River Ridge approves $2.5 million tax‑exempt term note, subject to final edits
The Board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000 subject to amending the acceleration clause and finalizing documents; members discussed a verbal cost increase on monument work from $250,000 to $631,000.
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District staff told the Board that the bid for four entry monuments had risen verbally from $250,000 to $631,000 and that the amount presented in the term note did not itemize that increase. Chuck Adams said the term note as written was insufficient given the verbal increase in monument costs. The Board discussed deferring monuments, phasing projects and value engineering.
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