ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
CIVIC DEVELOPMENT CORPORATION
Resolution No. CDC-12-04-10
April 25, 2012
AUTHORIZING CIVIC DEVELOPMENT FUND LOAN TO
OGDENSBURG BRIDGE & PORT AUTHORITY
WHEREAS, the St. Lawrence County Industrial Development Agency Civic Development
Corporation (the “SLCIDA-CDC”) was formed by the St. Lawrence County Industrial Development
Agency to relieve and reduce unemployment, to promote and provide for additional and maximum
employment, to better and maintain job opportunities, to instruct or train individuals to improve or to
develop their capabilities for jobs, carry on scientific research for the purpose of aiding the community of
St. Lawrence County, New York by attracting industry to the community and by encouraging the
development of, or retention of, an industry in the community, and lessening the burdens of government
and acting in the public interest, and
WHEREAS, the St. Lawrence County Industrial Development Agency Civic Development
Corporation (the “SLCIDA-CDC”) 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 SLCIDA-CDC has received a request for funding from the Ogdensburg Bridge
& Port Authority (the “Authority”), Ogdensburg, New York to assist the Authority with improvements to
the Port of Ogdensburg, and
WHEREAS, the total cost of the improvements is $1,938,000, $182,000 of which remains
unfunded, and
WHEREAS, this project will assist in the creation of 70 longshoremen positions during the
current shipping season, and
WHEREAS, the St. Lawrence River Valley Redevelopment Agency has agreed to allocate
$95,000 in grant funding through its Community Development and Environmental Improvement
Program, with the allocation contingent upon SLCIDA-CDC loan financing in the amount of $87,000
from the SLCIDA-CDC’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 SLCIDA-CDC agrees to lend to the Ogdensburg Bridge & Port Authority a total of
$87,000 from the funds of the St. Lawrence County IDA Civic Development Corporation’s
Civic Development Fund, and
2. That the Chairman or Chief Executive Officer, 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 $87,000 shall be subject to the following terms
and conditions:
1. Interest Rate:
Fixed at ½ of the Prime Rate + 1 at the time of closing;
2. Term:
63 month amortization schedule with initial three months interest only
payments
Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Blevins
Hall and LaBaff
AYE
X
X
X
NAY
ABSTAIN
ABSENT
X
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.
/s/
Natalie A. Sweatland
April 25, 2012