ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-12
July 18, 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
4%
Five (5) to Seven (7) 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 to 80 months.]
 St. Lawrence County Local Development Corporation to have first position on all inventory, accounts receivable, furniture, fixtures, and general intangibles of Waddington Auto Parts.
 Unlimited Personal Guarantees of Joseph, Gerald and Karen Pemberton.
 The St. Lawrence County Local Development Corporation to have 3 rd
Mortgage Position
Other on the personal residence of Joe and Karen Pemberton at 87 West Lincoln Avenue,
Waddington New York 13694.

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.
 Joseph and Gerald Pemberton to implement a clear partnership agreement signed by both parties that addresses a strategy for succession of the business.
Move: Marr
Second: Scott (V = Voice Vote; P = Proxy Vote)
Clark P
Marr V
McKeown P
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.
Ragan P /S/
Scott V
Snyder P
Note: Modifications to resolution made prior to acceptance
Lori Sibley
July 18, 2012