088 of 2024 - Economic Development Revolving Loan Fund (EDLF) - GK Folks FoundationSALT LAKE CITY ORDINANCE No. of 2024
(Ordinance approving a $250,000 loan forGK Folks Foundation, at 1506 South Redwood Road, Salt Lake City, Utah 84104, 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 commen:ial 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 fora$250,000 loan forGK Folks Foundation, at 1506 South Redwood Road, Salt Lake
City, Utah 84104.
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 Tenn Sheet
attached hereto, subject to revisions that do not materially affect the rights and obligations of the City
hereunder. The City Council authorizes the Mayorto negotiate and execute the loan agreement and any
otherrelevant documents consistent with the Tenn Sheet, and incorporating such othertenns 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 ___ day of
-------� 2024.
Victoria Petro, Council Chair
ATTEST AND COUNTERSIGN:
19th
November
88
CITY RECORDER
Victoria Petro (Dec 5, 2024 14:56 MST)
i) 4 Tri.#(a) (Dec 12, 2024 15:06 MST)
Transmitted to Mayor on ___________
Mayors Action: ____ Approved. _____ Vetoed.
CITY RECORDER (SEAL)
Bill No. ___ of 2024.
Published: ____ _
MAYOR
88
Senior City Attorney
Nov 20, 2024
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LOAN TERM SHEET Applicant: GK Folks Foundation Address: 1506 South Redwood Road Salt Lake City, Utah 84104 Prcpael LanT Erms Loan Amount: $250,000 Loan Tenn: 7 Years Interest Rate Calculation: Prime Interest Rate: 8.5% (at the time of application on March 1, 2024) Plus EDLF Charge: 4% Less Discount: 1 % foreach •Socially and Economically Disadvantaged Individual (SEDI)•Sustainability (e2 Business Program)•Priority Area (West of 1-15)F:inilrtffet Rae � Use of Funds: Working Capital, Buildout/Renovation, Equipment, Furniture and Fixtures Loan Type: Expansion Collateral: The Real Property at 7009 West 7895 South, West Jordan, Utah 84081 Vehicle: 2014 Ch iysler300C Personal Guarantees: Gloria Mensah Conditions forClosing •Signed lease on the property at 1506 South Redwood Road, Salt Lake City, Utah 84104.•Membership in SLC Green's e2 Business Program.•Obtain all City approvals, execute all loan documents as deemed necessary by City legal counseland OED staff, such otherterrns as recommended by City legal counsel and OED staff.
Ordinance 88 of 2024 Economic Development
Revolving Loan Fund (EDLF) - GK Folks
Foundation - Copy
Final Audit Report 2024-12-12
Created:2024-11-20
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAjNyCuMUGxJOjTe5w8Ab_Cp871lUeJ1gZ
"Ordinance 88 of 2024 Economic Development Revolving Loan
Fund (EDLF) - GK Folks Foundation - Copy" History
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2024-11-20 - 4:25:09 AM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2024-11-20 - 4:40:57 AM GMT
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2024-11-20 - 6:42:23 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2024-11-20 - 10:46:52 PM GMT - Time Source: server
Document emailed to victoria.petro@slc.gov for signature
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Email viewed by victoria.petro@slc.gov
2024-11-21 - 3:18:36 AM GMT
Michelle Barney (Michelle.Barney@slc.gov) added alternate signer Chris Wharton (chris.wharton@slc.gov). The
original signer victoria.petro@slc.gov can still sign.
2024-12-04 - 6:13:07 PM GMT
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Signer victoria.petro@slc.gov entered name at signing as Victoria Petro
2024-12-05 - 9:56:18 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slc.gov)
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2024-12-12 - 9:06:53 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2024-12-12 - 5:35:41 PM GMT - Time Source: server
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Document e-signed by Cindy Trishman (cindy.trishman@slc.gov)
Signature Date: 2024-12-12 - 10:06:08 PM GMT - Time Source: server
Agreement completed.
2024-12-12 - 10:06:08 PM GMT