HomeMy WebLinkAbout009 of 2025 - Economic Development Revolving Loan Fund (EDLF) – Gorkha Enterprises, dba Himalayan KitchenSALT LAKE CITY ORDINANCE
No. of2025
(Ordinance approving a $350,000 loan for Gorkha Enterprises, dba Himalayan Kitchen, 1388 South 300
West suite 350, 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 Gorkha Enterprises, dba Himalayan Kitchen, 1388 South 300 West suite
350, 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 ---
--------' 2025.
4th
February
09
CITY RECORDER
Transmitted to Mayor on __________
Mayor's Action: Approved. Vetoed. ------
CITY RECORDER
(SEAL)
Bill No. of 2025. ---
Published: ------
MAYOR
ATTEST AND COUNTERSIGN:
09
Chris Wharton, Council Chair
Senior City Attorney
Feb 10, 2025
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LOAN TERM SHEET
Applicant: Gorkha Enterprises, dba Himalayan Kitchen
Address: 1388 South 300 West Suite 350, 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 fee payment and
initiation of Part B of the application, August 13, 2024)
Plus EDLF Charge: 4%
Less Discount: 1 % for each
•SEDI (Socially and Economically Disadvantaged Individual)
•Priority Area (State Street RDA Project Area)
Final Interest Rate: 10.50%
Use of Funds: Machinery and Equipment, Tenant Improvements, Working Capital
Loan Type: Expansion
Collateral: The real property located at 522 S 1300 E, Salt Lake City, Utah 84106
Personal Guarantees: Surya Bastakoti
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 09 of 2025 Economic Development
Revolving Loan Fund (EDLF) – Gorkha
Enterprises, dba Himalayan Kitchen
Final Audit Report 2025-02-11
Created:2025-02-05
By:Michelle Barney (Michelle.Barney@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAZRjb0PwCkhHasJFOjbtVxoT1NZB11nXI
"Ordinance 09 of 2025 Economic Development Revolving Loan
Fund (EDLF) – Gorkha Enterprises, dba Himalayan Kitchen" His
tory
Document created by Michelle Barney (Michelle.Barney@slc.gov)
2025-02-05 - 6:13:18 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2025-02-05 - 6:20:57 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2025-02-05 - 6:26:30 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2025-02-10 - 7:46:35 PM GMT - Time Source: server
Document emailed to Chris Wharton (chris.wharton@slc.gov) for signature
2025-02-10 - 7:46:37 PM GMT
Email viewed by Chris Wharton (chris.wharton@slc.gov)
2025-02-11 - 1:00:32 AM GMT
Document e-signed by Chris Wharton (chris.wharton@slc.gov)
Signature Date: 2025-02-11 - 1:00:41 AM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2025-02-11 - 1:00:42 AM GMT
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2025-02-11 - 2:57:39 AM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2025-02-11 - 9:24:11 PM GMT - Time Source: server
Document emailed to Keith Reynolds (Keith.Reynolds@slc.gov) for signature
2025-02-11 - 9:24:13 PM GMT
Email viewed by Keith Reynolds (Keith.Reynolds@slc.gov)
2025-02-11 - 9:24:56 PM GMT
Document e-signed by Keith Reynolds (Keith.Reynolds@slc.gov)
Signature Date: 2025-02-11 - 9:29:47 PM GMT - Time Source: server
Agreement completed.
2025-02-11 - 9:29:47 PM GMT