loan Application for $15,000 5. from Bub's Home Kitchen, 28 Monument Square. 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 - March 2026 a. Monthly Administrative Report b. Cash Management Report c. Schedule of Loans Receivable - report added 4/14/2026 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. Other Items to be discussed/brought up by Board Directors 8. Next Regular Meeting Date: May 21, 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 March 19, 2026 ​ A remote meeting, via Zoom, of the Portland Development Corporation (PDC) Board of Directors was held at 4:00 p.m. on Thursday, March 19, 2026. Present from the Board of Directors were Board President Kierston Van Soest and Directors Jon Berg, Sam Dargan, Nathan Henry, Councilor Ben Grant, Tuck O’Brien, Beverly Werber, and Nikki Yanok. Board Directors Matthew Buonopane, Scott Kleiman, and Assistant City Manager Dena Libner 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 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 welcomed Tuck O’Brien to the Board. Item #2: Review and accept Minutes of December 18, 2025. ​ This item was deferred until the next meeting. Item #3: Review and vote on Brownfields Grant Request of $215,000 from Community Housing of Maine, 186 Woodfords Street. Ms. Martin introduced Brian Kilgallen and the Brownfields grant request for $215,000 from Community Housing of Maine (CHOM). The requested subgrant would support remediation at 186 Woodford Street, "The Woodbury," a proposed 51-unit senior affordable housing project. The funding is needed to address urban fill found at the site, primarily covering tipping fees and excavation costs. There is a shortfall in the PDC's available cleanup grant Page 3  DRAFT funding, but CHOM confirmed they would cover the difference, potentially utilizing contingency from a larger LIHTC development. On a motion made by Ms. Werber and seconded by Mr. Berg, the Board voted 8-0 to approve the $215,000 Brownfields Grant to CHOM. Item #4: Review and vote on commercial loan request for $100,000 from Bad Neighbors, 511 Congress Street. Ms. Martin provided a quick review of the commercial loan request from Bad Neighbors and introduced one of the owners, Dennis Gaines, to the Board. The funds are needed for cost overruns in the restaurant build-out—notably removing 320 square feet of concrete for plumbing, which exceeded the initial estimate of 50-60 square feet. The loan will cover finishing the build-out, securing initial stock, and providing working capital for the first month to month-and-a-half of operation. The owners estimate an opening timeline of about six weeks. On a motion made by Mr. O’Brien and seconded by Mr. Grant, the Board voted 7-0-1 (Mr. Berg abstained) to approve the $100,000 commercial loan at 7.75% interest for a 5-year term to Bad Neighbors. Item #5: Review and vote on commercial loan request for $50,000 from Cherie, LLC 249 Congress Street. Ms. Martin queued the next commercial loan request of $50,000 from Cherie, LLC and the Board heard from co-owners Melody Medina and Quinn Williams. Cherie, LLC is a new French restaurant opening in the former Quanto Vasta location. The loan will be used for new equipment, renovations, and working capital. The owners, who met while working at the James Beard Best New Restaurant Franchette, have combined decades of experience, including working at Michelin-starred restaurants. The restaurant will have 23 indoor seats and 20 outdoor Page 4  DRAFT seats, starting with a five-day schedule (Thursday through Monday) and offering lunch options. They expressed confidence in their initial three-year lease and their plan to maintain consistency and quality in a casual neighborhood environment. On a motion made by Mr. Berg and seconded by Mr. O’Brien, the Board voted 8-0 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 and the loan request highlighted in Item #4 at approximately 4:33 p.m. The Board returned to public session at approximately 5:02 p.m. On a motion made by Mr. Henry and seconded by Mr. O’Brien, the Board voted 7-0-1 (Mr. Berg abstained) to approve the $50,000 commercial loan at 7.75% interest with a 5-year