089 of 2024 - Economic Development Revolving Loan Fund (EDLF) - HK Brewing Collective, LLCSALT LAKE CITY ORDINANCE
No. of2024
(Ordinance approving a $250,000 loan for HK Brewing Collective, LLC at 370 Aspen Ave Salt Lake City
UT 8410 I 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 $250,000 loan to HK Brewing Collective, LLC, a local business located at 370
Aspen Ave, Salt Lake City UT 84101.
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 day of ---
--------' 2024.
Victoria Petro, Council Chair
19th
November
89
ATTEST AND COUNTERSIGN:
CITY RECORDER
Victoria Petro (Dec 5, 2024 15:08 MST)
i) 4 Tri.#(a) (Dec 12, 2024 15:02 MST)
Transmitted to Mayor on
Mayor's Action: ______Vetoed. -Approved. ______-
CITY RECORDER
(SEAL)
Bill No. of 2024. -
Published: ------
MAYOR
89
Senior City Attorney
Nov 20, 2024
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LOAN TERM SHEET
Borrower: HK Brewing Collective, LLC
Address: 370 Aspen Ave
Salt Lake City, UT 84101
Proposed Loan Terms
Loan Amount: $250,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.5% at the time of application on 02/20/2024
Plus EDLF Charge: 4%
Less Discount: 1 % for each
•Priority Area -State Street RDA Project Area
•SEDI -Socially and Economically Disadvantaged Individual
•Sustainability-E2 Business Program
•Low Income
Final Interest Rate: 8.5%
Use of Funds: Funds will be allocated for equipment purchases, hiring staff and working capital.
Business Type: Expansion
Collateral: $52,400 -Equipment & Inventory
Personal Guarantees: Hannah Hendrickson; Kate Lubing
Conditions for Closing
•Obtain all City approvals, execute all loan documents as deemed necessaiy by City legal counsel
and DED staff, such other terms as recommended by City legal counsel and DED staff.
Ordinance 89 of 2024 Economic Development
Revolving Loan Fund (EDLF) - HK Brewing
Collective, LLC
Final Audit Report 2024-12-12
Created:2024-11-20
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAq0c5eq2MochOLJre8PrWEsbV9eWmR9tI
"Ordinance 89 of 2024 Economic Development Revolving Loan
Fund (EDLF) - HK Brewing Collective, LLC" History
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2024-11-20 - 4:47:40 AM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2024-11-20 - 4:50:08 AM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2024-11-20 - 9:22:59 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2024-11-20 - 10:45:27 PM GMT - Time Source: server
Document emailed to victoria.petro@slc.gov for signature
2024-11-20 - 10:45:29 PM GMT
Email viewed by victoria.petro@slc.gov
2024-11-21 - 3:18:35 AM GMT
Email viewed by victoria.petro@slc.gov
2024-12-04 - 5:03:31 PM 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 - 6:13:31 PM GMT
Document emailed to Chris Wharton (Chris.Wharton@slc.gov) for signature
2024-12-04 - 6:13:31 PM GMT
Email viewed by Chris Wharton (Chris.Wharton@slc.gov)
2024-12-05 - 7:23:48 AM GMT
Signer victoria.petro@slc.gov entered name at signing as Victoria Petro
2024-12-05 - 10:08:57 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slc.gov)
Signature Date: 2024-12-05 - 10:08:59 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2024-12-05 - 10:09:01 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2024-12-06 - 5:34:20 AM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2024-12-12 - 9:06:53 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2024-12-12 - 5:36:02 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slc.gov) for signature
2024-12-12 - 5:36:04 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slc.gov)
Signature Date: 2024-12-12 - 10:02:07 PM GMT - Time Source: server
Agreement completed.
2024-12-12 - 10:02:07 PM GMT