052 of 2022 - Economic Development Revolving Loan Fund (EDLF) – Chip Cookies, LLCSALT 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, 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 $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.
52
16th
August
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
52
Aug 17, 2022
Dan Dugan (Aug 17, 2022 16:07 MDT)
Dan Dugan
Aug 17, 2022
Erin Mendenhall (Aug 18, 2022 10:24 MDT)
4
August 24, 2022
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
Ordinance 52 of 2022 - EDLF Loan for Chip
Cookies
Final Audit Report 2022-08-22
Created:2022-08-17
By:DeeDee Robinson (deedee.robinson@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAIAHFHtcm9XkLgHWoozndFSntboDAsCZn
"Ordinance 52 of 2022 - EDLF Loan for Chip Cookies" History
Document created by DeeDee Robinson (deedee.robinson@slcgov.com)
2022-08-17 - 2:47:50 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2022-08-17 - 2:52:18 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2022-08-17 - 4:06:49 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2022-08-17 - 4:07:50 PM GMT - Time Source: server
Document emailed to daniel.dugan@slcgov.com for signature
2022-08-17 - 4:07:52 PM GMT
Email viewed by daniel.dugan@slcgov.com
2022-08-17 - 4:10:46 PM GMT
Signer daniel.dugan@slcgov.com entered name at signing as Dan Dugan
2022-08-17 - 10:07:14 PM GMT
Document e-signed by Dan Dugan (daniel.dugan@slcgov.com)
Signature Date: 2022-08-17 - 10:07:15 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2022-08-17 - 10:07:18 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-08-18 - 3:35:24 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2022-08-18 - 4:24:08 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2022-08-18 - 4:24:10 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2022-08-22 - 9:27:25 PM GMT - Time Source: server
Agreement completed.
2022-08-22 - 9:27:25 PM GMT