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Board approves loan recommendation for Cafe at 1160 Forest Avenue
Summary
A board approved a loan recommendation for Cafe at 1160 Forest Avenue after an executive session; one member recused and one member abstained. The loan amount was revised following a lower-than-expected appraisal and Hennebec Savings will serve as lead lender.
A special meeting of the board approved a loan recommendation for Cafe at 1160 Forest Avenue after a closed executive session and a formal vote, Treasurer Eamon Dundon said. The board voted with six eligible members, and the motion passed with the required affirmative votes.
The vote followed an executive session during which board members reviewed new information that had emerged since the item was tabled at the board's Dec. 19, 2024 meeting. Nancy (staff member) told the board that the loan amount requested from PDC had changed after an appraisal came in lower than expected; the exact revised loan amount was not specified in the meeting record. Hennebec Savings is identified in the meeting materials as the lead lender on the deal.
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