02/29/2024 - Meeting Minutes MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, February 29, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Jake Maxwell, Chairperson Heather Royall
Ann Marie Wallace, Vice Chairperson Scotty Lyttle
Trent Wardrop Leslie Nuon
Darby Egbert
Cara Lindsley
The following members of the committee were absent:
Staci Olsen
Nathan Stott
Those also present:
Brian Pantle, Salt Lake City Economic Development Manager; Andie Feldman, Salt Lake
City Economic Development; Ibrahim Ramazani, Salt Lake City Economic Development;
Will Wright, Salt Lake City Economic Development; Carl Spikner, Grow America. Roberta
Reichgelt, Salt Lake City Economic Development.
2. Approval of the minutes
A. Review and Approval of the December 7, 2023, EDLF Minutes
EDLF Committee members will review the December 7, 2024, minutes and consider for
approval.
Ms. Wallace made a motion to approve the December 7, 2023, minutes. Ms. Egbert seconded.
Upon roll call, the motion passed unanimously.
3. DED Staff Announcements
A. Andie Feldman—New Project Manager
Andie Feldman was announced as the new Project Manager for the Business Development
Team. Her main focus will be the City's Special Assessment areas and business district.
4. Business Items
A. Review and Recommendation for Komboli, LLC dba Parea:
1. Loan Overview and Discussion—Brian Pantle.
Mr. Pantle explained that Parea, is a new restaurant concept under Komboli, LLC, and is seeking
a loan of$350,000 for its build-out and setup in Salt Lake City's active business area along 900
South.
Mr. Pantle provided an overview of the loan request, highlighting the applicant's ownership of
Manolis, an established restaurant nominated for the James Beard Award in Outstanding
Hospitality. With over nine years of experience running Manolis, the business owner's track
record serves as a basis for the request to exceed the standard $100,000 limit in the Economic
Development Loan Program for a new business and is requesting $350,000. The committee is
urged to consider the owner's proven success and expertise in the industry as grounds for
approving the higher loan amount, reflecting the ambition and potential of Parea's expansion.
The Committee enquired about the business location,business grants,profit and loss statement,
projections for the cost of goods sold, financial projections, income statement, student loans
servicing, debt servicing with another lender, governmental loans, cashflow statements, assets and
liabilities for this new business venture, and the projections for the business moving forward.
2. 20-Minute Break: 20-minute break to tally the evaluation from scores.
Committee members took a 20-minute recess to complete the scoring matrix for Parea loan
request.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for Parea scored 89.33, which meets the minimum threshold score of 70 to
recommend the loan to the City Council.
4. Loan Committee Review and Recommendation of Amendment to Terms
for Parea.
Ms. Egbert Made a motion to approve a loan increase to $350,000. Ms. Ann Marie seconded the
motion. Upon roll call motion passed unanimously.
Ms. Royall Made a motion to recommend approval of the loan to the City Council.
Ms. Lindsley seconded the motion. Upon roll call motion passed unanimously.
5. Final Discussion
No additional items were discussed.
5. Adiournment
There being no further business, the meeting was adjourned.
Jake Maxwell, Chairperson
This document and the recording constitute the official minutes of the Economic Development
Loan Fund Committee meeting held February 29, 2024.