term with conditions to Cherie, LLC. Item #6: Review and vote on recommendation to the City Council regarding Business Continuity Loan Program Guidelines. Ms. Martin presented proposed guidelines for a new interest-free loan product aimed at helping small businesses (10 or fewer employees) facing economic disruption (e.g., fire damage, employee shortages, tariffs). The maximum loan amount is $10,000. Unlike the Storefront Improvement Loan, this program would not be limited by geographic area. Funds could be used for working capital, salaries, rent, and refinancing high-interest debt. The Board discussed ensuring the definition of "economic disruption" is broad and clearly communicated to potential applicants to avoid confusion. On a motion by Mr. Grant and seconded by Mr. Berg, the Board voted 7-0 (Mr. Henry left the meeting after Item # 5) to recommend to the City Council the Business Continuity Loan Program Guidelines. Page 5  DRAFT Item #7: Treasurer’s Report- February 2026. ​ The delinquency report was discussed in executive session. Item #8: Other Items to be discussed/brought up by Board Directors. ​ Ms. Martin provided a brief update on the Storefront Improvement Loan program, stating one application is currently being underwritten. Discussion focused on increasing PDC's visibility in local news coverage and city communications regarding the successful businesses they support. Nancy Martin announced that Greg Watson is on extended leave and requested delegation of signing authority to Mary Davis. ​ On a motion made by Ms. Yanok and seconded by Mr. Dargan, the Board voted 7-0 to delegate authority to sign on behalf of the Portland Development Corporation as Interim Assistant Secretary to Mary Davis. Item #9: Next regular meeting date: April 16, 2026. ​ There being no further business, on a motion made by Mr. Werber and seconded by Mr. Berg, the Board voted 7-0 to adjourn at approximately 5:26 p.m. Respectfully, Kaela Gonzalez Page 6  PDC 4.16.2026 Item # 3a 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:​ April 9, 2026 RE:​ Request to use $25,800 in Brownfields Post Closeout Program Income to support soil pre-characterization at the Woodbury project site PROJECT OVERVIEW At the March 19, 2026 meeting, the Portland Development Corporation (PDC) approved a Brownfields Revolving Loan Fund (RLF) subgrant of $215,000 for the transportation and off-site disposal of contaminated soil that will be generated during redevelopment at 186 Woodfords Street, Portland, Maine, the Woodbury project site, to support development of a 51-unit senior affordable housing project at this location. The Greater Portland Council of Governments (GPCOG) is providing a limited amount of Brownfields assessment funding to support certain environmental assessment and cleanup planning activities at the site in support of the project. The cost for these activities exceeds the amount of funding available through GPCOG. Before this cleanup work can begin, analytical soil sampling must be conducted in order for the soil to be characterized and accepted at a licensed receiving facility. The proposed scope of work is included as a backup to this memo and will be funded by the City’s Brownfields RLF Post-Closeout Program Income (PCPI), pending approval by the PDC. The current balance of PCPI is $569,953. If the PDC approves this request, the new PCPI balance will be $544,153. Utilizing PCPI for this site is both appropriate and advantageous for the following reasons: ● Operational Necessity: The PDC has committed Brownfields RLF resources for the off-site shipment of contaminated soil. Receiving facilities require analytical characterization data before acceptance; this sampling work directly supports the RLF-funded cleanup activities. ● Regulatory Efficiency: By using PCPI instead of RLF or GPCOG assessment funding, a Site-Specific Quality Assurance Project Plan (SSQAPP) is not required. This eliminates a 30-day regulatory review period, ensuring data is available for the scheduled late-spring construction start. GPCOG’s assessment funding will be utilized for other activities in support of the cleanup that are less time-critical. 