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Board approves loan for Cafe at 1160 Forest Avenue after executive session
Summary
A special meeting of the PDC Board approved a loan recommendation for Cafe at 1160 Forest Avenue after an executive session to consider newly submitted information; the loan amount was revised after an appraisal came in lower than expected and Hennebec Savings is the lead lender.
The PDC Board on a special meeting vote approved a loan recommendation for Cafe at 1160 Forest Avenue after briefly meeting in executive session to consider new information related to a previously tabled recommendation.
The vote took place after Eamon Dundon, treasurer of the board, opened the special meeting and noted the item had been tabled at the board's Dec. 19, 2024 meeting. Board members heard from the applicants, and then entered executive session to discuss updated materials before returning to public session to record the formal vote. "I just wanna thank everyone for, setting up this meeting for us and just here to answer any questions you guys have," said Matt, identified in the meeting as an applicant.
The loan application under consideration is a PDC request with Hennebec Savings named as the lead lender. Board staff said the requested loan amount changed after an appraisal came in lower than expected; the meeting materials noted the revised loan amount but the transcript did not specify the dollar figure. Applicants at the meeting were identified as Matt and Mandy.
Eamon Dundon said seven board members were present but one board member was conflicted out of the vote, leaving six eligible voters and a legal threshold of four affirmative votes to approve the loan. The board moved to vote on the application; the second on the motion was recorded as coming from Sam. The board recorded votes as follows: Sam — yes; Beverly — yes; Nate — abstain; Jonathan — yes; Nikki — yes; Dina — yes; Eamon Dundon — yes. With five affirmative votes and one abstention among the six eligible voters, the board announced the loan had been approved. The transcript did not identify the conflicted board member by name.
Before the vote, Nancy (staff) referenced the memos circulated ahead of the meeting and confirmed the appraisal and revised loan amount were part of the new information that prompted the executive session. The applicants did not make any additional public presentation after the executive session; Matt reiterated readiness to answer questions.
Board members used the remainder of the meeting to note related program concerns. Nancy and other staff raised a separate operational issue: work on an unrelated project at 89 Elm Street has been delayed because of a federal funding pause affecting Brownfields and HUD-funded CDBG programming. Nancy reported she had spoken that morning with Nate House from Avessa about the delay.
The board adjourned and scheduled its next regular meeting for Feb. 20. No dollar amounts for the approved loan were stated on the public transcript; the loan amount appears in the meeting memos circulated to board members but was not read into the public record during the portion of the transcript provided.
