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PDC board approves revised Luna LLC loan after executive session
Summary
Portland Development Commission board approved a staff-recommended revision to a loan request from Luna LLC Jan. 1, 2025, after moving briefly into executive session; staff said the funds will buy equipment and provide about 60 days of working capital.
The Portland Development Commission board approved a revision to a loan request from Luna LLC on Jan. 1, 2025, voting to accept the staff-recommended changes after meeting briefly in executive session.
Board members moved the discussion into executive session to review the loan terms, then returned to public session and voted to approve the revised request as recommended by staff. Nancy, a staff member who presented the item, acknowledged an error in the paperwork and said the revised request reflects additional upfront financing the company needs. “It really, is basically a typo,” Nancy said, and later added, “the use of funds will buy the necessary equipment to start it up, and we’ll provide 60 days of working capital,” language she said aligns with marketplace guidelines for startups.
The motion to approve the revision to Luna LLC’s loan as presented by staff was made on the floor and seconded; the board voted in favor and the motion passed. The board had earlier moved into executive session to discuss the item and then reconvened in public to take the vote.
Votes at a glance - Approval of Aug. 15, 2024 PDC minutes: motion passed (some members abstained); mover and second recorded in minutes. - Approval of Dec. 19, 2024 PDC minutes: motion passed (several members abstained because they were not at that meeting). - Motion to move to executive session to discuss the Luna LLC loan: motion passed by roll call. - Revision to Luna LLC loan request (staff recommendation): motion to approve passed on roll call.
In other business, Laurie, the treasurer, reported that the administrative budget is about 62% spent for the fiscal year to date, and the PDC has roughly $1,700,000 available in non-Brownfield funds for grants. The Brownfield fund carries an uncommitted balance of approximately $960,000. The loans-receivable schedule lists 32 outstanding loans with aggregate principal of about $3,700,000 and roughly $1,100,000 repaid to date.
Staff also provided a brief update on Arts District work along Congress Street: legal is reviewing a draft ordinance and staff plan to meet with council staff and stakeholders before sending the ordinance to the Housing and Economic Development committee; related funding recommendations and property-owner incentives will return to the PDC on a separate track.
The board noted the next regular meeting is scheduled for Feb. 20, 2025, with the possibility of a special meeting beforehand if quorum can be secured.
