HomeMy WebLinkAbout014 of 2025 - Economic Development Revolving Loan Fund (EDLF) – Cold Plunge Coffee, LLCSALT LAKE CITY ORDINANCE
No. _____ of 2025
Ordinance approving a $100,000 loan for Cold Plunge Coffee, LLC, at 457 East 300 South, Salt Lake
City, UT 84111 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 Cold Plunge Coffee, LLC, at 457 East 300 South, Salt Lake City,
UT 84111.
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
2025.
Chris Wharton, Council Chair
ATTEST AND COUNTERSIGN:
14
4th
March
Chris Wharton (Mar 14, 2025 18:47 MDT)
CITY RECORDER
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
MAYOR
CITY RECORDER
SEAL)
Bill No. ________ of 2025.
Published: ______________.
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date:
Sara Montoya, City Attorney
February 10, 2025
14
Mar 10, 2025
Mar 1у, 2025
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LOAN TERM SHEET
Applicant: Cold Plunge Coffee, LLC
Address: 457 East 300 South
Salt Lake City, UT 84111
Proposed Loan Terms
Loan Amount: $100,000
Monthly Payment: $1,712.24
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8% (at the time of application fee payment and
initiation of Part B of the Application on September 24, 2024)
Plus EDLF Charge: 4%
Less Discount: 1% for each
Sustainability (e2 Business Program)
Final Interest Rate: 11%
Use of Funds: Building Renovation, Machinery & Equipment, Furniture & Fixtures, Working Capital,
Contingencies
Loan Type: Start up
Collateral: Equipment
Personal Guarantees: John Caleb Fritz
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.
*Adopted March 4, 2025* - Ordinance 14 of
2025 EDLF Cold Plunge Coffee
Final Audit Report 2025-03-18
Created:2025-03-05
By:DeeDee Robinson (deedee.robinson@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAARzSUTtHTi5zs9R6uTUB9MQmoKCBIgeZ3
"*Adopted March 4, 2025* - Ordinance 14 of 2025 EDLF Cold Pl
unge Coffee" History
Document created by DeeDee Robinson (deedee.robinson@slc.gov)
2025-03-05 - 7:02:18 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2025-03-05 - 7:04:35 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2025-03-05 - 9:17:58 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2025-03-10 - 2:43:58 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2025-03-10 - 5:45:37 PM GMT - Time Source: server
Document emailed to Chris Wharton (chris.wharton@slc.gov) for signature
2025-03-10 - 5:45:39 PM GMT
Email viewed by Chris Wharton (chris.wharton@slc.gov)
2025-03-11 - 7:16:02 AM GMT
Email viewed by Chris Wharton (chris.wharton@slc.gov)
2025-03-13 - 4:02:19 PM GMT
Document e-signed by Chris Wharton (chris.wharton@slc.gov)
Signature Date: 2025-03-15 - 0:47:21 AM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2025-03-15 - 0:47:23 AM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2025-03-15 - 3:54:56 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2025-03-17 - 11:10:10 PM GMT - Time Source: server
Document emailed to Keith Reynolds (Keith.Reynolds@slc.gov) for signature
2025-03-17 - 11:10:12 PM GMT
Email viewed by Keith Reynolds (Keith.Reynolds@slc.gov)
2025-03-18 - 8:53:35 PM GMT
Document e-signed by Keith Reynolds (Keith.Reynolds@slc.gov)
Signature Date: 2025-03-18 - 8:55:37 PM GMT - Time Source: server
Agreement completed.
2025-03-18 - 8:55:37 PM GMT