077 of 2024 - Economic Development Revolving Loan Fund (EDLF) – City Cakes SLC, LLCSALT LAKE CITY ORDINANCE
No. _____ of 2024
(Ordinance approving a $100,000 loan for City Cakes & Café SLC, LLC, at 1860 South 300
West, Salt Lake City, 84115, 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 for City Cakes & Café SLC, LLC, at 1860 South
300 West, Salt Lake City, 84115.
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.
1st
October
77
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
77
Oct 16, 2024
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LOAN TERM SHEET
Applicant: City Cakes & Café SLC, LLC
Address: 1860 South 300 West D, Salt Lake City, UT 84115
Proposed Loan Terms
Loan Amount: $100,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.25% (at the time of application on July 18, 2023)
Plus EDLF Charge: 4%
Less Discount: 1% for each
• Sustainability (E2 Business Program)
• Social and Economically Disadvantaged Individual
• Low to Moderate Income Business Owner
• Priority Area (CDBG Low/Moderate Income Census Tract)
Final Interest Rate: 8.25%
Use of Funds: Acquisition, Machinery & Equipment, Working Capital
Business Type: Startup
Collateral: Real Property, Equipment
Personal Guarantees: Tim Rikli
Conditions for Closing
• Enroll in SLC Green’s e2 Business Program.
• Enroll in Neighborworks’ Financial Education Credit Building course.
• Provide evidence of owner cash equity.
• 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 77 of 2024, Economic Development
Revolving Loan Fund (EDLF) – City Cakes SLC,
LLC
Final Audit Report 2024-10-24
Created:2024-10-16
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAKkMN3YRYNX-pcPzLNBlsIJywylwoDPct
"Ordinance 77 of 2024, Economic Development Revolving Loan
Fund (EDLF) – City Cakes SLC, LLC" History
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2024-10-16 - 10:46:25 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2024-10-16 - 10:53:23 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2024-10-16 - 10:53:48 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2024-10-16 - 10:54:21 PM GMT - Time Source: server
Document emailed to victoria.petro@slcgov.com for signature
2024-10-16 - 10:54:23 PM GMT
Email viewed by victoria.petro@slcgov.com
2024-10-17 - 3:16:31 PM GMT
Michelle Barney (Michelle.Barney@slc.gov) added alternate signer victoria.petro@slc.gov. The original signer
victoria.petro@slcgov.com can still sign.
2024-10-23 - 8:16:01 PM GMT
Document emailed to victoria.petro@slc.gov for signature
2024-10-23 - 8:16:02 PM GMT
Michelle Barney (Michelle.Barney@slc.gov) added alternate signer Erin Mendenhall (Erin.Mendenhall@slc.gov).
The original signer erin.mendenhall@slcgov.com can still sign.
2024-10-23 - 8:16:51 PM GMT
Email viewed by victoria.petro@slc.gov
2024-10-23 - 8:20:07 PM GMT
Signer victoria.petro@slc.gov entered name at signing as Victoria Petro
2024-10-23 - 8:20:31 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slc.gov)
Signature Date: 2024-10-23 - 8:20:34 PM GMT - Time Source: server
Document emailed to erin.mendenhall@slcgov.com for signature
2024-10-23 - 8:20:36 PM GMT
Document emailed to Erin Mendenhall (Erin.Mendenhall@slc.gov) for signature
2024-10-23 - 8:20:36 PM GMT
Email viewed by Erin Mendenhall (Erin.Mendenhall@slc.gov)
2024-10-24 - 3:37:18 AM GMT
Document e-signed by Erin Mendenhall (Erin.Mendenhall@slc.gov)
Signature Date: 2024-10-24 - 2:02:17 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slc.gov) for signature
2024-10-24 - 2:02:18 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slc.gov)
Signature Date: 2024-10-24 - 11:37:39 PM GMT - Time Source: server
Agreement completed.
2024-10-24 - 11:37:39 PM GMT