ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-03
January 12, 2011
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 administers the St.
Lawrence County Microenterprise Grant Program and the Microenterprise Revolving Loan Fund, and
WHEREAS, Pamela D. Dalton has applied for $19,953 from the Microenterprise Grant Program
to purchase equipment and for working capital, and $8,000 from the Microenterprise Revolving Loan
fund for leasehold improvements to support the start-up of River Run Fitness in Waddington, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees 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, and
BE IT FURTHER RESOLVED that said grant and loan shall be subject to the following 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 second Mortgage behind senior lender on personal property located at 682
Hardscrabble Road, Madrid, NY
 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
Other
Move:
Second:
VOTE
Clark
Deuel
Gaines
Marr
Ostrander
Scott
Snyder
Marr
Deuel
Yea
(V = Voice Vote; P = Proxy Vote)
Nay
Abstain
V
V
P
V
P
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.
V
V
Absent
/S/
Natalie Sweatland
January 12, 2011