ST. LAWRENCE COUNTY INDUSTRIAL DEVELOPMENT AGENCY
LOCAL DEVELOPMENT CORPORATION
Resolution No. LDC-14-05-07
May 9, 2014
AUTHORIZING A LOAN OF UP TO $88,000 TO BLASTBOSS, INC.
WHEREAS, the St. Lawrence County Industrial Development Agency Local Development
Corporation (the “SLCIDA-LDC”) was formed by the St. Lawrence County Industrial Development
Agency to relieve and reduce unemployment, to promote and to 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, to 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 to lessen the
burdens of government and to act in the public interest, thus performing an essential governmental
function, and
WHEREAS, BlastBoss, Inc. has applied to the SLCIDA-LDC for up to $88,000 in loan
financing to purchase equipment, and
WHEREAS, this funding assistance, combined with $50,000 in financing provided by
Community Bank, NA will enable BlastBoss, Inc. to set up a glass packaging and distribution facility
in Ogdensburg, and
NOW, THEREFORE, BE IT RESOLVED by the St. Lawrence County Industrial
Development Agency Local Development Corporation that it will lend up to $88,000 to BlastBoss,
Inc., and
BE IT FURTHER RESOLVED, that staff shall be authorized to derive the funds for said
loan of up to $88,000 from among those funding sources to which the SLCIDA-LDC may have access
through its own resources or through funds which the SLCIDA-LDC administers, and
REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK
BE IT FURTHER RESOLVED that said loan of up to $88,000 shall be subject
substantially to the following terms and conditions:
1.
2.
3.
4.
Principal
Interest Rate
Term
Security
5. Other
Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
LaBaff
Blevins
AYE
X
X
X
X
X
X
Up to $88,000
One-half of Prime Rate plus 1, the actual rate to be determined at closing
Five (5) year amortization schedule
First lien on the semi-truck and trailer to be purchased with these funds.
Second lien on all Equipment, Machinery, Inventory, Accounts
Receivable, and all other business assets
 Unlimited Personal Guarantee of Mark D. Brown.
 Cross-corporate Guarantee by Mechanic Street Co., Inc.
 Evidence of Community Bank, NA financing in an amount no less
than $50,000.
 Evidence of owner equity in the project of a least $120,000.
 Key Man Life insurance on Mark D. Brown in an amount sufficient
to cover the outstanding balance of the loan.
 The Company agrees to retain 2 and create 4 FTE new jobs over the
next three years.
NAY
ABSTAIN
ABSENT
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/
X
Natalie A. Sweatland
May 9, 2014