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RESOLUTION NO. 4 OF 2020
Creation of Economic Development Emergency Loan Program
WHEREAS, on March 10, 2020, the Mayor issued a “Proclamation Declaring a Local Emergency” in response to the global outbreak of COVID-19, which outbreak has potential to severely affect the City’s small business economy;
WHEREAS, Salt Lake City Corporation (the “City”) desires to support small businesses located in Salt Lake City during this emergency by creating a revolving loan fund referred to as the Emergency Loan Program (the “ELP”), to be administered by the City’s Department of Economic Development (the “DED”); and
WHEREAS, DED recommends creating the ELP using the loan criteria and process set forth on Exhibit A, attached hereto and incorporated herein (the “Program Terms”).
NOW THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah, the following:
1. The Council approves the creation of the Emergency Loan Program, to be administered pursuant to the Program Terms.
2. The Loan Program may operate until October 2020, at which time it will be reviewed by the Council to determine if it is meeting its objectives and whether it shall continue.
3. The Council hereby authorizes the Mayor or her designee to negotiate and execute any documents required to effectuate the Loan Program and any individual loan to a qualifying business on the terms outlined in the Program Terms, and incorporating such other terms and agreements as recommended by the City Attorney’s office.
Passed by the City Council of Salt Lake City, Utah this 24th day of March, 2020.