077 of 2023 - Economic Development Loan Fund - Ocean City Seafood MarketSALT LAKE CITY ORDINANCE
No. 77 of 2023
(Ordinance approving a $90,000 loan for Ocean City Seafood Market, at 1701 South State Street
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 $90,000 loan to Ocean City Seafood Market, a local business
located at 1701 South State Street.
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 Sth_ day of
December 2023.
ATTEST AND COUNTERSIGN:
CITY RECORDER
Transmitted to Mayor on
Dec 19, 2023
DarinlMa Act (Dec 19, 202316:37 MST)
Darin Mano, Council Chair
Mayor's Action: 0 _Approved. _ ❑ __Vetoed.
12,--A�
Erin Men den ha (Dec 20, 202314:53 MST)
MAYOR
CITY RECORDER
(SEAL)
Bill No. 77 of 2023.
Published: Dec 21, 2023
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date: Dec 18, 2023
Sa
Sara Montoya, City Attorney
LOAN TERM SHEET
Applicant: Ocean City Seafood Market
Address: 1701 South State Street
Proposed Loan Terms
Loan Amount: $90,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.25% (at the time of application on June 12, 2023)
EDLF Charge: 4%
Less Discount: 1% for each
• Priority Area (State Street RDA Project Area)
• SEDI socioeconomically disadvantaged individual business
owner
• Sustainability Project 65% of loan funds for solar array
Interest Rate: 9.25%
Use of Funds: Solar Array and Working Capital
Business Type: Existing
Collateral and Guarantees: Solar Array
Personal Guarantees: Hellen Chong
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 77 of 2023 Economic Development
Revolving Loan Fund - Ocean City Seafood
Market
Final Audit Report 2023-12-21
Created: 2023-12-14
By: Thais Stewart (thais.stewart@slcgov.com)
Status: Signed
Transaction ID: CBJCHBCAABAA79vZrFfjgOLATDEoH87JXpfPZkpLdCdU
"Ordinance 77 of 2023 Economic Development Revolving Loan
Fund - Ocean City Seafood Market" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2023-12-14 - 11:16:42 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2023-12-14 - 11:21:24 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2023-12-18 - 4:26:56 PM GMT
dp Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2023-12-18 - 4:28:51 PM GMT - Time Source: server
Document emailed to Darin Mano (darin.mano@slcgov.com) for signature
2023-12-18 - 4:28:53 PM GMT
Email viewed by Darin Mano (darin.mano@slcgov.com)
2023-12-19 - 4:41:45 AM GMT
Document e-signed by Darin Mano (darin.mano@slcgov.com)
Signature Date: 2023-12-19 - 11:37:46 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2023-12-19 - 11:37:47 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2023-12-20 - 5:00:49 AM GMT
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�p Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2023-12-20 - 9:53:49 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2023-12-20 - 9:53:50 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2023-12-21 - 3:41:11 PM GMT - Time Source: server
Agreement completed.
2023-12-21 - 3:41:11 PM GMT
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