Proposed Ordinance - 4/2/2024SALT LAKE CITY ORDINANCE
No. _21__ of 2024
(Ordinance approving a $350,000 loan for Parea LLC, at 320 East 900 South 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 Parea LLC, a local business located at 320 East
900 South.
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.
Victori� Petro (Apr 9, 202416:00 EDT}
Victoria Petro, Council Chair
ATTEST AND COUNTERSIGN:
CITY RECORDER
Transmitted to Mayor on __ A_pr_ 9_,_2 _02
Mayor's Action: Approved. Vetoed.
CITY RECORDER
(SEAL)
Bill No. of 2024. ��--
Published:
APPROVED AS TO FORM
Salt Lake City Attorney's Office
Date:
Sara Montoya, City Attorney
MAYOR