Board approves loan recommendation for Cafe at 1160 Forest Avenue

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.

Nut graf: The approval clears the way for a cafe at 1160 Forest Avenue to proceed with financing from a package that includes a PDC request and a lead lender, despite an appraisal shortfall. The board voted after concluding a private review of the new materials in executive session; one board member was recorded as conflicted and therefore not eligible to vote, leaving six voting members and a required threshold of four affirmative votes.

Board procedure and vote: The loan motion was moved and seconded in public session; the recorded roll-call produced the following responses: Sam — yes; Beverly — yes; Nate — abstain; Jonathan — yes; Nikki — yes; Dina — yes; and the presiding treasurer voted to approve as well, producing a sufficient majority. The meeting record notes that one board member had been conflicted out before the vote, but the transcript does not name the conflicted member. No amendments to the loan recommendation were reported during the public vote.

Applicants and staff: The business applicants, identified in the meeting as Matt and Mandy, joined the meeting and remained available to answer board questions. Matt told members he was "here to answer any questions" and thanked the board for arranging the special meeting. Nancy, a staff member, referred board members to memos sent before the meeting and flagged the change in loan amount tied to the appraisal.

Context and next steps: At the meeting's close, staff and board members discussed broader funding uncertainties tied to a federal funding pause affecting some federally funded loan programs, including Brownfields and Community Development Block Grant (CDBG) programs. Nancy said work on a separate project at 89 Elm Street that had both Brownfields and HUD funding has been delayed because of that freeze; she reported having heard from Nate House of Avessa that he was concerned about the pause. The board's next regular meeting is scheduled for Feb. 20, and members asked that any updates on the federal funding pause be placed on that agenda.

Ending: With the loan recommendation approved, the board thanked the applicants and wished them luck as they move toward opening the cafe. No further substantive items were on the special-meeting agenda.