HomeMy WebLinkAboutProposed Ordinance - 7/18/2023SALT LAKE CITY ORDINANCE
No. of 2023
(Ordinance approving a $100,000 loan for Leavity LLC., at 47 S. Orange St., #131 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 Leavity LLC, a local business located at 47 S.
Orange St., #B 1.
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.
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: July 13, 2023
1:ya4lal
Sara Montoya, City Attorney
LOAN TERM SHEET
Applicant: Leavity LLC
Address: 47 S Orange St., #131, Salt Lake City, Utah 84116
Proposed Loan Terms
Loan Amount: $100,000
Loan Term: 7 Years
Interest Rate Calculation Prime Interest Rate: 7.50% (at the time of application on 1/6/2023)
EDLF Charge: 4%
Less Discount: 1%
• Priority Area - West of I-15
Final Interest Rate: 10.50%
Use of Funds: Equipment, Working Capital
Business Type: Food and Beverage
Collateral and Guarantees: Equipment
Personal Guarantees: Todd Bradley - 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