ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-19
March 9, 2011
AUTHORIZING A LOAN OF $20,000 TO MAPLE RUN EMPORIUMS, INC.
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Maple Run Emporiums, Inc. has applied for $20,000 to purchase inventory to
support the startup of Maple Run Emporiums, Inc. in Potsdam, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to loan an amount not to exceed $20,000 from the Microenterprise Revolving Loan
Fund to Maple Run Emporiums, Inc., and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
4%
Term
Three (3) Year Amortization Schedule.* [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
 $20,000 first lien position on all inventory, machinery & equipment, furniture &
fixtures, accounts receivable and general intangibles of Maple Run Emporiums, Inc.
 Unlimited Personal Guarantee of Mary Hilton
Other
 Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss current business operation.
 The Company agrees to create 1 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 $43,221
Move:
Second:
VOTE
Clark
Deuel
Gaines
Marr
Chambers
Scott
Snyder
Laurie Marr
Ryan Deuel
Yea
Nay
V
V
V
P
V
P
(V = Voice Vote; P = Proxy Vote)
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
Lori Sibley
March 9, 2011