ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-28
October 12, 2011
AUTHORIZING A LOAN OF $20,000 TO ADIRONDACK BATTERY, LLC.
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Adirondack Battery, LLC has applied for $20,000 from the Microenterprise
Revolving Loan Fund for working capital and to purchase testing and charging equipment to support the
business of Adirondack Battery, LLC in Parishville, 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 Adirondack Battery, LLC, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
Term
Security
Other
Move:
Second:
VOTE
Chambers
Clark
Marr
O’Bryan
Ragan
Scott
Snyder
Scott
Clark
Yea
V
V
4% on $20,000 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.]
 St. Lawrence County Local Development Corporation to have second mortgage
position on the residence of Amanda L. Potter at 100 Hayden Road, Potsdam NY.
 Unlimited Personal Guarantee of Amanda L. Potter
 First position on equipment, inventory, and business assets.
 Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss current business operation.
 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.
 This microenterprise project will result in the creation of one job, that being the owner,
who has been determined to fall within low-moderate income guidelines.
 Evidence of owner’s cash/equity of $20,000
Nay
Abstain
Absent
X
P
V
V
V
(V=Voice, P=Proxy)
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
October 12, 2011