ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-15
August 23, 2012
AUTHORIZING A LOAN OF $6,500 TO
FREDRICK CLIFF D/B/A ST. LAWRENCE OPTICAL
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Fredrick Cliff has applied for $6,500 from the Microenterprise Revolving Loan
Fund for the purchase of equipment to support the business of St. Lawrence Optical in Potsdam, and
NOW, THEREFORE, BE IT RESOLVED that the St. Lawrence County Local Development
Corporation agrees to loan an amount not to exceed $6,500 from the Microenterprise Revolving Loan
Fund to Fredrick Cliff d/b/a St. Lawrence Optical, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
4% on $6,500 Loan
Term
Thirty-six (36) month term consisting of an initial four (4) months of interest-only
payments, followed by a fifty-six (32) month amortization.
Security


Other






Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Second lien position on all inventory, machinery, equipment, furniture & fixtures,
accounts receivable and general intangibles of St. Lawrence Optical
Unlimited Personal Guarantee of Fredrick Cliff
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
Evidence of Community Bank Loan in the amount of $15,000
Hall
Weekes
AYE
X
X
X
X
X
X
NAY
ABSTAIN
ABSENT
X
I HEREBY CERTIFY that I have compared this 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/
Natalie A. Sweatland
08/23/2012