South Portland Engages GPCOG to Administer Loan Fund

Scope & details

The full contract record, as filed.

Contract amount

Commitment fee of 1%–2% of each loan amount, payable at closing; GPCOG captures all interest on deposit accounts holding RLF cash and receives all late/other borrower fees

Contract type

FINANCIAL_SERVICES

Contract term

Effective upon execution and continuing for the duration of the City’s active Economic Development Revolving Loan Fund program, terminable by either party with 90 days’ written notice

Renewal

MOU continues for the duration of the City’s active Economic Development Revolving Loan Fund program and may be amended by mutual written agreement or terminated by either party upon 90 days’ written notice. If the City brings responsibilities in-house, parties will coordinate an orderly transition of services, documents, data, and finances.

Document type

Agreement

Source document

City of South Portland and Greater Portland Council of Governments Memorandum of Understanding 2026-07-22

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City of South Portland and Greater Portland Council of Governments Memorandum of Understanding 2026-07-22

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Town of Chebeague Island, Maine$8,000 (funded by GPCOG RPO grant; no local match)Jul 9, 2026

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APPROVED

Town of Freeport, MaineJun 16, 2026

Frequently asked questions

Common questions about this contract, answered from the record.

Who was awarded the financial services contract by South Portland Public Schools?

Greater Portland Council of Governments was awarded this financial services contract by South Portland Public Schools, as recorded on July 22, 2026. The contract value is Commitment fee of 1%–2% of each loan amount, payable at closing; GPCOG captures all interest on deposit accounts holding RLF cash and receives all late/other borrower fees.

How much is the Greater Portland Council of Governments contract with South Portland Public Schools worth?

The Greater Portland Council of Governments contract with South Portland Public Schools is valued at Commitment fee of 1%–2% of each loan amount, payable at closing; GPCOG captures all interest on deposit accounts holding RLF cash and receives all late/other borrower fees, covering financial services work.

What type of contract is this?

This is a Financial Services contract, documented as a agreement record, structured as a not-to-exceed (ceiling) agreement.

Where was this contract approved?

This contract appears in City of South Portland and Greater Portland Council of Governments Memorandum of Understanding 2026-07-22 (Agreement), dated July 22, 2026 from South Portland Public Schools. Civic IQ extracts contract records directly from agency meeting documents and solicitations.

What other contracts does Greater Portland Council of Governments hold?

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