ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-16
August 23, 2012
AUTHORIZING A LOAN OF $20,000 TO BROOKE J. ENSLOW D/B/A SAM’S PARTY TENTS
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Brooke J. Enslow has applied for $20,000 from the Microenterprise Revolving
Loan Fund for the purchase of equipment to support the business of Sam’s Party Tents in Potsdam, 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 Brooke J. Enslow d/b/a Sam’s Party Tents, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
4% on $20,000 Loan
Term
Sixty (60) month term consisting of an initial four (4) months of interest-only
payments, followed by a fifty-six (56) month amortization.
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Security
Other
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Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Hall
McMahon
AYE
Co-proportional first lien position with the St. Lawrence County Chamber of
Commerce on all inventory, machinery, equipment, furniture & fixtures, accounts
receivable and general intangibles of Sam’s Party Tents
Unlimited Personal Guarantee of Brooke J. Enslow
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 $15,000
Evidence of St. Lawrence County Chamber of Commerce loan in the amount of
$35,000
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.
X
X
X
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/s/
Natalie A. Sweatland
08/23/2012