HomeMy WebLinkAbout094 of 2024 - Economic Development Revolving Loan Fund (EDLF) - Frontier Fruit, LLCSALT LAKE CITY ORDINANCE
No. of2024
(Ordinance approving a $350,000 loan for Frontier Fruit, LLC, at 1388 South 300 West, Salt Lake City,
Utah 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 $350,000 loan to Frontier Fruit, LLC, a local business located at 1388 South 300
West, Salt Lake City, Utah 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. --------�
Victoria Petro, Council Chair
ATTEST AND COUNTERSIGN:
10th
December
94
CITY RECORDER
Victoria Petro (Dec 12, 2024 11:27 MST)
i) 4 Tri.#(a) (Dec 20, 2024 1ф:тч MST)
Transmitted to Mayor on ________ _
Mayor's Action: ___ Approved. ___ Vetoed.
CITY RECORDER
(SEAL)
Bill No. of 2024. ---
Published: ------
MAYOR
94
Senior City Attorney
Dec 11, 2024
Dec 12, 2024
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Dec 2т, 2024
LOAN TERM SHEET
Applicant: Frontier Fruit, LLC
Address: 1388 South 300 West, Salt Lake City, Utah 84115
Proposed Loan Terms
Loan Amount: $350,000
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.5% (at the time of application on March 20, 2024)
Plus EDLF Charge: 4%
Less Discount: 1 % for each
•Sustainability (SLC Green's e2 Business Program)
•Low to Moderate income business owner LMI
•Priority Area (State Street RDA Project Area)
Final Interest Rate: 9.5%
Use of Funds: Machinery & Equipment, Furniture & Fixtures, Leasehold Improvements, Contingencies
Business Type: Startup Business (Loan Committee approved expansion loan based on owner's 15 years
of experience in the industry.)
Collateral: Real Property located at 435 Aspen Drive #19, Park City, Utah 84098
Personal Guarantees: Trent Fargher
Conditions for Closing
•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 94 of 2024 Economic Development
Loan Fund - Frontier Fruit, LLC
Final Audit Report 2024-12-20
Created:2024-12-11
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAmCI05zMX5hGUDLbYo6Ce0dm81smnlIJc
"Ordinance 94 of 2024 Economic Development Loan Fund - Fro
ntier Fruit, LLC" History
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2024-12-11 - 9:00:36 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2024-12-11 - 9:04:19 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2024-12-11 - 9:48:21 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2024-12-11 - 10:47:21 PM GMT - Time Source: server
Document emailed to victoria.petro@slc.gov for signature
2024-12-11 - 10:47:23 PM GMT
Email viewed by victoria.petro@slc.gov
2024-12-12 - 1:26:47 AM GMT
Signer victoria.petro@slc.gov entered name at signing as Victoria Petro
2024-12-12 - 6:27:12 PM GMT
Document e-signed by Victoria Petro (victoria.petro@slc.gov)
Signature Date: 2024-12-12 - 6:27:14 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2024-12-12 - 6:27:16 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2024-12-13 - 5:57:24 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2024-12-19 - 8:25:38 PM GMT - Time Source: server
Document emailed to Cindy Trishman (cindy.trishman@slc.gov) for signature
2024-12-19 - 8:25:39 PM GMT
Document e-signed by Cindy Trishman (cindy.trishman@slc.gov)
Signature Date: 2024-12-20 - 10:38:59 PM GMT - Time Source: server
Agreement completed.
2024-12-20 - 10:38:59 PM GMT