ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-09
May 9, 2012
AUTHORIZING A LOAN OF $20,000 TO GORDON’S FRAME TO FINISH
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Jon Gordon has applied for $20,000 from the Microenterprise Revolving Loan
Fund for working capital to support the business of Gordon’s Frame to Finish in Madrid, 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 Gordon’s Frame to Finish, 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
4% on $20,000 Loan
 Sixty- (60-) month term consisting of an initial four (4) months of interest-only payments,
followed by a fifty-six (56) month amortization.
 Applicant shall be given option of a seasonal payment schedule
 The St. Lawrence County Local Development Corporation to have second mortgage position on
the residence of Jon Gordon, 1938 State Highway 345 Madrid New York.
 First position lien on all equipment associated with the project, including a 2006 Chevrolet Trail
Blazer, a shingle trailer, a Wells cargo trailer, and other miscellaneous tools, all to be
inventoried and catalogued.
 Unlimited Personal Guarantee of Jon Gordon
 Agreement to meet with the Small Business Development Center on a regularly scheduled basis
to discuss current business operation, and to assist with a focus on more private sector exposure.
 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, which has been determined to
fall within low-moderate income guidelines.
 Evidence of owner’s cash/equity of $20,000
McKeown
Scott
Yea
Marr
P
McKeown
Ragan
Scott
Snyder
V
(V=Voice, P=Proxy, X=Absent)
Nay
Abstain
Absent
X
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.
X
V
V
/S/
Lori Sibley
May 9, 2012
* Additions to Resolution per May 9, 2012 minutes