09/26/2024 - Meeting Minutes (2) MINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, September 26th, 2024
1:00 P.M.
1. Roll Call
The following members of the committee were present:
Jacob Maxwell, Chairperson Heather Royall
Ann Marie Wallace, Vice Chairperson Scott Lyttle
Trent Wardrop Darby Egbert
Leslie Nuon
The following members of the committee were absent:
Nathan Stott
Staci Olsen
Cara Lindsley
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; Carl Spikner, Grow
America
2. Approval of the minutes
A. Review and Approval of the August 15,2024,EDLF Minutes
EDLF Committee members will review the August 15, 2024, minutes and consider for
approval.
Ms. Egbert made a motion to approve the August 15, 2024, minutes. Ms. Royall seconded.
Upon roll call, the motion passed unanimously.
3. DED Staff Announcements
A. None
4. Business Items
A. Review and Recommendations for GK Folks Foundation loan—Will Wright
1. Loan Overview and Discussion—Will Wright
Mr. Wright presented a $250,000 loan requested by GK Folks Foundation. GK Folks Foundation
is an existing non-profit and the funds would be
used for Working Capital, and Build-out of its community events center. GK Folks Foundation
does not have an existing EDLF Loan
Ms. Egbert motioned to close the meeting for the committee to discuss questions that came in
from one of the loan committee members. Ms. Royall second that motion, and it passed
unanimously- the meeting went into closed session.
After thorough deliberation and review of the financial data presented during the Closed Session,
Ms. Egbert motioned to open the closed meeting back up to the public. 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 GK Folks
Foundation.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for HK Brewing Collective scored 70.16, 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 GK Folks Foundation loan to the City
Council. Mr. Scott 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 September 26, 2024.