HomeMy WebLinkAbout067 of 2025 - Economic Development Revolving Loan Fund (EDLF) – Rich’s Grub Houses LLC, dba Rich’s Burgers N Grub
SALT LAKE CITY ORDINANCE
No. 67 of2025
(Ordinance approving a $40,000 loan for Rich's Grub Houses LLC d/b/a Rich's Burgers N Grub, at 30 E
Broadway 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 $40,000 loan to Rich's Grub Houses LLC d/b/a Rich's Burgers N Grub, a local
business located at 30 E Broadway.
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 b y the City Council of Salt Lake City, Utah, this 21st day of
O c t o b e r, 2025.
Chris Wharton, Council Chair
Chris Wharton (Oct 29, 2025 12:02:03 MDT)
ATTEST AND COUNTERSIGN:
CITY RECORDER
Transmitted to Mayor on _ _ _ _ _ _ _ _ __
Mayor's Action: ___ Approved. ___ Vetoed.
CITY RECORDER
Bill No. of 2025. ---
Published: ------
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date: September 9, 2025
/s/ Sara Montoya
MAYOR
Sara Montoya, Senior City Attorney
67
10/28/2025
10/29/2025
Erin Mendenhall (Oct 31, 2025 14:19:57 MDT)
4
11/7/2025
LOAN TERM SHEET
Applicant: Rich’s Grub Houses LLC d/b/a Rich’s Burgers N Grub
Address: 30 E Broadway
Salt Lake City, UT 84111
Proposed Loan Terms
Loan Amount: $40,000
Monthly Payment: $674.43
Loan Terms: 7 Years
Interest Rate Calculation Prime Interest Rate: 7.50% (At the time of completion for Part B of the
Application on July 11, 2025)
Plus EDLF Charge: 4%
Less Discount: 1% for each
Priority Area (CBD CRA Project Area)
Final Interest Rate: 10.5%
Use of Funds: Machinery & Equipment, Leasehold Improvements
Loan Type: Existing
Collateral: Equipment
Personal Guarantees: Richard Shellene
Conditions for Closing
None
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 67 of 2025 - EDRLF - Rich's Grub
Houses LLC, dba Rich's Burgers N Grub
Final Audit Report 2025-11-07
Created:2025-10-23
By:Caitlin Carlino (caitlin.carlino@slc.gov)
Status:Signed
Transaction ID:CBJCHBCAABAA37aJXtdWbq0TG3il51o5WTZXt0Q5Gah3
"Ordinance 67 of 2025 - EDRLF - Rich's Grub Houses LLC, dba
Rich's Burgers N Grub" History
Document created by Caitlin Carlino (caitlin.carlino@slc.gov)
2025-10-23 - 7:43:13 PM GMT
Document emailed to Sara Montoya (sara.montoya@slc.gov) for signature
2025-10-23 - 7:46:11 PM GMT
Email viewed by Sara Montoya (sara.montoya@slc.gov)
2025-10-23 - 7:46:18 PM GMT
Document e-signed by Sara Montoya (sara.montoya@slc.gov)
Signature Date: 2025-10-28 - 9:09:46 PM GMT - Time Source: server
Document emailed to Chris Wharton (chris.wharton@slc.gov) for signature
2025-10-28 - 9:09:47 PM GMT
Email viewed by Chris Wharton (chris.wharton@slc.gov)
2025-10-29 - 5:54:34 AM GMT
Document e-signed by Chris Wharton (chris.wharton@slc.gov)
Signature Date: 2025-10-29 - 6:02:03 PM GMT - Time Source: server
Document emailed to Erin Mendenhall (erin.mendenhall@slc.gov) for signature
2025-10-29 - 6:02:05 PM GMT
Email viewed by Erin Mendenhall (erin.mendenhall@slc.gov)
2025-10-29 - 11:37:45 PM GMT
Document e-signed by Erin Mendenhall (erin.mendenhall@slc.gov)
Signature Date: 2025-10-31 - 8:19:57 PM GMT - Time Source: server
Document emailed to Keith Reynolds (Keith.Reynolds@slc.gov) for signature
2025-10-31 - 8:19:59 PM GMT
Document e-signed by Keith Reynolds (Keith.Reynolds@slc.gov)
Signature Date: 2025-11-07 - 4:57:15 PM GMT - Time Source: server
Agreement completed.
2025-11-07 - 4:57:15 PM GMT