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PDC board approves revision to Luna LLC loan request after staff clarification
Summary
The PDC board voted unanimously to approve a staff-recommended revision to a loan request from Luna LLC after staff said the change corrected a typographical error and added working capital and equipment financing.
The Portland Development Commission board voted unanimously to approve a revised loan request from Luna LLC, after staff said the update corrected a typographical error and added upfront financing the borrower needs.
Nancy [last name not specified], staff member, told the board the change was “basically a typo” and that staff initially considered another financing source but ultimately proposed PDC provide the full package. She said she realized the backup documents had not been updated after that decision and that the additional amount in the materials reflected the borrower’s need for upfront financing.
Scott [last name not specified], board member, added in public session before the board recessed to executive session that the revised use of funds would buy necessary equipment and provide “60 days of working capital, which is pretty much the guideline that's used out there in the marketplace.”
After discussing the matter in executive session, the board reconvened in public and voted to approve the revision “as recommended” in the staff materials. Nathan Henry moved to approve the recommendation; the transcript records a second but does not unambiguously name the seconder.
A roll call recorded the following votes in favor: Beverly (yes); Eamon (yes); Jonathan (yes); Nathan Henry (yes); Councilor Grant (yes); Dina (yes); Scott (yes); Kirsten (presiding) (yes). No no-votes or abstentions were recorded on the final motion. The board chair announced the motion had passed.
The staff materials attached to the agenda (referenced by Nancy) say the additional funds will be used to purchase equipment and provide working capital; the meeting transcript does not specify dollar amounts or loan terms in public session. The transcript also records staff apologizing for the document error and noting the change was to reflect the full financing package PDC was being asked to provide.
The board did not adopt any new policy language on the loan at the meeting; the action recorded was approval of the revised loan request as presented in the staff materials.
The meeting moved on after the vote to other routine business items, including the treasurer’s report and an update on the Arts District ordinance.
