A. Loan Committee: The ED Loan Fund Loan Committee (the "Loan Committee" or "committee") is comprised of voting and nonvoting members. A quorum of the committee exists when a simple majority of the committee's voting members are present or vote. However, loan approvals or denials can only be made when a minimum super majority of seven (7) committee evaluations/scores are submitted (see dropping highest and lowest scores in loan evaluation set forth in subsection 59-2-4B of this chapter). The Loan Committee shall approve or deny loans and determine loan amounts, write off loans, determine exceptions to administrative and program rules within the parameters of the loan criteria as approved by the City Council, and approve forbearance and waive fees for more than one year.
1. Voting Members: Voting members are appointed by the Mayor or designee and include the following, or their equivalent and/or designated alternates, which may be appointed simultaneously to act as a voting member in case of an absence:
a. SLC CED Director of Finance;
b. SLC Director of Economic Development;
c. SLC employee, representative at large;
d. SLC representative from the Mayor's or Council's Office;
e. SLC representative from the Division of Housing and Neighborhood Development (HAND);
f. Community representative from the SLC Business Advisory Board (BAB);
g. Community investment representative (non-City employee: mission driven investor or lender, CRA manager, etc.);
h. Community business technical assistance (TA)/entrepreneurship representative (non-City employee: business resource, counseling, college/university, educator, etc.);
i. Community banker (non-City employee, business lending background).
Note: Appointment of members should be considered based on:
Background in economic or community development;
Financial analysis experience (through education or job);
Experience as entrepreneur or private business operator;
Familiarity with the policies and goals of Salt Lake City;
2. Nonvoting Members: Nonvoting members may contribute to committee discussions, but they shall have no voting power and may not cast a vote in connection with any matter that comes before the committee for decision. The following City employees are nonvoting members of the committee:
a. Economic Development Manager/Loan Administrator;
b. Senior City Attorney;
c. Small Business Manager or ED Facilitator;
d. Loan Fund Loan Officer/Analyst;
3. Meetings: The Loan Committee shall set a calendar of scheduled meetings for each calendar or fiscal year. The Chair may call for special committee meetings, modify scheduled meeting times or cancel scheduled meetings if no loans are ready to be presented by providing reasonable notice to affected parties and committee members, and may allow any committee meeting or votes to be conducted electronically.
B. Chair, Officers And Loan Fund Administrator: The Mayor or designee shall appoint a Chair to call for and conduct Loan Committee meetings and assist the Loan Fund Administrator with loan presentations and summaries, including to the Review Committee and other duties as assigned by the Director of CED or ED. The Loan Fund Administrator shall be an employee of the ED Division with duties assigned by the Director of ED and carry out other reasonable duties as requested by the Loan or Review Committees, subject to the Director of ED's supervisory approval. The Mayor or designee may appoint any other officer, such as Vice Chair, Treasurer, Secretary, etc.
C. Review Committee: The CED Director may form a Review Committee. If formed, the duties and procedures of the Review Committee are set forth below. Upon approval or denial of all loans, the Loan Committee will deliver to the Review Committee a summary of the Loan Committee's decision to approve or deny a loan, along with a summary of the loan application. The Review Committee's primary function is to approve loans that were denied by the Loan Committee, or reject or modify loans approved by the Loan Committee, including waiving collateral or personal guarantee requirements. Such approval or denial must take place within five (5) business days of the loan summary being presented to the Review Committee and must be approved by a majority of the Review Committee. If no action is taken by the Review Committee within said five (5) business days, the action taken by the Loan Committee shall become effective. Voting members of the Review Committee, if formed, shall consist of the SLC Directors of: 1) Community and Economic Development (CED); 2) Redevelopment Agency (RDA); and 3) Housing and Neighborhood Development (HAND), or their deputies. The Director of CED shall appoint the Chair, or appoint him or herself as Chair. Nonvoting/ex officio members shall include the CED Finance Director, ED Director and Loan Fund Administrator.
D. Appointment And Removal: All appointments to the Loan Committee shall be made by the Mayor or designee (e.g., CED Director) upon nominations by the nonvoting members of the Review Committee. All non-SLC employee appointees to the committee shall serve for a maximum of five (5) years. All committee appointees may be removed by the Mayor or designee, with or without cause, at any time. (2019 Compilation)