015 of 2022 - Granary Adaptive Reuse Loan Request for Fisher BrewingREDEVELOPMENT AGENCY OF SALT LAKE CITY
RESOLUTION NO. -------
Loan to Fisher Brewing Company, LLC
RESOLUTION OF THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF SALT
LAKE CITY APPROVING THE TERM SHEET FOR A LOAN TO FISHER BREWING COMPANY,
LLC FOR A GRANARY DISTRICT ADAPTIVE REUSE PROJECT LOCATED AT
APPROXIMATELY 316 WEST 800 SOUTH
WHEREAS, the Redevelopment Agency's (RDA's) Board of Directors (Board) adopted the
Granary District Adaptive Reuse Program Policy, Resolution 8-2017, to encourage the adaptive reuse of
existing buildings in the Granary District Project Area by reducing the economic impact of building code
requirements.
WHEREAS, Fisher Brewing Company, LLC, a local brewery located in the Granary District
Project Area (the Developer), is repurposing two underutilized buildings located adjacent to their current
facility. These repurposed spaces will be turned into new brewery and taproom space (the Project).
WHEREAS, the Developer has applied for a loan under the Granary District Adaptive Reuse
Program Policy to assist with the Project.
WHEREAS, on July 20, 2022, the RDA Finance Committee reviewed the loan application and
provided a positive recommendation for the attached set of terms (Term Sheet).
WHEREAS, the RDA staff recommends approval of the loan to the Developer outlined in the
Term Sheet for the Project.
NOW, THEREFORE, BE IT RESOLVED by the Board that it approves the loan outlined in
the Term Sheet attached to this resolution, subject to revisions that do not materially affect the rights and
obligations of the RDA hereunder. The Board authorizes the Executive Director to negotiate and execute
the loan agreement and any other relevant documents consistent with the Term Sheet, and incorporate
such other terms and agreements as recommended by the City Attorney's office.
Passed by the Board of Directors of the Redevelopment Agency of Salt Lake City, this __ day
of ____ � 2022.
Ana Valdemoros, Chair
15 of 2022
11th
October
Ana Valdemoros (Oct 15, 2022 14:48 MDT)
The Executive Director:
does not request reconsideration
requests reconsideration at the next regular Agency meeting.
Erin Mendenhall, Executive Director
Approved as to form:
Salt Lake City Attorney’s Office
Attest:
City Recorder
Allison Parks (Oct 12, 2022 14:31 MDT)
Oct 12, 2022
Erin Mendenhall (Oct 20, 2022 10:42 MDT)
4
EXHIBIT A: APPROVED LOAN TERM SHEET
Fisher Brewing Company, LLC
BORROWER
Fisher Brewing Company, LLC
PROPERTY
Approximately 316 West 800 South
PROJECT DESCRIPTION
The Project is an expansion of the existing Fisher Brewing location into two underutilized buildings
located adjacent to their current facility. The expansion will repurpose these adjacent buildings into
approximately 3,740 square feet of new tavern space and approximately 2,600 square feet of new brewing
area. The Project will also add 1,090 square feet of outdoor dining area.
PROPOSED LOAN TERMS
Amount: $136,962
Interest Rate: 0%, if all Conditions of the Loan (defined below) are met
Term: 5 years, commencing on execution of the loan documents
Amortization Period: N/A
Repayment: No payments if all Conditions of the Loan are met
Disbursement: Loan proceeds shall be disbursed in one lump sum at closing
Loan Forgiveness: Principal shall be forgiven in equal annual installments over the Term if all
Conditions of the Loan are met
Default Rate: If the Project fails to meet Conditions of the Loan during the Term, Developer may
be required to repay all or a portion of the loan as detailed in the loan agreement. Interest shall be
due on the portion deemed to be repaid, accrued as of the date funds were dispersed, at a default
interest rate of 14%.
CONDITIONS OF THE LOAN
The loan funds shall be used for eligible costs only. Eligible costs are defined in Section 3.2 the
Granary District Adaptive Reuse Loan Program Policy, R-8-2017.
The Project shall be completed as intended within the Term.
The Project shall operate as intended (neighborhood commercial) over the Term.
The Project shall remain in good financial and legal standing over the Term.
COLLATERAL AND GUARANTEES
Security: the loan shall be secured by unconditional personal payment guarantees from the
owners of Fisher Brewery Company, LLC: Tim Dwyer, Steven Brown, Thomas Riemondy, and
Kevin Frazier.
CONDITIONS FOR LOAN CLOSING
Prior to loan closing, the Developer and RDA will complete the following:
Developer will secure and provide RDA evidence of sufficient sources of Project financing.
Sources of financing must equal the total Project cost.
Developer will secure and provide RDA evidence of sufficient sources of matching Project
financing by other investments at the ratio of 1:12, as required by Section 4.2 of the Granary
District Adaptive Reuse Loan Program Policy, R-8-2017.
Developer must obtain all required City approvals.
Developer will provide evidence of insurance in such amounts and with such coverage as deemed
necessary by the RDA for the Project.
Developer and RDA will execute loan documents (e.g. promissory notes, guarantees, loan
agreements, security documents) as deemed necessary by the RDA and its legal counsel.
Such other terms as recommended by the RDA’s legal counsel and staff.
RDA Resolution 15 of 2022 Granary Adaptive
Reuse Loan Request for Fisher Brewing
Final Audit Report 2022-10-21
Created:2022-10-12
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAA-DqnwZ9s741SoQy6fySKqvqj_MirE3gi
"RDA Resolution 15 of 2022 Granary Adaptive Reuse Loan Req
uest for Fisher Brewing" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2022-10-12 - 8:03:22 PM GMT
Document emailed to Allison Parks (allison.parks@slcgov.com) for signature
2022-10-12 - 8:05:57 PM GMT
Email viewed by Allison Parks (allison.parks@slcgov.com)
2022-10-12 - 8:30:38 PM GMT
Document e-signed by Allison Parks (allison.parks@slcgov.com)
Signature Date: 2022-10-12 - 8:31:04 PM GMT - Time Source: server
Document emailed to ana.valdemoros@slcgov.com for signature
2022-10-12 - 8:31:06 PM GMT
Email viewed by ana.valdemoros@slcgov.com
2022-10-13 - 2:02:08 AM GMT
Email viewed by ana.valdemoros@slcgov.com
2022-10-15 - 0:17:57 AM GMT
Signer ana.valdemoros@slcgov.com entered name at signing as Ana Valdemoros
2022-10-15 - 8:48:41 PM GMT
Document e-signed by Ana Valdemoros (ana.valdemoros@slcgov.com)
Signature Date: 2022-10-15 - 8:48:43 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2022-10-15 - 8:48:45 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-10-16 - 3:45:42 AM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-10-18 - 4:23:24 AM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2022-10-20 - 5:06:34 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2022-10-20 - 4:42:27 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2022-10-20 - 4:42:29 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2022-10-21 - 9:22:43 PM GMT - Time Source: server
Agreement completed.
2022-10-21 - 9:22:43 PM GMT