ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-20
March 9, 2011
AUTHORIZING A GRANT OF $13,860 AND A LOAN OF $5,000 TO
ANTHONY J. O’GEEN d/b/a TONY’S CANVAS & LEATHER
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Grant Program and the Microenterprise Revolving Loan Fund, and
WHEREAS, Anthony J. O’Geen has applied for $22,000 from the Microenterprise Grant
Program to purchase equipment, and for working capital and website development, to support the business of Tony’s Canvas & Leather in Massena, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to grant an amount not to exceed $13,860 from the Microenterprise Grant Program, and to loan an amount not to exceed $5,000 from the Microenterprise Revolving Loan Fund to Anthony J.
O’Geen, and
BE IT FURTHER RESOLVED that said grant and loan shall be subject to the following terms and conditions:
Interest Rate 4% on $5,000 Loan
Term
Security
Other
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.]
 $5,000 lien on all inventory, machinery & equipment, furniture & fixtures, accounts receivable and general intangibles of Anthony J. O’Geen d/b/a Tony’s Canvas &
Leather.
 Unlimited Personal Guaranty of Anthony J. O’Geen

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 $10,000
(V = Voice Vote; P = Proxy Vote)
Deuel V I hereby certify that I have compared a copy of this Resolution with the
Gaines V
Marr V original record in this office and that the same is a correct transcript thereof and of the whole of said original record.
Chambers P
Scott V
Lori Sibley
Snyder P
March 9, 2011