06/20/2024 - Meeting Minutes MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, June 20, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Nathan Stott Scott Lyttle
Austin Taylor Heather Royall
Darby Egbert Jacob Maxwell
Ann Marie Wallace
The following members of the committee were absent:
Leslie Nuon Trent Wardrop
Staci Olsen
Those also present:
Will Wright, Salt Lake City Economic Development; Ibrahim Ramazani, Salt Lake City
Economic Development; Andie Feldman, Salt Lake City Economic Development; Kiara
Polee, Salt Lake City Economic Development
2. Approval of the minutes
A. None
3. DED Staff Announcements
A. None
4. Business Items
A. Review and Recommendations for Policy Kings loan—Will Wright
1. Loan Overview and Discussion—Will Wright
Mr. Wright presented the Policy Kings Brewery LLC loan application to the EDLF Loan
Committee, outlining their request for a$75,000 loan. The company was incorporated in the
State of Utah in 2018 and if approved, the funds would be used for buildout 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.
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 Policy Kings.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for policy Kings scored 74.9, which does meet 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.
Ms. Egbert made a motion to recommend approval of the Policy Kings loan onto the
City Council. Ms. Wallace seconded the motion. The motion passed unanimously.
5. Final Discussion
None.
B. Review and Recommendations for Exotic Fast Food loan—Ibra Ramanzani
1. Loan Overview and Discussion—Ibra Ramanzani
Mr. Ramanzani presented the Exotic Fast Foods LLC loan application to the EDLF Loan
Committee. Exotic Fast Foods LLC is a new business requesting a loan for$100,000. If
approved, the funds would be used for building renovations, machinery, equipment, FF&E, lease
improvements 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.
After thorough deliberation and review of the financial data presented for Exotic Fast Foods
LLC, the Committee advanced the loan applications 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 Exotic Fast
Foods LLC.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for Exotic Fast Foods LLC scored 70, which does meet the minimum threshold
score of 70 to recommend the loan to the City Council.
The loan request for Exotic Fast Foods LLC, scored 77.6, which does meet 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.
Ms. Wallace made a motion to recommend approval of the Exotic Fast Foods LLC loan onto the
City Council. Ms. Royall seconded the motion. The motion passed unanimously.
5. Final Discussion
None.
6. Adjournment
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 June 20, 2024.