Proposed Ordinance - 11/6/2023SALT LAKE CITY ORDINANCE
No. _____ of 2023
(Ordinance approving a $90,000 loan for Ocean City Seafood Market, at 1701 South State Street
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 $90,000 loan to Ocean City Seafood Market, a local business
located at 1701 South State Street.
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
agr eement 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:
Sara Montoya, City Attorney
October 31, 2023
LOAN TERM SHEET
Applicant : Ocean City Seafood Market
Address : 1701 South State Street
Proposed Loan Terms
Loan Amount: $90,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.25% (at the time of application on June 12, 2023)
EDLF Charge: 4%
Less Discount: 1% for each
•Priority Area (State Street RDA Project Area)
•SEDI socioeconomically disadvantaged individual business
owner
•Sustainability Project 65% of loan funds for solar array
Interest Rate: 9.25%
Use of Funds : Solar Array and Working Capital
Business Type: Existing
Collateral and Guarantees: Solar Array
Personal Guarantees: Hellen Chong
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.