ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-24
July 13, 2011
AUTHORIZING A LOAN OF $15,000 TO
KAREN E. RAYBURN D/B/A SUGAR SHACK BAKERY & CAFE
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Karen E. Rayburn has applied for $15,000 to purchase machinery and equipment,
make leasehold improvements, and for working capital to support the startup of the bakery portion of
Sugar Shack Bakery & Cafe, 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 $15,000 from the Microenterprise Revolving Loan
Fund to Karen E. Rayburn d/b/a Sugar Shack Bakery & Café, 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
 $15,000 co-proportional first lien position with Potsdam Community Development Corporation
on all inventory, machinery & equipment, furniture & fixtures, accounts receivable and general
intangibles of Sugar Shack Bakery & Cafe.
 Unlimited Personal Guarantee of Karen E. Rayburn
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 4 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 $25,000 loan from Potsdam Community Development Corporation
 Evidence of owner’s cash/equity of $8,000
 Department of health permit
Move:
Second:
VOTE
Chambers
Clark
Deuel
Marr
O’Bryan
Ragan
Scott
Snyder
Deuel
Chambers
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