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River Ridge CDD adopts amendment to Series 2024 note and approves $173,367.78 ditch-cleaning contract
Summary
The River Ridge CDD board unanimously adopted Resolution 2024-05 to amend the use of proceeds of its Series 2024 improvement revenue note and approved MRI Construction's $173,367.78 estimate for dry retention flow-way ditch cleaning adjacent to River Course holes #6–#8; board minutes state loan proceeds will cover drainage projects and staff added the irrigation project with a 10% contingency.
At its June 25 meeting, the River Ridge Community Development District Board of Supervisors unanimously adopted Resolution 2024-05 amending the use of proceeds for the District’s Improvement Revenue Note, Series 2024, and authorized a first amendment to the loan agreement with Synovus Bank, the purchaser of the note.
On a motion by Supervisor Kurt Blumenthal, seconded by Vice Chair Terry Mountford, the resolution was adopted with all in favor. District Counsel reported an opinion letter had been drafted in support of the resolution.
The board also considered and approved an estimate from MRI Construction, Inc. for dry retention flow-way ditch cleaning adjacent to River Course holes #6 through #8 in the amount of $173,367.78. The motion to approve the MRI estimate was made by Mr. Blumenthal, seconded by Mr. Twombly, and carried unanimously. The minutes record that loan proceeds will cover the drainage projects and that staff included the irrigation project with a 10 percent contingency when revising the project scope for the Series 2024 note.
Why this matters: The resolution formalizes a change in the financing plan for the Series 2024 note so proceeds can be redirected to district improvement projects, and the board’s approval of the MRI contract funds immediate ditch-cleaning work intended to address flow-way performance. The minutes reflect unanimous board support and a plan to use loan proceeds for the identified drainage work.
Next steps: District staff and counsel will implement the first amendment to the loan agreement with Synovus Bank and proceed with the MRI scope of work; the district engineer will continue to coordinate easements and construction timing for additional drainage work planned to commence in October.
