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River Ridge board adopts Resolution 2024-05 and approves $173,367.78 ditch-cleaning estimate to fund drainage work
Summary
The River Ridge CDD adopted Resolution 2024-05 to amend the Series 2024 Note loan agreement to allow revised project scope and, in a separate motion, approved an MRI Construction, Inc. estimate of $173,367.78 to clean dry retention flow-way ditches adjacent to River Course holes #6–#8; both motions passed unanimously.
Chuck Adams, the district manager, presented Resolution 2024-05 to amend the use of proceeds for the District’s Improvement Revenue Note, Series 2024, and to enter a first amendment to the loan agreement with Synovus Bank. On a motion by Supervisor Kurt Blumenthal, seconded by Supervisor Terry Mountford, the board adopted Resolution 2024-05 "Authorizing an Amendment in the use of the Proceeds of its Improvement Revenue Note, Series 2024; Authorizing the District to Enter Into a First Amendment to Loan Agreement with Synovus Bank, the Purchaser of the Note; and Providing an Effective Date." The motion carried "with all in favor."
Immediately after adopting the resolution, the board voted on the MRI Construction, Inc. estimate for dry retention flow-way ditch cleaning adjacent to River Course holes #6 through #8, in the amount of $173,367.78. On a motion by Supervisor Blumenthal, seconded by Supervisor Robert Twombly, the estimate was approved "with all in favor." District staff stated loan proceeds would cover the drainage projects as part of the revised scope of the Series 2024 Note and noted a 10% contingency had been included for irrigation work added by staff.
Why it matters: The board formally revised the financing plan for ongoing improvements and authorized a specific $173,367.78 contract estimate that the district intends to fund from amended loan proceeds. The action moves planned drainage remediation from planning toward implementation.
What’s next: Staff and counsel will complete required documentation related to the first amendment to the loan agreement and proceed with the MRI cleaning work under the approved estimate; specific contract awards, timing and start dates were not specified at the meeting.
