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Council briefed on $40,000 economic development loan proposed for Rich’s Burgers and Grub
Summary
Staff briefed the council on a recommended $40,000 loan from the Economic Development Loan Fund for Rich’s Burgers and Grub to upgrade equipment and leasehold improvements; the loan fund committee recommended approval and a formal vote is scheduled at the council's evening meeting.
Salt Lake City staff presented a proposed $40,000 economic development loan for Rich’s Burgers and Grub, a long-standing downtown restaurant, and said the loan fund committee recommended council approval.
Austin Kimmel, council policy analyst, told the council the recommended loan would be $40,000 at a 10.5% interest rate over seven…
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