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Economic development committee recommends $100,000 ADLF loan to Cold Plunge Coffee; council vote scheduled tonight
Summary
The economic development loan committee recommended a $100,000 loan (11% interest, 7‑year term) to Cold Plunge Coffee to fund renovations, equipment and working capital; the committee said the loan would create nine jobs and retain one and scheduled a council vote at the formal meeting.
Salt Lake City Economic Development staff presented a recommended loan from the city—s Economic Development Loan Fund (ADLF) to Cold Plunge Coffee, a business offering craft coffee and commercial cold‑plunge services. The loan fund committee recommended council approval of a $100,000 ADLF loan at an 11% interest rate to be repaid over seven years.
Staff said the requested funds would pay for building renovation, machinery and equipment, furniture and fixtures, working capital and contingencies. The administration estimated the project would create nine new jobs within the next year and retain one existing job. The committee stated the item does not require a public hearing and a council vote was scheduled for the evening formal meeting.
Councilmembers expressed support for the loan as an example of targeted small‑business activation at underused commercial corners; one councilor noted a grand opening scheduled for Friday. No formal council vote was taken during the work session; the loan recommendation will be listed on the consent calendar for the formal meeting later that evening.
