058 of 2024 - Economic Development Revolving Loan Fund (EDLF) - Goat Head, LLCSALT 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.
58
9th
July
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
58
Jul 15, 2024
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Victoria Petro
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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.
Adopted July 9, 2024 - Ordinance 58 of 2024,
EDLF for Goat Head LLC
Final Audit Report 2024-07-22
Created:2024-07-11
By:DeeDee Robinson (deedee.robinson@slcgov.com)
Status:Signed
Transaction ID:CBJCHBCAABAA70vsFsCCWRavb0TqsuBDZazMRk_OIhqe
"Adopted July 9, 2024 - Ordinance 58 of 2024, EDLF for Goat H
ead LLC" History
Document created by DeeDee Robinson (deedee.robinson@slcgov.com)
2024-07-11 - 8:22:38 PM GMT
Document emailed to Sara Montoya (sara.montoya@slcgov.com) for signature
2024-07-11 - 8:38:24 PM GMT
Email viewed by Sara Montoya (sara.montoya@slcgov.com)
2024-07-15 - 10:47:49 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slcgov.com)
Signature Date: 2024-07-15 - 10:48:08 PM GMT - Time Source: server
Document emailed to victoria.petro@slcgov.com for signature
2024-07-15 - 10:48:10 PM GMT
Email viewed by victoria.petro@slcgov.com
2024-07-15 - 11:39:23 PM GMT
Signer victoria.petro@slcgov.com entered name at signing as Victoria Petro
2024-07-17 - 4:03:40 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slcgov.com)
Signature Date: 2024-07-17 - 4:03:42 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slcgov.com) for signature
2024-07-17 - 4:03:44 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2024-07-18 - 5:02:17 AM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slcgov.com)
2024-07-20 - 4:23:48 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slcgov.com)
Signature Date: 2024-07-22 - 2:42:05 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slcgov.com) for signature
2024-07-22 - 2:42:08 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slcgov.com)
Signature Date: 2024-07-22 - 3:15:58 PM GMT - Time Source: server
Agreement completed.
2024-07-22 - 3:15:58 PM GMT