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 1 Page 7  ●​ Funding Optimization: While the regional entity (GPCOG) has some assessment funds available, their funds are insufficient to cover the full scope of work. Furthermore, the City does not currently have active assessment funds available. ●​ Mission Alignment: As CHOM is a non-profit with limited financial resources, providing this support ensures the successful delivery of 51 units of senior affordable housing—a high-priority City and regional goal. PROJECT STATUS SUMMARY ●​ Total Project Cost: ~$20 Million. ●​ Cleanup Budget: $370,881 for soil excavation, tipping fees, and testing. ●​ Community Benefit: Addresses critical housing needs at 50% and 60% Area Median Income (AMI) and includes a new public pocket park. RECOMMENDATION Staff (Nancy Martin) recommends that the PDC Board approve the use of $25,800 in Brownfields PCPI funding to facilitate immediate soil sampling for CHOM’s project at 186 Woodford Street. This action bypasses federal review delays and secures the timeline for a project with demonstrated financial stability and significant public benefit. ATTACHMENT: ●​ TRC Task Order with proposed scope of work 389 Congress Street, Portland, ME 04101 – www.portlandmaine.gov – (207) 874-8683 2 Page 8  PDC 4.16.2026 63 Marginal Way, 4th Floor T 207.879.1930 Item # 3b Portland, Maine 04101 TRCCompanies.com Date: April 9, 2026 To: Ms. Nancy Martin, Business Programs Manager, City of Portland Proposed Task Order Name: CHOM/The Woodbury – Soil Pre-Characterization Sampling Proposed Funding Source: PCPI TRC Project Number: 706702 Original Contract Date: October 9, 2024 Amended Contract Date: October 9, 2025 At the City of Portland’s (City’s) request, TRC is providing this task order for soil pre-characterization sampling in support of the Community Housing of Maine (CHOM) redevelopment project known as The Woodbury, located at 186 Woodford Street in Portland, Maine (Site). The City is providing a Brownfields Revolving Loan Fund (RLF) subgrant for the transportation and off-site disposal of contaminated soil that will be generated during redevelopment. Analytical soil sampling must be conducted in order for the soil to be characterized and accepted at a licensed receiving facility. The proposed scope of work will be funded by the City’s Brownfields RLF Post-Closeout Program Income (PCPI), pending approval by the Portland Development Corporation (PDC). Upon authorization, TRC will perform the activities described below. Sampling and Analysis Plan (SAP): $4,800 • Preparation of a SAP for submission to the United States Environmental Protection Agency (USEPA) and Maine Department of Environmental Protection (DEP) describing the proposed scope of work. Soil Pre-Characterization Sampling: $14,700 • Preparation of a Site-Specific Health & Safety Plan (HASP) for use during field work; • Dig Safe pre-marking and notifications to Dig Safe/OK to Dig for utility location; • Ground-penetrating radar (GPR) survey at each proposed boring location to pre-clear the areas for utilities and subsurface obstructions; • Advancement of eight soil borings within the proposed excavation areas; and • Collection of four composite soil samples (soil from two borings will be composited into one sample) and laboratory analysis of waste characterization parameters, as required by potential soil receiving facilities. Soil Pre-Characterization Summary Report: $6,300 • Preparation of a summary report describing the sampling efforts and soil analytical results, including figures, soil boring logs, data tables, and other information as necessary. TRC’s estimate to complete this work is $25,800. We will bill you on a time and materials basis in accordance with our existing contract, referenced above. Page 9  PDC 4.16.2026 Item # 6a Portland Development Corporation Preliminary Draft Operating Report FY2026 For Month Ending 3/31/2026 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 4,778 59.7% 3,222 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 $249 24,605 58.1% 17,747 Page 10  PDC 4.16.2026 Item # 6b FY2026 PDC CASH MANAGEMENT REPORT/Non-Brownfield