031 of 2022 - Economic Development Revolving Loan Fund (EDLF) – Buddies, INCSALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving a $150,000 loan for Buddies, Inc., at 1150 East 600 South from the
Economic Development Loan Fund)
WHEREAS, Salt Lake City Corporation’s (“City”) 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 $150,000 loan to Buddies, Inc., a local business located at 1150
East 600 South.
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.
7th
June
31
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:
Sara Montoya, City Attorney
31
Jun 13, 2022
Dan Dugan (Jun 13, 2022 19:54 MDT)
Dan Dugan
Jun 13, 2022
Erin Mendenhall (Jun 14, 2022 17:16 MDT)
4
Cindy Trishman (Jun 14, 2022 17:48 MDT)
Cindy Trishman (Jun 14, 2022 17:48 MDT)
June 15, 2022
LOAN TERM SHEET
Applicant: Buddies, INC
Address: 1150 E 600 S
Proposed Loan Terms
Loan Amount: $150,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 3.25%
EDLF Charge: 8%
Less Discount: 4%
• Priority Area
• Woman Owned,
• Ethnic Minority
Interest Rate: 7.25%
Use of Funds: Equipment, Inventory
Business Type: Start Up
Collateral and Guarantees: Equipment, Inventory
Personal Guarantees: Lara Haddad
Conditions for Closing
• Signed Articles of Incorporation
• Salt Lake City Business License
• Salt Lake City Business Address
• Creation of Business Entity
Ordinance 31 of 2022 Economic Development
Revolving Loan Fund to Buddies, Inc., 1150
East 600 South
Final Audit Report 2022-06-14
Created:2022-06-09
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAlneJL9KD3tDuiqTYKddYPeiyL2pX87q5
"Ordinance 31 of 2022 Economic Development Revolving Loan
Fund to Buddies, Inc., 1150 East 600 South" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2022-06-09 - 7:21:10 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2022-06-09 - 7:23:39 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2022-06-13 - 8:12:04 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2022-06-13 - 8:12:42 PM GMT - Time Source: server
Document emailed to Dan Dugan (daniel.dugan@slcgov.com) for signature
2022-06-13 - 8:12:44 PM GMT
Email viewed by Dan Dugan (daniel.dugan@slcgov.com)
2022-06-14 - 1:54:12 AM GMT
Document e-signed by Dan Dugan (daniel.dugan@slcgov.com)
Signature Date: 2022-06-14 - 1:54:28 AM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2022-06-14 - 1:54:30 AM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-06-14 - 4:27:11 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2022-06-14 - 11:16:54 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2022-06-14 - 11:16:55 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2022-06-14 - 11:48:49 PM GMT - Time Source: server
Agreement completed.
2022-06-14 - 11:48:49 PM GMT