Proposed Ordinance - 12/8/2022SALT LAKE CITY ORDINANCE
No. _____ of 2022
(Ordinance approving a $100,000 loan for Forty Three Bakery/Streusel LLC., at 713 Genesee
Avenue 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 $100,000 loan to Forty Three Bakery/Streusel LLC a local
business located at 713 Genesee Avenue.
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
December 6, 2022
LOAN TERM SHEET
Applicant: Forty Three Bakery/Streusel LLC
Address: 713 Genesee Avenue, Salt Lake City, Utah 84104
Proposed Loan Terms
Loan Amount: $100,000
Loan Term: 7 Years
Interest Rate Calculation Prime Interest Rate: 4.75% (at the time of application on 7/20/2022)
EDLF Charge: 8%
Less Discount: 4%
• Priority Area – 9th South from East Side to West Side
Final Interest Rate: 8.75%
Use of Funds : Construction
Business Type: Food and Beverage
Collateral and Guarantees: Equipment, Inventory, Personal Property, Vehicle
Personal Guarantees: Andrew Corrao - Owner
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