River Ridge approves $2.5 million term note; monuments deferred after cost spike
Summary
Facing a reported increase in monument bids from $250,000 to $631,000, the board approved a $2.5 million Gulf Coast Business Bank tax‑exempt term note on May 26, subject to amending an acceleration clause and finalizing documents; members discussed delaying monument work.
The River Ridge CDD approved a Gulf Coast Business Bank tax‑exempt term note for $2.5 million on May 26 to fund district projects, while noting a significant unanticipated increase in monument costs.
Eric Long told the board that "the bid for the four monuments increased from $250,000 to $631,000," and said landscaping and paver costs remained pending. Mr. Long and other board members discussed phasing projects, value engineering, the interest rate and an acceleration provision in the proposed note. On motion by Kurt Blumenthal and seconded by Bob Schultz, "the Gulf Coast Business Bank Tax Exempt Term Note, financing $2,500,000, subject to amending the acceleration comment in the Note, finalization of documents and authorizing the chair to execute, was approved." The board noted the monuments could be delayed while permitting proceeds.
The minutes record the board's approval was conditional on document finalization and adjustment to the acceleration clause before execution by the chair.
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