Updated Ordinance - 7/3/2024 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
52024.
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 18, 2024
.57
Sara Montoya, Ci Attorney
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.