022 of 2023 - Economic Development Revolving Loan Fund (EDLF) - Trackland, LLCSALT LAKE CITY ORDINANCE
No. 22 of 2023
(Ordinance approving a $350,000loan for Trackland, LLC., at 2117 East Wilson Avenue from
the Economic Development Loan Fund)
WHEREAS, Salt Lake City Corporation's ("City") Economic Development Loan Fund
("EDLF) is a program to stimulate local business development, encourage private investment,
enhance neighborhood vitality, and boost commercial enterprise in Salt Lake City.
WHEREAS, the EDLF is administered by the Department of Economic Development
("DED") and loan applications are first prescreened by DED staff, and then reviewed by the
EDLF Loan Committee.
WHEREAS, the EDLF Loan Committee and DED staff recommend the approval of the
attached loan term sheet for a $350,000 loan to Trackland, LLC., a local business located at 2117
East Wilson Avenue.
NOW, THEREFORE, be it ordained by the City Council of Salt Lake City, Utah, that:
SECTION 1. Loan Approval. The City Council approves the loan outlined in the Term
Sheet attached hereto, subject to revisions that do not materially affect the rights and obligations
of the City hereunder. The City Council authorizes the Mayor to negotiate and execute the loan
agreement and any other relevant documents consistent with the Term Sheet, and incorporating
such other terms and agreements as recommended by the City Attorney's office.
SECTION 2. Effective Date. This ordinance shall become effective on the date of its first
publication.
Passed by the City Council of Salt Lake City, Utah, this 16a' _ day of
May 2023.
Darin Mano, Council Chair
ATTEST AND COUNTERSIGN:
C—
CITY RECORDER
Transmitted to Mayor on May 29, 2023
Mayor's Action: ❑✓ Approved. ❑ Vetoed.
OW -
CITY RECORDER
(SEAL)
Bill No. 22 of 2023.
Published: June 6, 2023
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date:May 25, 2023
�a&a -
Sara Montoya, City Attorney
Erin Mendenhall (Jun 6, 202310:51 MDT)
MAYOR
LOAN TERM SHEET
Applicant: Trackland, LLC
Address: 2117 E Wilson Ave
Proposed Loan Terms
Loan Amount: $350,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 7.00% (at the time of application on December 6,
2022)
EDLF Charge: 4%
Less Discount: 0%
Interest Rate: 11.00%
Use of Funds: Working Capital, Hiring, Marketing
Business Type: Expansion
Collateral and Guarantees: Residential Real Estate, Personal Property
Personal Guarantees: David Spencer Rose
Conditions for Closing: Obtain all City approvals, execute all loan documents as deemed necessary by
City legal counsel and DED staff, such other terms as recommended by City legal counsel and DED staff.
Ordinance 22 of 2023 Economic Development
Revolving Loan Fund - Trackland, LLC
Final Audit Report 2023-06-06
Created: 2023-05-25
By: Thais Stewart (thais.stewart@slcgov.com)
Status: Signed
Transaction ID: CBJCHBCAABAAdDEXEPeH8gcairFSKj5Ho-y4_KVeALpf
"Ordinance 22 of 2023 Economic Development Revolving Loan
Fund - Trackland, LLC" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2023-05-25 - 7:56:27 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2023-05-25 - 7:58:23 PM GMT
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2023-05-25 - 9:28:42 PM GMT
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