Proposed Resolution - 7/16/2024 SALT LAKE CITY ORDINANCE
No. of 2024
(Ordinance approving a $75,000 loan for Policy Kings Brewery, LLC 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 $75,000 loan to Policy Kings Brewery, LLC, a local business
located at 925 S Jefferson 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
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
12024.
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:June 25, 2024
Ise
Sara Montoya, City Xttorney
LOAN TERM SHEET
Applicant: Policy Kings Brewery, LLC
Address: 925 S Jefferson Street
Proposed Loan Terms
Loan Amount: $75,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.5% (at the time of application on March 1, 2024)
Plus EDLF Charge:4%
Less Discount: 1%for each
• Priority Area (State Street RDA Project Area)
• Socially and Economically Disadvantaged Individual (SEDI)
• Sustainability(e2 Business Program)
• Low to Moderate Income Business Owner
Final Interest Rate: 8.5%
Use of Funds: Build Out, Working Capital
Business Type: Existing
Collateral: Machinery and Equipment
Personal Guarantees: Deandre Ridgel, Sara Ridgel
Conditions for Closing
• Signed lease on property in Salt Lake City
• Enrollment in SLC Green's e2 Business Program
• Obtain all City approvals, execute all loan documents as deemed necessary by City legal counsel
and DIED staff, such other terms as recommended by City legal counsel and DIED staff.