HomeMy WebLinkAbout005 of 2024 - Economic Development Revolving Loan Fund (EDLF) - Eats LLCSALT LAKE CITY ORDINANCE
No. 5 of 2024
(Ordinance approving a $100,000 loan for Eats LLC, d/b/a Eats Bakery, at 159 West Broadway
Suite #200 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 $100,000 loan to Eats LLC, d/b/a Eats Bakery, a local business
located at 159 West Broadway Street Suite #200.
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 6th day of
February , 2024.
Victoria Petro (Fe'S 28, 2024 12:11 MST)
Victoria Petro, Council Chair
ATTEST AND COUNTERSIGN:
O-W--
CITY RECORDER
Transmitted to Mayor on Feb 28, 2024
Mayor's Action: _Approved
CITY RECORDER
(SEAL)
Bill No. 5 of 2024.
Published: March 5, 2024
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date: Feb 7, 2024
Sara Montoya, City Attorney
171 Vetoed.
&-2S d.PJ
Erin Mendenha (Mar 1, 2024 14:13 MST)
MAYOR
LOAN TERM SHEET
Applicant: Eats LLC, d/b/a Eats Bakery
Address: 159 West Broadway Suite #200
Proposed Loan Terms
Loan Amount: $100,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 7.75% (at the time of application on March 3, 2023)
EDLF Charge: 4%
Less 4% Discount: (1% for each)
• SEDI Business Owner
• E2 Business
• Low/Moderate Income Business Owner
• Priority Area
Final Interest Rate: 7.75%
Use of Funds: Food Trailer, Build Out, Equipment, Contingency, Working Capitol
Business Type: Existing
Collateral and Guarantees: Food Trailer, Equipment, Personal Vehicle
Personal Guarantees: Kandi Tesen, Byron Tesen
Conditions for Closing
• Signed commissary agreement in priority area of Salt Lake City
• Enrollment in SLC Green's E2 Business Program
• 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 5 of 2024 - EDLF - Eats Bakery LLC
Final Audit Report 2024-03-04
Created: 2024-02-07
By: DeeDee Robinson (deedee.robinson@slcgov.com)
Status: Signed
Transaction ID: CBJCHBCAABAAINpbAPKobglgGcdmg3CcW3WdIKD7ybBF
"Ordinance 5 of 2024 - EDLF - Eats Bakery LLC" History
Document created by DeeDee Robinson (deedee.robinson@slcgov.com)
2024-02-07 - 8:23:17 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2024-02-07 - 8:26:49 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2024-02-07 - 9:17:48 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2024-02-07 - 9:24:42 PM GMT - Time Source: server
Document emailed to victoria.petro@slcgov.com for signature
2024-02-07 - 9:24:44 PM GMT
Email viewed by victoria.petro@slcgov.com
2024-02-08 - 5:11:25 AM GMT
Email viewed by victoria.petro@slcgov.com
2024-02-21 - 7:29:28 AM GMT
Email viewed by victoria.petro@slcgov.com
2024-02-28 - 5:16:48 AM GMT
Signer victoria.petro@slcgov.com entered name at signing as Victoria Petro
2024-02-28 - 7:11:56 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slcgov.com)
Signature Date: 2024-02-28 - 7:11:58 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2024-02-28 - 7:11:59 PM GMT
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2024-02-29 - 4:24:57 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2024-03-01 - 9:13:40 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2024-03-01 - 9:13:41 PM GMT
,E Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2024-03-04 - 5:01:40 PM GMT - Time Source: server
Agreement completed.
2024-03-04 - 5:01:40 PM GMT
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