Motion Sheet - 10/4/2022Item F1
CITY COUNCIL OF SALT LAKE CITY
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MOTION SHEET
CITY COUNCIL of SALT LAKE CITY
TO:City Council Members
FROM: Allison Rowland
Budget and Policy Analyst
DATE:October 4, 2022
RE: ORDINANCE: NEW DEFERRAL FOR EMERGENCY LOAN PROGRAM REPAYMENT
MOTION 1 – ADOPT ORDINANCE
I move that the Council adopt the ordinance approving the deferral of Emergency Loan Program loans
to December 31, 2024.
MOTION 2 – ADOPT ORDINANCE WITH LEGISLATIVE INTENTS
I move that the Council adopt the ordinance approving the deferral of Emergency Loan Program loans
to December 31, 2024, along with the following Legislative Intent(s) (optional):
(The following intents were mentioned at different times in the meeting and could be considered
separately)
a.That the new deferral to the end of 2024 be offered as an “opt-in” process for each borrower,
rather than occurring automatically.
b.That a discount scaled to reflect current interest rates be offered to borrowers who are able to
repay before the end of 2024.
c.That by March 1, 2023, the Department of Economic Development propose criteria and
processes for borrowers that might not have an alternative to loan "forgiveness" or write-off,
MOTION 3 – NOT ADOPT
I move that the Council not adopt the ordinance, and proceed to the next agenda item.