River Ridge approves $2.5M tax‑exempt term note as monument costs jump
The Board approved a $2.5 million tax‑exempt term note to finance district projects, while noting monument bids rose from $250,000 to $631,000; the Board authorized the Chair to execute documents after adjusting the acceleration clause.
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Board members discussed a substantial increase in monument construction costs and approved interim financing for district projects on May 26. Eric Long told the Board "the bid for the four monuments increased from $250,000 to $631,000," a change that Mr. Chuck Adams said was not itemized and left the proposed term note potentially insufficient to cover all monument costs.
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