HomeMy WebLinkAbout061 of 2024 - Economic Development Revolving Loan Fund (EDLF) – Policy Kings Brewery, LLCSALT LAKE CITY ORDINANCE
No. 61 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 13th day of
Auaust .2024.
ATTEST AND COUNTERSIGN:
Cindy rishman Aug22,202415:00MDT)
CITY RECORDER
Transmitted to Mayor on
Mayor's Action: ❑✓
✓ w�
Cindy rishman Aug22,202415:00 MDT)
CITY RECORDER
(SEAL)
Bill No. 61 of 2024.
Published: Aug 22, 2024
Victo is Petro (Aug 16, 202418:29 MDT)
Victoria Petro, Council Chair
Aug 22, 2024
Approved. ❑ _Vetoed.
APPROVED AS TO FORM
Salt Lake City Attomey's Office
Date: Aug 16, 2024
By: "-
Sara Montoya, Senior City Attorney
Erin Mendenha (Aug 22,202414:19 MDT)
MAYOR
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 DED staff, such other terms as recommended by City legal counsel and DED staff.
Ordinance 61 of 2024 Economic Development
Revolving Loan Fund (EDLF) - Policy Kings
Brewery, L L C
Final Audit Report 2024-08-22
Created: 2024-08-14
By: Michelle Barney (michelle.barney@slcgov.com)
Status: Signed
Transaction ID: CBJCHBCAABAAXHQKTFuokyMKEwnKA4WLk6hcP3e1wT52
"Ordinance 61 of 2024 Economic Development Revolving Loan
Fund (EDLF) - Policy Kings Brewery, LLC" History
Document created by Michelle Barney (michelle.barney@slcgov.com)
2024-08-14 - 3:54:33 AM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2024-08-14 - 4:02:54 AM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2024-08-17 - 0:22:02 AM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2024-08-17 - 0:22:17 AM GMT - Time Source: server
Document emailed to victoria.petro@slcgov.com for signature
2024-08-17 - 0:22:18 AM GMT
Email viewed by victoria.petro@slcgov.com
2024-08-17 - 0:28:37 AM GMT
Signer victoria.petro@slcgov.com entered name at signing as Victoria Petro
2024-08-17 - 0:29:02 AM GMT
Document e-signed by Victoria Petro (victoria.petro@slcgov.com)
Signature Date: 2024-08-17 - 0:29:04 AM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2024-08-17 - 0:29:06 AM GMT
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'I Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2024-08-17 - 4:21:52 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2024-08-22 - 8:19:16 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2024-08-22 - 8:19:18 PM GMT
,E Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2024-08-22 - 9:00:55 PM GMT - Time Source: server
Agreement completed.
2024-08-22 - 9:00:55 PM GMT
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