HomeMy WebLinkAboutTransmittal - 7/3/2024SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Salt Lake City Redevelopment Agency Chair
Start Date:
07/03/2024
Date Sent to Council:
07/08/2024
From:
Employee Name:
Pantle, Brian
E-mail
Brian.Pantle@slcgov.com
Department
Economic Development
Department Director Signature Chief Administrator Officer's Signature *
Director Signed Date
07/03/2024
Chief Administrator Officer's Signed Date
07/08/2024
Subject:
EDLF Loan Goat Head, LLC - updated
Additional Staff Contact:
Brian Pantle, Brian.Pantle@slcgov.comRoberta Reichgelt, Roberta.Reichgelt@slcgov.com
Presenters/Staff Table
Brian Pantle, Brian.Pantle@slcgov.comRoberta Reichgelt, Roberta.Reichgelt@slcgov.com
Document Type *
Resolution
Budget Impact *
Yes
No
Budget Impact:
Recommendation:*
Approve
Background/Discussion (?)
On May 23rd, 2024, a loan request from Goat Head,LLC was presented to the EDLF Loan Committee for review and discussion. GoatHead, LLC is a
restaurant serving vegan, vegetarian food.
Will the City Council need to hold a public hearing for this item?*
Yes
No
Public Process
Applicants of The Economic Development Loan Fund (EDLF) go through a thorough application process consisting of a pre-screening, underwriting analysis, and economic impact statement. Only after the loan applicant goes through these processes, then the loan is recommended to be reviewed by the Loan Committee members. Upon the thorough review of the Loan Committee members then a recommendation is made before the loan is transmitted to the Mayor for Council to receive the recommendation for final approval. Because the
Loan Committee review process must adhere to the Open Meetings Act DED’s staff has worked closely with the City Attorney ’s Office to ensure
Chief Administrator Officer's Comments
LOAN TERM SHEET
Applicant: Goat Head, LLC
Address: 702 South 300 East
Proposed Loan Terms
Loan Amount: $100,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.5% at the time of application on 11/13/2023
Plus, EDLF Charge: 4%
Less Discount: 1% for each
• SEDI
• Sustainability
Final Interest Rate: __10.5%
Use of Funds: Kitchen and service equipment, buildout of new leased space, licenses working capital and
owner’s wages.
Business Type: Start-up
Collateral: Two vehicles and Equipment
Personal Guarantees: Sarah Boone-Witham
Michael Boone-Witham
Conditions for Closing
•Complete enrollment in Sustainability’s E2 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.
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SALT LAKE CITY ORDINANCE
No. _____ of 2024
(Ordinance approving a $100,000 loan for Goat Head LLC, at 702 S 300 E 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 $100,000 loan to Goat Head LLC, a local business located at 702
South 300 East.
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.
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
June 18, 2024
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