ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-20
September 27, 2012
AUTHORIZING A LOAN OF $20,000 TO JOANNE GOLLINGER
D/B/A SHADES TANNING & HAIR SALON
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, Joanne Gollinger has applied for $20,000 from the Microenterprise Revolving Loan
Fund for the purchase of equipment, and for working capital and general start-up costs to support the
business of Shades Tanning & Hair Salon in Massena NY, 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 Joanne Gollinger d/b/a Shades Tanning & Hair Salon, and
BE IT FURTHER RESOLVED that said loan shall be subject to the following terms and
conditions:
Interest Rate
Term
4% on $20,000 Loan
 One Hundred Twenty (120) month term consisting of an initial four (4) months of interest only
payments followed by a one hundred sixteen (116) month amortization
Security
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Other
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Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Second mortgage position on the business property located at 108 Maple Street, Massena New
York owned by Michael F. Gollinger
Second lien position on all machinery, equipment, furniture and fixtures, inventory, accounts
receivable and general intangibles of Shades Tanning & Hair Salon
Unlimited Personal Guarantees of Joanne and Michael Gollinger
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 two (2) FTE jobs within three years of
which 51% will be made available to persons of low-moderate income
Evidence of North Country Savings Bank loan in the amount of $39,200
Evidence of owner’s cash/equity of $22,301
McMahon
LaBaff
AYE
X
X
X
X
X
X
NAY
ABSTAIN
ABSENT
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/
X
Natalie A. Sweatland
September 27, 2012