Proposed Ordinance - 7/12/2022SALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving a $350,000 loan for Chip Cookies, LLC., at 4752 W California Ave, A100
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, th e 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 $3 50,000 loan to Chip Cookies, LLC., a local business located at
4752 W California Ave, A100.
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:
Sara Montoya, City Attorney
LOAN TERM SHEET
Applicant : Chip Cookies, LLC
Address : 4752 W California Ave, A100
Proposed Loan Terms
Loan Amount: $350,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 3.25%
EDLF Charge: 8%
Less Discount: 4%
• Priority Area
• Woman Owned
Interest Rate: 7.25%
Use of Funds : Leasehold Improvements, Furniture, Fixtures and Equipment
Business Type: Existing Business
Collateral and Guarantees : Equipment
Personal Guarantees: Sean Wilson, Sarah Wilson
Conditions for Closing: NA