05/09/2024 - Meeting Minutes MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, May 9, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Jake Maxwell, Chairperson Trent Wardrop
Darby Egbert Cara Lindsley
Heather Royall Scotty Lyttle
The following members of the committee were absent:
Nathan Stott Ann Marie Wallace
Leslie Nuon Staci Olsen
Those also present:
Will Wright, Salt Lake City Economic Development; Ibrahim Ramazani, 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 April 25, 2024, EDLF Minutes
EDLF Committee members will review the April 25, 2024, minutes and consider for
approval.
Ms. Lindsley made a motion to approve the April 25, 2024, minutes. Mr. Wardrop seconded.
Upon roll call, the motion passed unanimously.
3. DED Staff Announcements
A. Open Meeting Reminder—Roberta Reichgelt
4. Business Items
A. Review and Recommendations for Shades of Pale loan—Will Wright
1. Loan Overview and Discussion—Will Wright.
Mr. Wright presented the Shades of Pale loan, Inc. application to the EDLF Loan Committee,
outlining their request for a $350,000 loan. Shades of Pale. was incorporated in the State of Utah
on June 24, 2009. The loan will primarily fund building renovations, machinery, and equipment,
and working capital, aiming to support their expansion efforts. Shades of Pale is a well-
established local and regional brand known for its craft beer.
The vision for Shades of Pale involves creating a vibrant space that combines craft beer,
exceptional cuisine, and artisanal spirits. Their plan includes establishing a brewstillery and
bistro at the Engine Block in Salt Lake City, where they will serve as the anchor of a burgeoning
business node. This unique offering is expected to attract both locals and visitors, positioning
Shades of Pale as a key player in Utah's brewing scene. The company is owned by Alexandra
Ortiz, who brings extensive experience in the brewing industry and a track record of
transformative growth. With Alexandra's leadership and innovative approach, Shades of Pale
aims to continue its journey of success and expansion.
The Committee reviewed and discussed the business's financial landscape, historical and
projected figures, long-term liabilities,payroll projections, and projected project completion
dates. The Committee also asked for clarity on aspects such as the business's collateral, the
feasibility of implementing substantial payroll deductions amid expansion efforts, and the
potential impact of partnerships with a distillery on revenue streams.
After thorough deliberation and review of the financial data presented, the Committee advanced
the loan application to the scoring phase.
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 Shades of Pale.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for Shades of Pale Cider scored 78.42, 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 Shades of Pale.
Ms. Lindsley made a motion to recommend approval of the loan to the City Council.
Ms. Royall seconded the motion. The 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 May 9, 2024.