042 of 2024 - Economic Development Revolving Loan Fund (EDLF) - Shades of Pale IncSALT LAKE CITY ORDINANCE
No. _____ of 2024
Ordinance approving a $350,000 loan for Shades of Pale, Inc., at 1388 South 300 West 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 Shades of Pale, Inc., a local business located at
1388 South 300 West.
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
2024.
42
4th
June
Victoria Petro, Council Chair
ATTEST AND COUNTERSIGN:
CITY RECORDER
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
MAYOR
CITY RECORDER
SEAL)
Bill No. ________ of 2024.
Published: ______________.
APPROVED AS TO FORM
Salt Lake City Attorney’s Office
Date:
Sara Montoya, City Attorney
May 14, 2024
42
Jun 10, 2024
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LOAN TERM SHEET
Applicant: Shades of Pale, Inc.
Address: 1388 South 300 West
Proposed Loan Terms
Loan Amount: $350,000
Loan Term: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.5% (at the time of application on October 30,
2023).
Plus EDLF Charge: 4%
Less Discount: 1% for each
Priority Area (RDA State Street Project Area)
Socially and Economically Disadvantaged Individuals (SEDI),
woman owned, Latina owned.
Final Interest Rate: 10.5%
Use of Funds: Renovation, Machinery, Equipment, Working Capital
Business Type: Existing
Collateral: Equipment
Personal Guarantees: Jennifer Alexandra Ortiz
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.
Adopted June 4, 2024 - Ordinance 42 of 2024
EDLF Loan - Shades of Pale Inc
Final Audit Report 2024-06-12
Created:2024-06-07
By:DeeDee Robinson (deedee.robinson@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAAHsQck6kEoyWt3my9dL3K36PUTC3T3oYl
"Adopted June 4, 2024 - Ordinance 42 of 2024 EDLF Loan - Sha
des of Pale Inc" History
Document created by DeeDee Robinson (deedee.robinson@slcgov.com)
2024-06-07 - 5:34:17 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2024-06-07 - 5:38:20 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2024-06-10 - 10:42:04 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2024-06-10 - 10:42:20 PM GMT - Time Source: server
Document emailed to victoria.petro@slcgov.com for signature
2024-06-10 - 10:42:22 PM GMT
Email viewed by victoria.petro@slcgov.com
2024-06-10 - 10:55:53 PM GMT
Signer victoria.petro@slcgov.com entered name at signing as Victoria Petro
2024-06-11 - 7:13:31 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slcgov.com)
Signature Date: 2024-06-11 - 7:13:33 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2024-06-11 - 7:13:35 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2024-06-11 - 8:52:06 PM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2024-06-11 - 8:52:14 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2024-06-11 - 8:52:15 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
E-signature obtained using URL retrieved through the Adobe Acrobat Sign API
Signature Date: 2024-06-12 - 7:29:40 PM GMT - Time Source: server
Agreement completed.
2024-06-12 - 7:29:40 PM GMT