ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-15
February 9, 2011
AMENDING RESOLUTION 11-03 AUTHORIZING A GRANT OF $19,953 AND
A LOAN OF $8,000 TO PAMELA D. DALTON d/b/a RIVER RUN FITNESS
WHEREAS, the St. Lawrence County Local Development Corporation on January 12, 2011 did
pass Resolution No. 11-03 authorizing to grant an amount not to exceed $19,953 from the
Microenterprise Grant Program, and to loan an amount not to exceed $8,000 from the Microenterprise
Revolving Loan Fund to Pamela D. Dalton d/b/a River Run Fitness , and
WHEREAS, one of the terms and conditions set forth in Resolution No. 11-03 is to secure an
$8,000 second Mortgage behind senior lender on personal property located at 682 Hardscrabble Road,
Madrid, NY, and
WHEREAS, Pamela D. Dalton has requested a substitution of collateral and has provided
sufficient evidence that equipment currently owned by Pamela D. Dalton and/or Robert Dalton provides
sufficient collateral security, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to amend the terms and conditions to remove the requirement to secure an $8,000
second Mortgage behind senior lender on personal property located at 682 Hardscrabble Road, Madrid,
NY, and to add an $8,000 lien on a 1998 Gensco Model DTX4000 Hydraulic Alligator Shear owned by
Robert Dalton, and
BE IT FURTHER RESOLVED that said grant and loan shall be subject to the following
amended terms and conditions:
Interest Rate
Term
4% on $8,000 Loan
Three (3) Year Amortization Schedule on Loan.* [Loan schedule will provide for an
initial four (4) months of interest-only payments, followed by a monthly loan repayment
period of 32 months.]
Security
 $8,000 lien on all inventory, machinery & equipment, furniture & fixtures, accounts
receivable and general intangibles of Pamela D. Dalton d/b/a River Run Fitness.
 Unlimited Personal Guarantees of Pamela D. Dalton and Robert Dalton
 $8,000 lien on a 1998 Gensco Model DTX4000 Hydraulic Alligator Shear owned by
Pamela D. Dalton and Robert Dalton, S/N 4716
Other
 Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss current business operation.
 The Company agrees to create 2 FTE jobs within three years (of which 51% shall be
made available to individuals considered low-moderate income).
 The Company agrees to make available to the St. Lawrence County Local
Development Corporation information necessary to secure liens on collateral as
described above; this includes, but is not limited to, providing serial numbers of
machinery and equipment, allowing photographs thereof, and periodic inspection and
inventory of collateral.
 Evidence of public liability insurance coverage in an amount to be determined by
Counsel.
 Evidence of owner’s cash/equity of $9,839
Move:
Second:
VOTE
Clark
Deuel
Gaines
Marr
Chambers
Scott
Snyder
Chambers
Marr
Yea
P
P
V
V
V
V
(V = Voice Vote; P = Proxy Vote)
Nay
Abstain
Absent
x
I hereby certify that I have compared a copy of this Resolution with the
original record in this office and that the same is a correct transcript
thereof and of the whole of said original record.
/S/
Lori Sibley
February 9, 2011