ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 11-30
November 9, 2011
AUTHORIZING A LOAN OF $10,000 AND A CONSOLIDATION OF EXISTING DEBT
TO TIMOTHY GARDNER D/B/A ST. LAWRENCE VALLEY ROASTERS
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, on September 23, 2008, the St. Lawrence County Local Development Corporation
accepted Resolution # 08-05 to lend Timothy Gardner d/b/a St. Lawrence Valley Roasters the sum of
$20,000, and
WHEREAS, for the duration of the loan Timothy Gardner has adhered to the terms of his loan,
and
WHEREAS, Timothy Gardner has applied for $10,000 in additional funds for the purchase of
equipment for St. Lawrence Valley Roasters in Lisbon and has requested a refinance of existing debt not
to exceed $8,654,
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to loan additional funds in the amount of $10,000 and to consolidate existing debt not
to exceed $8,654 for a consolidated loan not to exceed $18,654 from the Microenterprise Revolving Loan
Fund to Timothy Gardner d/b/a St. Lawrence Valley Roasters, 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.
Security
 First lien position on all inventory, machinery & equipment, furniture & fixtures, accounts
receivable and general intangibles of Timothy Gardner, d/b/a St. Lawrence Valley Roasters
 Second lien position on Diedrich IR-12 Roaster
 Unlimited Personal Guarantee of Timothy Gardner
 The Company agrees to create 1 job within three years (which 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 $10,082
Other
Move:
Second:
VOTE
Chambers
Clark
Marr
O’Bryan
O’Bryan
Chambers
Yea
V
V
P
Nay
Abstain
Absent
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.
V
Ragan
Scott
V
Snyder
V
(V = Voice Vote; P = Proxy Vote)
X
/S/
Lori Sibley
Lori Sibley
November 9, 2011