055 of 2022 - Economic Development Revolving Loan Fund (EDLF) – Kalo Clinical ResearchSALT 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.
55
6th
September
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
55
Sep 8, 2022
Dan Dugan (Sep 9, 2022 14:20 MDT)
Dan Dugan
Sep 9, 2022
rachel otto (Sep 9, 2022 14:37 MDT)
4 4
September 14, 2022
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
Ordinance 55 of 2022 - EDLF Loan for Kalo
Clinic (Adopted 9/6/22)
Final Audit Report 2022-09-13
Created:2022-09-07
By:DeeDee Robinson (deedee.robinson@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAg8WWZNDmSVhGizVcX942xMjo71fCHMhM
"Ordinance 55 of 2022 - EDLF Loan for Kalo Clinic (Adopted 9/6/
22)" History
Document created by DeeDee Robinson (deedee.robinson@slcgov.com)
2022-09-07 - 6:44:18 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2022-09-07 - 6:47:13 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2022-09-08 - 6:18:22 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2022-09-08 - 6:18:35 PM GMT - Time Source: server
Document emailed to daniel.dugan@slcgov.com for signature
2022-09-08 - 6:18:37 PM GMT
Email viewed by daniel.dugan@slcgov.com
2022-09-08 - 6:19:28 PM GMT
Signer daniel.dugan@slcgov.com entered name at signing as Dan Dugan
2022-09-09 - 8:20:56 PM GMT
Document e-signed by Dan Dugan (daniel.dugan@slcgov.com)
Signature Date: 2022-09-09 - 8:20:57 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2022-09-09 - 8:20:59 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-09-09 - 8:24:57 PM GMT
Document signing delegated to rachel otto (rachel.otto@slcgov.com) by Erin Mendenhall
(erin.mendenhall@slcgov.com)
2022-09-09 - 8:25:16 PM GMT
Document emailed to rachel otto (rachel.otto@slcgov.com) for signature
2022-09-09 - 8:25:17 PM GMT
Email viewed by rachel otto (rachel.otto@slcgov.com)
2022-09-09 - 8:37:30 PM GMT
Document e-signed by rachel otto (rachel.otto@slcgov.com)
Signature Date: 2022-09-09 - 8:37:45 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2022-09-09 - 8:37:46 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2022-09-13 - 4:04:40 PM GMT - Time Source: server
Agreement completed.
2022-09-13 - 4:04:40 PM GMT
From:Otto, Rachel
To:Robinson, DeeDee
Subject:Re: (EXTERNAL) Ordinance 55 of 2022 - EDLF Loan for Kalo Clinic (Adopted 9/6/22) between CITY OF SALT
LAKE CITY, Sara Montoya, Dan Dugan, and 2 more is Signed and Filed!
Date:Thursday, September 15, 2022 1:59:56 PM
This should be marked Approved. I apologize for the error.
RACHEL OTTO
Chief of Staff
O: 801-535-7732
C: 801.835.8763
OFFICE of the MAYOR
SALT LAKE CITY CORPORATION
WWW.SLCMAYOR.COM
WWW.SLC.GOV
From: Robinson, DeeDee <Deedee.Robinson@slcgov.com>
Date: Thursday, September 15, 2022 at 12:35 PM
To: Otto, Rachel <Rachel.Otto@slcgov.com>
Subject: FW: (EXTERNAL) Ordinance 55 of 2022 - EDLF Loan for Kalo Clinic (Adopted 9/6/22)
between CITY OF SALT LAKE CITY, Sara Montoya, Dan Dugan, and 2 more is Signed and Filed!
Hello Rachel,
Just bumping this up for attention. (See email below).
Thanks!
DeeDee
From: Robinson, DeeDee
Sent: Tuesday, September 13, 2022 4:01 PM
To: Otto, Rachel <Rachel.Otto@slcgov.com>
Cc: Trishman, Cindy Lou <Cindy.Trishman@slcgov.com>
Subject: FW: (EXTERNAL) Ordinance 55 of 2022 - EDLF Loan for Kalo Clinic (Adopted 9/6/22)
between CITY OF SALT LAKE CITY, Sara Montoya, Dan Dugan, and 2 more is Signed and Filed!
Rachel,
Thank you for completing the signature process for Ordinance 55 of 2022 on behalf of the Mayor –
for the Council adoption/approval of the EDLF Loan for the Kalo Clinic. (See attached ordinance.)
Unfortunately, both checkboxes were marked (approved and vetoed).
Could you please confirm from the options below your intended decision?
Mayors Action:
-Approved
-Vetoed
This email will be included in the complete record, and we will adjust the checkbox aligned with your
intent on the signed ordinance.
Thank you,
DeeDee Robinson
SLC RECORDER’S OFFICE
801 535-6228
From: Adobe Sign <adobesign@adobesign.com>
Sent: Tuesday, September 13, 2022 10:05 AM
To: Otto, Rachel <Rachel.Otto@slcgov.com>; Robinson, DeeDee <Deedee.Robinson@slcgov.com>;
Mendenhall, Erin <Erin.Mendenhall@slcgov.com>; Montoya, Sara <Sara.Montoya@slcgov.com>;
Dugan, Dan <Daniel.Dugan@slcgov.com>; Trishman, Cindy Lou <Cindy.Trishman@slcgov.com>
Cc: Recorder Routing <RecorderRouting@slcgov.com>
Subject: (EXTERNAL) Ordinance 55 of 2022 - EDLF Loan for Kalo Clinic (Adopted 9/6/22) between
CITY OF SALT LAKE CITY, Sara Montoya, Dan Dugan, and 2 more is Signed and Filed!
Ordinance 55 of 2022 - EDLF
Loan for Kalo Clinic (Adopted
9/6/22) between CITY OF
SALT LAKE CITY, Sara
Montoya, Dan Dugan, and 2
more is Signed and Filed!
To: rachel otto, DeeDee Robinson, Erin
Mendenhall, Sara Montoya, and 2 more
Cc: slcrecorder@slcgov.com
Attached is a final copy of Ordinance 55 of
2022 - EDLF Loan for Kalo Clinic (Adopted
9/6/22).