002 of 2023 - Economic Development Revolving Loan Fund (EDLF) – Forty Three Bakery/Streusel LLCSALT LAKE CITY ORDINANCE
No. of 2023
(Ordinance approving a $100,000 loan for Forty Three Bakery/Streusel LLC., at 713 Genesee
A venue 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
----------, 2023.
17th
January
02
Darin Mano, Council Chair
ATTEST AND COUNTERSIGN:
CITY RECORDER
Transmitted to Mayor on _________ _
Mayor's Action: Approved. Vetoed. ------
CITY RECORDER
(SEAL)
Bill No. of 2023. ---
Published: ------
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date: December 6, 2022
Sara Montoya, City Kttomey
MAYOR
02
Jan 18, 2023
Jan 20, 2023
rachel otto (Jan 20, 2023 10:06 MST)
4
Jan 20, 2023
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
Ordinance 02 of 2023 Economic Development
Revolving Loan Fund (EDLF) – Forty Three
Bakery_Streusel LLC
Final Audit Report 2023-01-20
Created:2023-01-18
By:Thais Stewart (thais.stewart@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAe1F47o9cFi8sW50Hb_GDmkudUOvAvnCc
"Ordinance 02 of 2023 Economic Development Revolving Loan
Fund (EDLF) – Forty Three Bakery_Streusel LLC" History
Document created by Thais Stewart (thais.stewart@slcgov.com)
2023-01-18 - 3:01:00 AM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2023-01-18 - 3:04:03 AM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2023-01-18 - 11:35:36 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2023-01-18 - 11:37:48 PM GMT - Time Source: server
Document emailed to Darin Mano (darin.mano@slcgov.com) for signature
2023-01-18 - 11:37:50 PM GMT
Email viewed by Darin Mano (darin.mano@slcgov.com)
2023-01-19 - 5:18:56 AM GMT
Email viewed by Darin Mano (darin.mano@slcgov.com)
2023-01-20 - 4:28:23 PM GMT
Document e-signed by Darin Mano (darin.mano@slcgov.com)
Signature Date: 2023-01-20 - 4:28:34 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2023-01-20 - 4:28:35 PM GMT
Thais Stewart (thais.stewart@slcgov.com) added alternate signer rachel otto (rachel.otto@slcgov.com). The
original signer Erin Mendenhall (erin.mendenhall@slcgov.com) can still sign.
2023-01-20 - 4:33:49 PM GMT
Document emailed to rachel otto (rachel.otto@slcgov.com) for signature
2023-01-20 - 4:33:50 PM GMT
Email viewed by rachel otto (rachel.otto@slcgov.com)
2023-01-20 - 5:06:05 PM GMT
Document e-signed by rachel otto (rachel.otto@slcgov.com)
Signature Date: 2023-01-20 - 5:06:19 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2023-01-20 - 5:06:19 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2023-01-20 - 10:36:07 PM GMT - Time Source: server
Agreement completed.
2023-01-20 - 10:36:07 PM GMT