HomeMy WebLinkAbout010 of 2025 - Economic Development Revolving Loan Fund (EDLF) – Policy Kings Brewery, LLCSALT LAKE CITY ORDINANCE
No. _____ of 2025
Ordinance approving a $75,000 loan for Policy Kings Brewery, LLC, a local business located at 79 W
900 S, Salt Lake City, Utah 84101from 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$75,000 loan for Policy Kings Brewery, LLC, a local business located at 79 W 900 S,
Salt Lake City, Utah 84101
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.
Chris Wharton, Council Chair
February18
10
Chris Wharton (Feb 24, 2025 15:28 MST)
CITY RECORDER
Transmitted to Mayor on _______________________.
Mayor's Action: _______Approved. _______Vetoed.
MAYOR ______________________________
CITY RECORDER
SEAL)
Bill No. ________ of 2024.
Published: ______________.
10
ATTEST AND COUNTERSIGN:
Sara Montoya, Salt Lake City Attorney's Office
02/24/2025
Erin Mendenhall (Feb 24, 2025 18:19 MST)
4
2/25/2025
February 24, 2025
LOAN TERM SHEET
Applicant: Policy Kings Brewery, LLC
Address: 79 West 900 South
Salt Lake City, Utah 84111
Proposed Loan Terms
Loan Amount: $75,000
Monthly Payment: $1,168.97
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 8.0% (at the time of application fee and initiation of
Part B of the application on September 23, 2024)
Plus EDLF Charge: 4%
Less Discount: 1% for each
Priority Area (State Street RDA Project Area)
Socially and Economically Disadvantaged Individual (SEDI)
Sustainability (e2 Business Program)
Low to Moderate Income Business Owner (LMI)
Final Interest Rate: 8.0%
Use of Funds: Building Renovation, Leasehold Improvements, Machinery & Equipment, Furniture and
Fixtures, Working Capital, and Contingencies
Loan Type: Expansion
Collateral: Equipment and Inventory
Personal Guarantees: Deandre Ridgel
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 10 of 2025 - Economic Development
Loan Fund - Policy Kings Brewery, LLC.
Final Audit Report 2025-02-25
Created:2025-02-21
By:STEPHANIE ELLIOTT (STEPHANIE.ELLIOTT@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAAoU93BW7-k3wIR35AwFINeNI7i5Qzs3Z-
Ordinance 10 of 2025 - Economic Development Loan Fund - Po
licy Kings Brewery, LLC." History
Document created by STEPHANIE ELLIOTT (STEPHANIE.ELLIOTT@slc.gov)
2025-02-21 - 8:58:58 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2025-02-21 - 9:00:42 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2025-02-21 - 9:44:38 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2025-02-24 - 5:21:35 PM GMT - Time Source: server
Document emailed to Chris Wharton (chris.wharton@slc.gov) for signature
2025-02-24 - 5:21:36 PM GMT
Email viewed by Chris Wharton (chris.wharton@slc.gov)
2025-02-24 - 10:28:06 PM GMT
Document e-signed by Chris Wharton (chris.wharton@slc.gov)
Signature Date: 2025-02-24 - 10:28:17 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2025-02-24 - 10:28:19 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2025-02-24 - 11:57:44 PM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2025-02-25 - 1:19:13 AM GMT - Time Source: server
Document emailed to Keith Reynolds (Keith.Reynolds@slc.gov) for signature
2025-02-25 - 1:19:15 AM GMT
Email viewed by Keith Reynolds (Keith.Reynolds@slc.gov)
2025-02-25 - 4:14:14 PM GMT
Document e-signed by Keith Reynolds (Keith.Reynolds@slc.gov)
Signature Date: 2025-02-25 - 4:14:35 PM GMT - Time Source: server
Agreement completed.
2025-02-25 - 4:14:35 PM GMT