08/15/2024 - Meeting Minutes MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, August 15, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Jacob Maxwell, Chairperson Heather Royall
Trent Wardrop Staci Olsen
Cara Lindsley Darby Egbert
The following members of the committee were absent:
Ann Marie Wallace, Vice Chairperson Nathan Stott
Scott Lyttle Leslie Nuon
Those also present:
Roberta Reichgelt, Salt Lake City Economic Development; Will Wright, Salt Lake City
Economic Development; Kiara Polee, Salt Lake City Economic Development; Ibrahim
Ramazani, Salt Lake City Economic Development; Brian Pantle, Salt Lake City Economic
Development; Andie Feldman, Salt Lake City Economic Development.
2. Approval of the minutes
A. Review and Approval of the July 18,2024,EDLF Minutes
EDLF Committee members will review the July 18, 2024, minutes and consider for
approval.
B. Review and Approval of the August 1,2024,EDLF Minutes
EDLF Committee members will review the August 1, 2024, minutes and consider for
approval.
3. DED Staff Announcements
A. Mrs. Reichgelt informed the committee of future formal improvements to
the EDLF Loan process and told members if they would like more detail
information or a refresher to please reach out to her.
4. Business Items
A. Review and Recommendations for HK Brewing Collective, LLC loan—Brian
Pantle
1. Loan Overview and Discussion—Brian Pantle
Mr. Pantle presented a$270,000 loan request by HK Brewing Collective, LLC. HK Brewing
Collective, LLC is an existing business and a neighborhood kombucha brewer making both non-
alcoholic and alcoholic beverages. The funds will be used for equipment purchases, hiring new
staff, operational improvements, working capital and ensuring the scalability of the business. The
business is returning for additional EDLF Loan funding to expand their business.
Ms. Egbert asked for clarification around the amount of time this company has been brewing.
Mr. Pantie confirmed their start date in 2020.
Mr. Wardrop asked for updated P&L information, since the latest P&L reports were from March
2024.
Mr. Wardrop also asked for clarification regarding the number of employees the company is
looking to hire, Mr. Pantie confirmed 10 individuals.
The Committee reviewed and discussed the business's financial landscape, 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. 15-Minute Break: 15-minute break to tally the evaluation from scores.
Committee members took a 15-minute recess to complete the scoring matrix for HK Brewing
Collective, LLC.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for HK Brewing Collective scored 79.2, 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 HK Brewing Collective, LLC loan to
the City Council. Ms. Royall seconded the motion. The motion passed unanimously.
5. Final Discussion
None.
6. 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 August 15, 2024.