05/23/2024 - Meeting Minutes MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, May 23, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Jake Maxwell, Chairperson Trent Wardrop
Darby Egbert Leslie Nuon
Austin Taylor Scott Lyttle
Staci Olsen
The following members of the committee were absent:
Heather Royall Ann Marie Wallace
Cara Lindsley Nathan Stott
Those also present:
Will Wright, Salt Lake City Economic Development; Ibrahim Ramazani, Salt Lake City
Economic Development; Andie Feldman, Salt Lake City Economic Development; Carl
Spikner,Grow America; Peter Makowski, Salt Lake City Economic Development. Kiara Polee,
Salt Lake City Economic Development
2. Approval of the minutes
A. Review and Approval of the May 9, 2024 EDLF Minutes
EDLF Committee members will review the May 9, 2024, minutes and consider for
approval.
Ms. Noun made a motion to approve the May 9, 2024, minutes. Mr. Lyttle seconded the motion.
Upon roll call, the motion passed unanimously.
3. DED Staff Announcements
A. None
4. Business Items
A. Review and Recommendations for Goat Head loan—Brian Pantle
1. Loan Overview and Discussion Brian Pantle
Mr. Pantle presented the Goat Head LLC loan application to the EDLF Loan Committee,
outlining their request for a $100,000 loan. The restaurant will serve a variety of breakfast,
brunch, and lunch options, catering to both traditional and vegan diets with fresh, seasonally
rotating, and locally sourced ingredients. Owned and operated by Michael Boone-Witham and
Sarah Boone-Witham, who each hold 50% ownership, The Goat Head benefits from their
combined 20 years of industry experience and complementary skill sets.
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 asked for clarity on aspects such as the business's collateral, the actual
KBB value was significantly lower than the value listed in the loan packet. The committee also
stated concerns around the low projected numbers listed on the P & L regarding inventory,
payroll, sales, and other estimated expenses.
Ms. Darby suggested a `Business Plan Template' to assure a smooth and straightforward review
process.
After thorough deliberation and review of the financial data presented, the Committee advanced
the loan application to the scoring phase.
B. Review and Recommendations for City Cakes loan—Will Wright
1. Loan Overview and Discussion—Will Wright
Mr. Wright presented the City Cakes & Cafe SLC, LLC, DBA City Cakes loan application to the
EDLF Loan Committee, outlining their request for a $300,000 loan. City Cakes, a Utah-based
LLC, is a year and a half old and previously owned Nostalgia Cafe for three years. City Cakes
specializes in traditional, vegan, vegetarian, and gluten-free pastries and cakes, aiming to provide
high-quality, made-from-scratch products and exceptional customer service.
Mr. Wright explained that the loan will fund the acquisition of a well-established local business,
building renovations, equipment, and working capital.
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 regarding a negative balance showing on
the businesses P & L in past years-which happened during the pandemic and rectified since
then.
After thorough deliberation and review of the financial data presented for Goat Head, LLC &
City Cakes & Cafe, LLC, the Committee advanced the loan applications to the scoring phase.
2. 30-Minute Break: 30-minute break to tally the evaluation from scores.
Committee members took a 30-minute recess to complete the scoring matrix for City Cakes and
Goat Head.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for City Cakes scored 68, which does not meet the minimum threshold score of
70 to recommend the loan to the City Council.
The loan request for Goat Head scored 72, 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 City.
Mr. Maxwell made a motion to not recommend approval of the City Cakes loan onto the City
Council.
Ms. Egbert seconded the motion. The motion passed unanimously.
Mr. Maxwell made a motion to recommend approval of the Goat Head loan onto the City
Council.
Ms. Egbert 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 23, 2024.