HomeMy WebLinkAbout10/10/2024 - Meeting MinutesMINUTES OF THE
ECONOMIC DEVELOPMENT LOAN FUND (EDLF) LOAN COMMITTEE
Thursday, October 10th, 2024
1:00 p.m.
1. Roll Call
The following members of the committee were present:
Darby Egbert, Chairperson
Cara Lindsley
Staci Olsen
Taylee Foulger
Scott Lyttle
Nathan Stott
The following members of the committee were absent:
Jacob Maxwell, Chairperson Heather Royall
Ann Marie Wallace, Vice Chairperson Leslie Nuon
Trent Wardrop
Those also present:
Roberta Reichgelt, Salt Lake City Economic Development; Will Wright, Salt Lake City
Economic Development; Kiara Polee, Salt Lake City Economic Development; Andie
Feldman, Salt Lake City Economic Development
2. Approval of the minutes
A. Review and Approval of the September 26, 2024, EDLF Minutes
EDLF Committee members will review the September 26, 2024, minutes and consider for
approval.
Ms. Olsen made a motion to approve the September 26, 2024, minutes. Mr. Stott seconded.
The motion passed unanimously.
3. DED Staff Announcements
A. None
4. Business Items
A. Review and Recommendations for Frontier Fruit, LLC loan – Will Wright
1. Loan Overview and Discussion – Will Wright
Mr. Wright presented a $350,000 loan requested by Frontier Fruit, LLC. Frontier Fruit, LLC is a
new taproom, expanding from Shades of Pale- due to growth over 15- years. Although a new
business, asking for an exception to $100,000 loan due to 15-years of experience in the industry.
Frontier Fruit, LLC does not have an existing EDLF Loan.
The Committee reviewed and discussed the business's financial landscape, projected figures,
long-term liabilities, payroll projections, and projected project completion dates.
Ms. Foulger asked for policy clarification wondering if exceptions are allowed for new
businesses to borrow more than $100,000. Mr. Wright clarified and confirmed that this is
allowed. Ms. Reichgelt also reiterated that exceptions are allowed if EDLF Loan Committee
approves.
Mr. Lyttle asked for clarification around allowing the same business a loan within the same year.
Mr. Wright clarified that this loan is part of a separate loan with a separate guarantor, although
technically part of the same project from Shades of Pale.
Ms. Lindsley asked for clarification around collateral, making sure it is different than the
collateral for Shades of Pale. Mr. Wright confirmed that Frontier Frui, LLC has different-
additional collateral than Shades of Pale.
Ms. Foulger had questions about the value amount for the Real Estate collateral for Frontier
Fruit. Mr. Wright clarified how the value is calculated, in this loan the property value was
gathered from County records.
Ms. Lindsley asked for clarification as to why the mortgages on real estate had two different
amounts in the loan packet. Mr. Wright explained that the title commitment is not an accurate
reflection of what is owed on the property.
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 Frontier Fruit,
LLC.
3. Evaluation Scoring, Final Discussion, and Vote.
The loan request for Frontier Fruit, LLC scored 72, 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. Foulger made a motion to recommend approval of the Frontier Fruit, LLC loan to the City
Council.
Mr. Stott seconded the motion. The motion passed unanimously.
5. Final Discussion
Ms. Egbert suggested that a standing item added to the agenda reminding the Committee of
meeting expectations.
Mr. Wright agreed and approved the suggestion.
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 October 10, 2024.