07/18/2024 - Meeting Minutes MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, July 18, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Jacob Maxwell, Chairperson Ann Marie Wallace
Leslie Nuon Trent Wardrop
Austin Taylor Taylee Foulger
Darby Egbert
The following members of the committee were absent:
Nathan Stott Heather Royall
Staci Olsen Cara Lindsley
Scott Lyttle
Those also present:
Roberta Reichgelt, Salt Lake City Economic Development; 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. Review and Approval of the June 6, 2024, EDLF Minutes
EDLF Committee members will review the June 6, 2024, minutes and consider for
approval.
B. Review and Approval of the June 20, 2024, EDLF Minutes
EDLF Committee members will review the June 20, 2024, minutes and consider for
approval.
3. DED Staff Announcements
A. None
4. Business Items
A. Review and Recommendations for City Cakes loan—Will Wright
1. Loan Overview and Discussion—Will Wright
Mr. Wright presented the City Cakes loan application to the EDLF Loan Committee, outlining
their request for a $100,000 loan. The company was incorporated in the State of Utah in 2022
and if approved, the funds would be used for Acquisition, Equipment, and Working Capital.
There was an increase in the value of collateral for this project. Owners have both enrolled in a
credit building course with Neighbor works - which satisfies the condition to close.
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 City Cakes.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for City Cakes scored 77.5, 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 City Cakes loan to the City Council.
Ms. Foulger 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 July 18, 2024.