River Ridge approves $2.5 million term note as monument bids jump to $631,000
The board approved a Gulf Coast Business Bank tax‑exempt term note financing $2.5 million, after hearing that monument construction bids rose from $250,000 to $631,000; the approval was subject to amending the acceleration clause and finalizing documents.
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Eric Long told the board that bids for four monuments increased from $250,000 to $631,000 and that the higher figure was not itemized and did not include landscaping. Chuck Adams said the proposed term note would be insufficient if the verbal monument increase were accurate; the board discussed phasing, value engineering, interest rate and an acceleration provision in the note.
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