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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 years. Staff said the loan would fund equipment and leasehold improvements — specifically a hood replacement and new flooring — and that the project is expected to create two to four new jobs while retaining eight existing positions.
Business development manager Colin Gibbs and project manager Minerva Jimenez Garcia were at the table to answer technical questions. Gibbs told the council Rich’s has been at its 300 South location for about 18 years and that the requested loan is intended to modernize on-site equipment.
Why it matters: The Economic Development Loan Fund (EDLF) is intended to support business retention and job creation in Salt Lake City. Staff said the item does not require a public hearing and that a formal vote on the ordinance authorizing the loan is scheduled for the council’s 7 p.m. formal meeting.
Next steps: The council will consider the ordinance at the formal meeting; staff said they were available to answer questions and that the loan fund committee recommended approval.