Program (Preliminary and Subject to Change) UDAG CIP CIP FAME FAME SSBCI TOTAL Period Ending: 03/31/2026 271 272 274 277 279 Unrestricted Loans/Grants Restricted Unrestricted REDLP Beginning Balance 226,765 392,919 192,051 700,364 19,258 1,531,356 AdditionsMonth Date No Updated MTD YTD MTD YTD MTD YTD MTD YTD MTD YTD Principal payments received 4,442 42,458 3,358 27,923 687 10,933 12,333 110,153 - 23,022 Interest payments received from loans 4,393 28,518 45 594 190 3,094 13,019 48,248 148 23,905 Interest Income 4,550 6,810 3,773 14,363 8,537 Other Income/Adjustments - - - 3,431 3,431 -3430.52 (3,431) Pass Through From FAME/SSCBI - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements - Expenses Disbursements - Loans/Grants (1,760) (4,843) (1,638) Ending Cash Balance (Munis) 233,840 396,322 192,928 724,303 14,338 1,561,730 Less Reserves for: Loans Beautification Program (EC0301) Transfers not yet recorded (UDAG Int) Adjusted Ending Cash Balance 233,840 396,322 192,928 724,303 14,338 1,561,730 Page 11  FY2026 PDC CASH MANAGEMENT REPORT - BROWNFIELD PROGRAM (Preliminary and Subject to Change) Brownfield 1 Brownfield 3 Brownfield 10/1/2022 TOTAL Period Ending: 03/31/2026 278 281 280 RLF Unrestricted Loans/Grants Restricted/Assessments Restricted/Cleanup Beginning Balance 581,170 4,732 4,376,359 4,962,261 Additions MTD YTD MTD YTD MTD YTD Principal payments received 1,837 15,701 - - Interest payments received from loans 1,253 12,106 - - Interest Income 9,211 - - Other Income/Adjustments - - - Pass Through From FAME/SSCBI/EPA - - - Deductions FAME Annual Admin. Fee; Invoices Disbursements -Other (10,000) (7,562) Ending Cash Balance (Munis) 574,259 4,732 4,368,797 4,947,788 Less Reserves for: Reserve For Commitments (4,307) (4,237,174) Fund 280 Reserve for Administration Adjusted Ending Cash Balance 569,953 4,732 131,623 706,307 Page 12  Portland Development Corporation Schedule of Loans Receivable For Month Ending March 31, 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 $46,475 30179 Forefront Brick South, LLC 11/18/2016 12/1/2026 $100,000 $0 $100,000 $14,998 30400 Friends and Family 3/10/2023 4/1/2027 $50,000 $0 $50,000 $18,540 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 $115,499 Sub-Total PBF (UDAG) $563,298 Portland Business Fund 272 (Restricted - CIP): 30568 Cultivating Community 10/17/2024 11/1/2026 $80,000 $0 $80,000 $20,300 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 $2,084 $2,084 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 $790 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 $31,428 30606 Luna, LLC 3/19/2025 11/1/2032 $69,000 $0 $69,000 $69,000 Sub-Total PBF (Bonds/CIP Unrestricted) $117,548 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 $158,535 30530 Biodiversity Research Institute 8/22/2024 10/1/3031 $250,000 $0 $250,000 $242,668 30536 Blackbird Baking, d/b/a Two Fat Cats 10/1/2024 11/1/2031 $40,000 $0 $40,000 $34,876 30591 Salud Studios 11/19/2024 12/1/2030 $137,500 $0 $137,500 $111,405 30605 Lebel Holdings, LLC 3/20/2025 5/1/2035 $200,000 $0 $200,000 $196,020 30107 Biodiversity Research Institute 3/26/2021 4/1/2026 $200,000 $0 $200,000 $163,902 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 $9,369 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 $147,666 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 $36,987 30624 Kehben Grier 5/1/2025 1/1/2033 $80,000 $0 $80,000 $75,315 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 $22,376 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 $50,000 30683 Bachelder Holdings, LLC 12/18/2025 2/1/2033 $85,000 $0 $85,000 $83,597 Sub-Total FAME $2,117,122 FAME GROW ME SSBCI 279 30647 Eduardos Brazilian Grill One 9/25/2025 11/1/2030 $22,500 $0 $22,500 $22,376 30649 Maine Foot and Ankle 9/25/2025 11/1/2035 $50,000 $0 $50,000 $50,000 $72,376 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 $186,050 30072 Forefront Partners I, LP/Fund 280 4/12/2018 1/1/2032 $350,000 $0 $350,000 $293,397 Sub-Total Brownfields $479,447 Grand Total Loans $4,346,937 $0 $4,346,937 $3,378,908 Allowance for uncollectable loans at 15% $506,836 Total with Allowance for uncollectable loans: $2,872,072 Page 13