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RESOLUTION NO. 6 OF 2014
(Authorizing Revisions to the City’s Revolving Loan Fund Criteria and Loan Options)
WHEREAS, Salt Lake City Corporation (“City”) has a Revolving Loan Fund (“RLF”), whose purpose is to increase employment opportunities, stimulate business development and expansion, encourage private investment, promote economic development and enhance neighborhood vitality in the City; and
WHEREAS, the RLF has evolved over time with several adjustments to the loan criteria options made by the Council; and
WHEREAS, the City Council supports the goal of the City’s Economic Development Division to maintain the RLF corpus so as to continue to provide loans pursuant to a rigorous selection process to mitigate risk while stimulating business growth in the City; and
WHEREAS, the City’s Economic Development Division is recommending revised loan criteria and loan option and loan options, and clarifying administrative authority, to increase the benefits to the City and the program’s recipients; and
WHEREAS, the City’s Economic Development Division is also recommending the RLF be re-named the Salt Lake City Economic Development Loan Fund in order to emphasize and clarify its purpose.
THEREFORE, BE IT RESOLVED by the City Council of Salt Lake City, Utah:
1. The Council approves changing the name of the RLF to the Economic Development Loan Fund (“EDLF”);
2. The Council approves adoption of the attached amended loan criteria and loan options for the EDLF;
3. Ralph Becker, Mayor of Salt Lake City, Utah, or his designee, following approval of the City Attorney, is hereby authorized to execute the requisite agreement documents on behalf of Salt Lake City Corporation and to act in accordance with their terms.
Passed by the City Council of Salt Lake City, Utah, this 22nd day of April, 2014.