RESPONSIBLE CITY AGENCY: Community and Economic Development
KEYWORDS: Loan, guarantee, relocation, expansion, retention, interest, assistance, financial, finance, community.
1. General
1.1 Salt Lake City Corporation uses the Revolving Loan Fund to promote employment opportunities and commercial enterprise within its corporate boundaries.
1.2 To obtain a loan through the Revolving Loan Fund, proposed loan projects must generally be within the corporate limits of Salt Lake City. The fund can be used, however, to assist business relocation into the City where the revitalization and preservation of residential neighborhoods and/or job creation can be demonstrated.
1.3 The Department of Community and Economic Development administers the Revolving Loan Fund and tracks the projects participating in the Revolving Loan Fund program.
2. Revolving Loan Fund Committee
2.1 The Revolving Loan Fund Committee (the “Committee”) is comprised of voting and non-voting members. A quorum of the Committee exists when a majority of the Committee’s voting members are present. The membership of the Committee is as follows.
A. Voting Members.
10. Representative from the Office of Community & Economic Development
11. Representative from the Office of Community & Economic Development
12. Representative from the Office of Community & Economic Development
13. Representative from the Office of Community & Economic Development
14. Representative from the Mayor’s Office
15. Representative from the Redevelopment Agency
16. Representative from the City Treasurer’s Office
17. Representative from the City’s Finance Division
18. Volunteer Banker (non-City employee)
19. Volunteer Banker (non-City employee)
B. Additional Voting Members. In addition to the above-named voting members, the Mayor shall have the discretion to appoint up to three more voting members to the Committee. These additional voting members shall have the same responsibilities, rights, and privileges as the other voting members of the Committee.
C. Non-Voting Members. Non-voting members may contribute to Committee discussions, but they shall have no voting power and may not cast a vote in connection with any matter that comes before the Committee for decision. The following are non-voting members of the Committee:
1. Economic Development Manager
2. Senior City Attorney
3. Small Business Manager
2.2 Appointment and Removal. All appointments to the Committee shall be made by the Mayor. All appointees to the Committee shall serve for an indefinite period of time and may be removed by the Mayor, with or without cause, at any time.
3. Loan Application Process.
3.1 The processes and criteria governing the administration of the Revolving Loan Fund are primarily set forth by the City Council through legislative resolutions. If any conflict exists between these administrative rules and an active legislative resolution, then the legislative resolution will be controlling.
3.2 Prospective loan recipients may submit a loan application for a particular loan project to the Department of Community and Economic Development.
3.3 Finalized applications seeking loans for projects within the scope of the Committee’s jurisdiction will be submitted to the Committee for consideration. Each voting member of the Committee should submit a score sheet that awards points in specific categories of interest to the City with a resulting total score. The score sheets with the highest and lowest total scores will be dropped, and the total scores of the remaining score sheets will be averaged together. If the resulting average total score falls above the threshold level established by the Committee, then the loan application at issue shall be approved. A loan application with an average total score that falls below the threshold level shall be denied.
3.4 Upon the approval of a loan application, the appropriate staff members from the Department of Community and Economic Development will work with the loan applicants to finalize the loan documents and issue the loan.
3.5 After a loan is issued for a particular loan project, staff members from the Department of Community and Economic Development will be responsible for monitoring the status loan and for taking any necessary administrative actions in connection with such loan.
CURRENT REFERENCES: Resolution No. 33 of 2010.
PRE-2010 REFERENCES: City policy 6.01.100
6.01.200
Administrative Rule – Economic Development Revolving Loan Fund (1995).
EFFECTIVE DATE: December 16, 2013