Proposed Ordinance - 5/8/2023SALT LAKE CITY ORDINANCE
No. _____ of 2023
(Ordinance approving a $10 0,000 loan for Salt Lake Sandwich Company, In c., at 1 408 W.
Arapahoe Ave. 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, th e 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 Salt Lake Sandwich Company, Inc., a
local business located at 1408 West Arapahoe Avenue.
NOW, THEREFORE, b e it ordained b y th e City Co uncil of Salt Lake City, Utah, th at:
SECTION 1 . Loan Approval. The City Council approves the loan outlined in the Term
Sheet attached h ereto, subject to revisions th at do n ot materially a ffec t 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 of fice.
SECTION 2 . Effective Date. This o rdinance shall become e ffective o n th e d ate o f its first
publication.
Passed by the City Council of Salt Lake City, Utah, this ______ day of
_____________________, 2023.
Darin Mano, Council Chair
ATTEST AND COUNTERSIGN:
______________________________
CITY RECORDER
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
______________________________
MAYOR
______________________________
CITY RECORDER
(SEAL)
Bill No. ________ of 2023.
Published: ______________.
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date:
Sara Montoya, City Attorney
April 27, 2023
LOAN TERM SHEET
Applicant : Salt Lake Sandwich Company, LLC
Address : 1408 W Arapahoe Ave.
Proposed Loan Terms
Loan Amount: $100,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 6.25% (at the time of application on October 25,
2022
EDLF Charge: 4%
Less Discount: 1% for each
•Socially and Economically Disadvantaged Individual (SEDI)
•Priority area: Poplar Grove
Interest Rate: 8.25%
Use of Funds : Food Truck, Equipment, Working Capital
Business Type: Start up.
Collateral and Guarantees: Real Estate, Equipment
Personal Guarantees: Michelle Drawn
Conditions for Closing
•Salt Lake City Business License, Commissary Kitchen Agreement in Poplar Grove, or other
priority area.
•Obtain all City approvals, execute all loan documents as deemed necessary by City legal counsel
a nd DED staff, such other terms as recommended by City legal counsel and DED staff.