ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-22
July 13, 2011
AUTHORIZING A LOAN OF $8,000 TO WANDA J. PADGETT
D/B/A A UNIQUE BOUTIQUE FOR CREATURES GREAT AND SMALL
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Wanda J. Padgett has applied for $8,000 to purchase machinery, equipment and
inventory, and for working capital to support the startup of A Unique Boutique for Creatures Great and
Small in Brasher Falls, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to loan an amount not to exceed $8,000 from the Microenterprise Revolving Loan
Fund to Wanda J. Padgett d/b/a A Unique Boutique for Creatures Great and Small, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
4%
Term
Five (5) 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 56 months.]
Security
 $8,000 first lien position on all inventory, machinery & equipment, furniture & fixtures,
accounts receivable and general intangibles of A Unique Boutique for Creatures Great and
Small.
 Unlimited Personal Guarantee of Wanda J. Padgett
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 .5 FTE job 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 $7,500
Move:
Second:
VOTE
Chambers
Clark
Deuel
Marr
O’Bryan
Ragan
Scott
Snyder
Chambers
O’Bryan
Yea
V
Nay
Abstain
Absent
X
V
P
V
X
X
V
(V = Voice Vote; P = Proxy Vote)
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
July 13, 2011