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Council staff backs $200,000 economic development loan to Hruska's LLC to support Sugar House relocation
Summary
City economic development staff recommended a $200,000 loan at 11% for seven years to Hruska's LLC to finance renovation of a Sugar House location; staff said the project would create two new jobs and retain nine existing positions and that a vote was scheduled for the formal meeting.
Salt Lake City economic development staff on Tuesday recommended a $200,000 loan from the city’s Economic Development Loan Fund to Hruska’s LLC, a legacy bakery and kolaches vendor planning to relocate in the Sugar House neighborhood.
Austin Kimmel, the council’s item sponsor at the briefing, said the loan fund committee recommended approval of a $200,000 loan at an 11% interest rate amortized over seven years. Economic development staff said the loan would finance renovation of a new location at 1700 South and 1100 East (the building commonly known as the Brownies building), and that the project is expected to create two new jobs in the next year while retaining nine existing positions.
Andy Feldman of the City’s Economic Development Department and Peter Makowski of Business Development provided details and said the loan would pay for renovation, working capital, equipment and fixtures. Staff characterized Hruska’s as a legacy local business and said the item did not require a public hearing; a formal vote on the loan was scheduled for the council’s 7 p.m. meeting.
Council members praised the department’s work recruiting and supporting a variety of local businesses; no formal council action occurred during the work session briefing.
