HomeMy WebLinkAboutTransmittal - 05/13/2025SALT LAKE CITY TRANSMITTAL
To:
Salt Lake City Council Chair
Submission Date:
05/13/2025
Date Sent to Council:
05/15/2025
From:
Department *
Economic Development
Employee Name:
Feldman, Andie
E-mail
andrea.feldman@slc.gov
Department Director Signature
Director Signed Date
05/13/2025
Chief Administrator Officer's Signature
Chief Administrator Officer's Signed Date
05/14/2025
Subject:
Economic Development Revolving Loan Fund (EDLF) – Hruskas, LLC
Additional Staff Contact:
Peter Makowski, Business Development Deputy Director, Peter.Makowski@slc.gov William Wright, Project Manager, William.Wright@slc.gov
Presenters/Staff Table
Peter Makowski, Peter.Makowski@slc.gov William Wright, William.Wright@slc.gov
Document Type
Ordinance
Budget Impact?
Yes
No
Budget Impact:
$200,000 from the Economic Development Loan Fund
Recommendation:
The EDLF Loan Committee recommends approval of $200,000 loan to Hruskas, LLC.
Background/Discussion
See attached documents.
Will there need to be a public hearing for this item?*
Yes
No
Public Process
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DEPARTMENT of ECONOMIC DEVELOPMENT
ERIN MENDENHALL
MAYOR DIRECTOR
CITY COUNCIL TRANSMITTAL
________________________________ Date Received: ___________________________
Jill Love, Chief Administrative Officer Date sent to Council: ______________________
______________________________________________________________________________________
TO: Salt Lake City Council DATE: May 13, 2025
Chris Wharton, Chair
FROM: Lorena Riffo-Jenson, Director, Department of Economic Development
SUBJECT: Economic Development Revolving Loan Fund (EDLF) – Hruskas, LLC
STAFF CONTACTS: Peter Makowski, Business Development Deputy Director, Peter.Makowski@slc.gov
Andie Feldman Project Manager, Andie.Feldman@slc.gov
DOCUMENT TYPE: Ordinance
RECOMMENDATION: The EDLF Loan Committee recommends approval of $200,000 loan to
Hruskas, LLC.
BUDGET IMPACT: $200,000 from the Economic Development Loan Fund
BACKGROUND/DISCUSSION: On April 10, 2025, a $200,000 loan request from Hruskas, LLC, was
presented to the EDLF Loan Committee for review and discussion. Hruskas, LLC, is a takeout restaurant
offering sweet and savory kolaches stuffed pastries for everyone from college students to tech moguls to
enjoy. They are moving from 2030 S 900 E to 1751 S 1100 E.
Basic Loan request
Business Name: Hruskas, LLC
Address: 1751 S 1100 E, 84105
Loan Amount Requested: $200,000
Loan Term: 7 years
Interest Rate: 11%
Use of Funds: Renovation, Working Capital, Equipment, Furniture and Fixtures
Loan Type: Existing
Council District: District 7
Reasoning behind staff recommendation
Applicants of The Economic Development Loan Fund (EDLF) go through a thorough application process
consisting of a pre-screening, underwriting analysis and economic impact statement. Only after the loan
applicant goes through these processes, is the loan recommended to be reviewed by the Loan Committee
members. Upon thorough review by the Loan Committee members, a recommendation is made before the
loan is transmitted to the Mayor for Council to receive the recommendation for final approval. Because the
Loan Committee review process must adhere to the Open Meetings Act, Department of Economic
Development staff worked closely with the City Attorney’s Office to ensure that applicants’ information is
protected while following public process.
In addition, the EDLF loans must meet the following goals of the Economic Development Loan Fund as
stated in the EDLF program guidelines. This loan meets the EDLF program guidelines in the following
areas.
• Increases employment opportunities,
• Stimulate business development and expansion,
• Enhances neighborhood vitality,
• Promotes economic development,
• Boost commercial enterprise.
This loan will assist in the creation of 2 new jobs in the next year and retention of 9 current jobs.
This loan was recommended by the EDLF Committee to the City Council for approval.
EDLF Loan Balances
1. As reported from The Finance Department on April 22nd, 2025, the EDLF available fund balance is
approximately $7,300,000.
2. As of April 22, 2025, the amount of outstanding loans total is: $5,651,017.20
EDLF Loan Committee
There is a total of nine (9) EDLF Committee members.
City Employees:
1. Community and Neighborhoods Finance
2. Mayor’s Office
3. Employee at large
4. Housing Stability
5. Economic Development
Community Volunteers:
6. Business Advisory Board (BAB) member
7. Banker
8. Community lender
9. Business mentor