Proposed Ordinance - 8/2/2022 (2)SALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving a $262,963.61 loan for Kalo Clinical Research 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”); 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 $262,963.61 loan to Kalo Clinical Research, a limited liability
company and a local business located at 82 South 1100 East, Suite 402, Salt Lake City, Utah.
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 : Kalo Clinical Research
Address : 82 S 1100 E Suite 402
Proposed Loan Terms
Loan Amount: $262,963.61
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate at time of application 1/11/22: 3.25%
EDLF Charge: 8%
Less Discount: 4%
• Priority Area
• Woman Owned,
• Ethnic Minority
Final Interest Rate: 7.25%
Use of Funds : Working Capital, Capacity for growth/expansion
Business Type : Established Business
Collateral and Guarantees: Commercial Real Estate, Vehicles
Personal Guarantees: Isabella Johnson, Floyd Johnson
Conditions for Closing : Obtain all City approvals, execute all loan documents as deemed necessary by
City legal counsel and DED staff, such other terms as recommended by City legal counsel and DED staff