Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Saltfire Brewery Rda Loan topic
No spam. Unsubscribe anytime.
Midvale RDA reviews Salt Fire Brewery loan request; no vote taken
Summary
The Midvale Redevelopment Agency discussed a proposed $250,000 zero‑percent loan to Salt Fire Brewery for a Midvale Main Street location. The board received details on the business plan, collateral and conditions for the 0% rate; the applicant was present and the item will return as an action item at a later meeting.
The Midvale Redevelopment Agency held a discussion on a proposed assistance package for Salt Fire Brewery to open a second location on Midvale Main Street. The agency heard from RDA staff and the applicant but did not take a vote; staff said the item will return as an action item at a future meeting.
RDA staff said Salt Fire Brewery, a Utah brewery established in 2016 with a primary location in South Salt Lake, is the applicant. Owner Ryan Miller seeks a $250,000 loan and the loan committee determined the business qualifies for a 0% interest rate under the RDA’s loan program, subject to additional conditions. Staff said the applicant requested the full $250,000 and that the loan committee had reviewed financial documents and the business plan.
Staff outlined proposed conditions to retain the 0% rate: dedicate 5% of the loan proceeds for advertising and marketing; host a minimum of three events per year (examples given: live music, beer festivals); participate in RDA Middle Main events; and run a rotating gallery of local artists. Staff also said the loan will be fully collateralized under program rules: equipment receipts were provided and staff calculated current equipment value and would take a 40% portion; the RDA would hold a second position lien on the property and a first lien on equipment per the term sheet.
The applicant plans to sublease kitchen operations to Cutthroat Burger LLC (a local food truck operator) and estimates first‑year revenue around $600,000. Staff said the project expects to create seven to 10 jobs and aims to open within six months of funding and construction start. Ryan Miller, the owner, attended the meeting and told the board he is “super excited to be a part of it and make and activate the Main Street.”
RDA staff said the applicant would return on Aug. 5 for an action item if members want to proceed. No formal vote or loan approval occurred at this meeting.
