ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-09
February 9, 2011
AUTHORIZING A GRANT OF $17,328 AND A LOAN OF $9,900 TO
GREGORY HURLBUT D/B/A THE MAIN GRIND COFFEEHOUSE
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Grant Program and the Microenterprise Revolving Loan Fund, and
WHEREAS, Gregory Hurlbut d/b/a The Main Grind Coffeehouse has applied for $17,328 from
the Microenterprise Grant Program to purchase equipment and inventory, and for working capital, and
$9,900 from the Microenterprise Revolving Loan fund for leasehold improvements to support the
business of The Main Grind Coffeehouse in Massena, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to grant an amount not to exceed $17,328 from the Microenterprise Grant Program,
and to loan an amount not to exceed $9,900 from the Microenterprise Revolving Loan Fund to Gregory
Hurlbut d/b/a The Main Grind Coffeehouse, and
BE IT FURTHER RESOLVED that said grant and loan shall be subject to the following terms
and conditions:
Interest Rate
Term
4% on $9,900 Loan
Five (5) 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 56 months.]
Security
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Other
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Move:
Second:
VOTE
Clark
Deuel
Gaines
Marr
Chambers
Scott
Snyder
Marr
Chambers
Yea
P
P
V
V
V
V
$9,900 lien on all inventory, machinery & equipment, furniture & fixtures, inventory,
accounts receivable and general intangibles of Gregory Hurlbut d/b/a The Main Grind
Coffeehouse
Unlimited Personal Guarantee of Gregory Hurlbut
Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss current business operation.
The owner/applicant meets the Low- and Moderate- Income criteria, therefore is not
required to create any additional jobs.
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 $23,059
Evidence of $3,000 loan from NBT Bank
(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