Proposed Ordinance - 4/19/2022SALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving a $100,000 loan for Mindful Living Wellness Center, at 1592 South 1100
East from the Economic Development Loan Fund)
WHEREAS, the City’s Economic Development Loan Fund (EDLF) is a program to
stimulate local business development, encourage private investment, enhance neighborhood
vitality, and boost commercial enterprise in Salt Lake City.
WHEREAS, the EDLF is administered by the Department of Economic Development
(DED) and loan applications are first prescreened by DED staff and then reviewed by the EDLF
loan committee.
WHEREAS, the EDLF loan committee and DED staff recommend the approval of the
attached loan term sheet for a $100,000 loan to the Mindful Living Wellness Center, at local
business located at 1592 South 1100 East.
NOW, THEREFORE, be it ordained by the City Council of Salt Lake City, Utah that:
SECTION 1. Loan Approval. The City Council approves the loan outlined in the Term
Sheet attached hereto, subject to revisions that do not materially affect the rights and obligations
of the City hereunder. The City Council authorizes the Mayor to negotiate and execute the loan
agreement and any other relevant documents consistent with the Term Sheet, and incorporating
such other terms and agreements as recommended by the City Attorney’s office.
SECTION 2. Effective Date. This ordinance shall become effective on the date of its first
publication.
Passed by the City Council of Salt Lake City, Utah, this ______ day of ______________,
2022.
______________________________
Dan Dugan, Council Chair
ATTEST AND COUNTERSIGN:
______________________________
CITY RECORDER
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
______________________________
MAYOR
______________________________
CITY RECORDER
(SEAL)
Bill No. ________ of 2022.
Published: ______________.
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date:__April 12, 2022__
__________________
Katherine Lewis, City Attorney