ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-07
March 14, 2012
AUTHORIZING A LOAN OF $20,000 TO GT SPEED SHOP/WADDINGTON AUTO PARTS
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, GT Speed Shop/Waddington Auto Parts has applied for $20,000 for inventory and
working capital that will help support the business of GT Speed Shop/Waddington Auto Parts in
Waddington, 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 GT Speed Shop/Waddington Auto Parts, 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
Clark
Marr
O’Bryan
Ragan
Scott
Snyder
Scott
Marr
Yea
4%
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.]
 St. Lawrence County Local Development Corporation to have second co-proportional
position with the St. Lawrence County Chamber of Commerce Growth Fund on all
inventory, accounts receivable, furniture, fixtures, and general intangibles of
Waddington Auto Parts.
 Unlimited Personal Guarantees of Joseph and Gerald Pemberton.
 Agreement to meet with the Small Business Development Center on a regularly
scheduled basis to discuss on-going 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 $62,500.
 Evidence of $20,000 loan from St. Lawrence County Chamber of Commerce Growth
Fund.
(V = Voice Vote; P = Proxy Vote)
Nay
Abstain
Absent
X
V
X
P
V
V
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
March 14, 2012