ST. LAWRENCE COUNTY LOCAL DEVELOPMENT CORPORATION
Resolution No. 12-25
December 11, 2012
AUTHORIZING LOAN FUNDING TO WHITE’S GENERAL STORE, INC.
WHEREAS, the St. Lawrence County Local Development Corporation administers the St.
Lawrence County Microenterprise Revolving Loan Fund, and
WHEREAS, White’s General Store, Inc. 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 White’s General Store, Inc. in Colton 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 White’s General Store, Inc, 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
 Sixty (60) month term consisting of an initial three (3) months of interest only payments
followed by a fifty-seven (57) month amortization.
Security
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Other
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Move:
Second:
VOTE
Blevins
Hall
LaBaff
McMahon
Peck
Staples
Weekes
Second mortgage on the White’s General Store, Inc real property.
A current appraisal of the value of the property acceptable to the St. Lawrence County Local
Development Corporation (as provided by SeaComm).
Second lien position on all machinery, equipment, furniture and fixtures, inventory, accounts
receivable and general intangibles of White’s General Store, Inc.
Unlimited Personal Guarantees of John E. White II and Teshia H. White
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 retention of 1.25 FTE jobs and the creation of one
(1) FTE job within three years of which 51% will be made available to persons of low-moderate
income
Evidence of SeaComm loan in the amount of $120,000
Evidence of seller financing in the amount of $50,000, subordinated to the St. Lawrence County
Local Development Corporation’s second mortgage.
Evidence of owner’s cash/equity of $20,000
Hall
Weekes
AYE
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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/
Natalie A. Sweatland
December 11, 2012