HomeMy WebLinkAbout021 of 2024 - Economic Development Revolving Loan Fund (EDLF) - Parea LLCSALT LAKE CITY ORDINANCE
No. 21 of 2024
(Ordinance approving a $350,000 loan for Parea LLC, at 320 East 900 South 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 $350,000 loan to Parea LLC, a local business located at 320 East
900 South.
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 2nd day of
April .2024.
ATTEST AND COUNTERSIGN:
CITY RECORDER
Transmitted to Mayor on
Mayor's Action: Z
CITY RECORDER
(SEAL)
Bill No. 21 of 2024.
Published: Apr 12, 2024
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date: Apr 10, 2024
sa4l& 7MINar
Sara Montoya, City Attorney
Victoria Petro (Apr 9, 202416:00 EDT)
Victoria Petro, Council Chair
Apr 9, 2024
Approved. ❑ Vetoed.
EYrl�n &�41Apr 11, N11, 20
MAYOR
LOAN TERM SHEET
Applicant: Parea LLC
Address: 320 East 900 South
Proposed Loan Terms
Loan Amount: $350,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.5% (at the time of application on 11/10/2023
EDLF Charge: 4%
Less Discount: 1% for each
• Sustainability -E2 Program
Interest Rate: 11.50%
Use of Funds: Build out of restaurant, Equipment, Working Capital
Business Type: Restaurant — Food and Beverage
Collateral and Guarantees: Commercial Property
Personal Guarantees: Manoli Katsanevas
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 21 of 2024, Parea LLC, at 320 East
900 South from the Economic Development
Loan Fund)
Final Audit Report 2024-04-12
Created: 2024-04-08
By: Michelle Barney (michelle.barney@slcgov.com)
Status: Signed
Transaction ID: CBJCHBCAABAApMarrRoz1aUR4pCc3tpfrBrcZmbESsPS
"Ordinance 21 of 2024, Parea LLC, at 320 East 900 South from t
he Economic Development Loan Fund)" History
Document created by Michelle Barney (michelle.barney@slcgov.com)
2024-04-08 - 10:26:41 PM GMT
Document emailed to victoria.petro@slcgov.com for signature
2024-04-08 - 10:33:25 PM GMT
Email viewed by victoria.petro@slcgov.com
2024-04-09 - 7:59:33 PM GMT
Signer victoria.petro@slcgov.com entered name at signing as Victoria Petro
2024-04-09 - 8:00:01 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slcgov.com)
Signature Date: 2024-04-09 - 8:00:03 PM GMT - Time Source: server
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2024-04-09 - 8:00:05 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2024-04-10 - 5:38:53 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2024-04-10 - 5:39:08 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2024-04-10 - 5:39:09 PM GMT
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k i Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2024-04-11 - 5:29:44 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2024-04-11 - 6:29:15 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2024-04-11 - 6:29:16 PM GMT
,E Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2024-04-12 - 2:26:20 PM GMT - Time Source: server
Agreement completed.
2024-04-12 - 2:26:20 PM GMT
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