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River Ridge CDD ratifies $2.5 million tax-exempt term note at 5.32%
Summary
The River Ridge Community Development District board approved documents and ratified a $2.5 million Series 2026 tax-exempt term note at a final rate of 5.32%, and expects the action to be recorded as Resolution 2026-05. The board also accepted unaudited financial statements dated May 31, 2026.
The River Ridge Community Development District Board of Supervisors on June 23 approved executing the revised term sheet, loan agreement and note for a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a final interest rate of 5.32%.
Cleo Adams, district manager, presented the unaudited financial statements as of May 31, 2026 and walked the Board through budget variances and a proposed 2025–2035 budget framework. "The Board approved executing all necessary documents, ratifying the Resolution, approving the revised Term Sheet, Loan Agreement, Note, and the final rate of 5.32% of the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note," the minutes state. Board members voted unanimously on a motion by Kurt Blumenthal with a second by Robert Twombly.
District Counsel Tony Pires noted prior term-sheet discussions and recalled the originally discussed rate was 5.17% before the reset to 5.32%. Chuck Adams said he expects the approved motion will be assigned Resolution number 2026-05 and distributed updated Capital Improvement Project projections for the Board’s files. The financial statements were accepted as presented.
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