ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
CIVIC DEVELOPMENT CORPORATION
Resolution No. CDC-11-08-11
August 25, 2011
AUTHORIZING CIVIC DEVELOPMENT FUND LOAN TO EJ NOBLE HOSPITAL
WHEREAS, the St. Lawrence County Industrial Development Agency Civic Development
Corporation (the “Corporation”) has created a Civic Development Fund (the “Fund”) to provide funding
to St. Lawrence County not-for-profit entities or municipalities with projects that clearly result in positive
economic impact within St. Lawrence County, and
WHEREAS, the Corporation has received a request for loan funding from Edward John Noble
Hospital, Gouverneur, New York to assist in the establishment of a New York State Health Departmentmandated sprinkler system for the renovation/modernization program that the hospital is implementing
and for the hospital’s Kinney Nursing Home, and
WHEREAS, this project will assist in the retention of 245 full-time equivalent positions, and
WHEREAS, the total cost of the sprinkler system is $195,450, one-half of which (or $97,725) is
to be considered for loan funding by the Development Authority of the North Country,
WHEREAS, the hospital is requesting loan funding for the remaining $97,725 from the
Corporation’s Civic Development Fund,
NOW, THEREFORE, BE IT RESOLVED by the St. Lawrence County Industrial
Development Agency Civic Development Corporation as follows:
1. That the Corporation agrees to lend to EJ Noble Hospital a total of $97,725 from the funds of
the St. Lawrence County IDA Civic Development Corporation’s Civic Development Fund,
and
2. That the Chairman or CEO, in accordance with Agency Counsel opinion, is authorized to
execute any and all documents necessary to effectuate said loan, and
BE IT FURTHER RESOLVED that said loan of $97,725 shall be subject to the following terms
and conditions:
1. Interest Rate:
Fixed at 4%;
2. Term:
Ten (10) year Amortization Schedule;
3. Security:
A co-equal (with DANC) second position mortgage on the real property;
and
4. Other:
Evidence of DANC funding of $97,725
Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Peck
Weekes
AYE
NAY
ABSTAIN
ABSENT
X
X
X
I HEREBY CERTIFY that I have compared this 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.
X
X
X
X
/s/
Natalie A Sweatland
Natalie A. Sweatland
08/25/2011