018 of 2022 - Economic Development Revolving Loan Fund The Current Exchange, 1159 South Richard StreetSALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving a $100,000 loan for The Current Exchange, at 1159 S. Richard Street 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 Current Exchange, at local business located at
1159 S. Richard Street.
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
18
19th April
Dan Dugan (Apr 23, 2022 11:34 MDT)
Dan Dugan
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: __________________
Katherine Lewis, City Attorney
1918
Katherine Lewis (Apr 22, 2022 13:41 MDT)
Apr 22, 2022
Apr 23, 2022
Erin Mendenhall (May 17, 2022 15:14 MDT)
4
Cindy Trishman (May 17, 2022 17:37 MDT)
Cindy Trishman (May 17, 2022 17:37 MDT)
May 18, 2022
Ordinance 18 of 2022 Economic Development
Revolving Loan Fund The Current Exchange,
1159 South Richard Street
Final Audit Report 2022-05-17
Created:2022-04-22
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAARg_a-XxZUOYtVZgpq9CfMgwOPtJ62zj0
"Ordinance 18 of 2022 Economic Development Revolving Loan
Fund The Current Exchange, 1159 South Richard Street" Histor
y
Document created by Thais Stewart (thais.stewart@slcgov.com)
2022-04-22 - 7:37:05 PM GMT
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Signature Date: 2022-05-17 - 11:37:47 PM GMT - Time Source: server
Agreement completed.
2022-05-17 - 11:37:47 PM GMT