Proposed Ordinance - 9/10/2024SALT LAKE CITY ORDINANCE
No. _____ of 2024
(Ordinance approving a $100,000 loan for Exotic Fast Foods, 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 $100,000 loan to Exotic Fast Foods, LLC, a local business located
at 55 North Redwood Road.
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
July 23, 2024
LOAN TERM SHEET
Applicant: Exotic Fast Foods, LLC
Address: 55 North Redwood Road
Salt Lake City, UT 84116
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 February 1, 2024)
Plus EDLF Charge: 4%
Less Discount: 1% for each
• Priority Area (North Temple)
• Socially and Economically Disadvantaged Individual (SEDI)
• Sustainability (e2 Business Program)
• Low to Moderate Income Business Owner
Final Interest Rate: 8.5%
Use of Funds: Building Renovations, Machinery and Equipment, Furniture, and Working Capital
Business Type: Start up
Collateral: Vehicle, Equipment and Machinery
Personal Guarantees: Zhazira Begaly
Conditions for Closing
• 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.