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Board approves $2.5 million tax-exempt term note, notes monument bid increase
Summary
The River Ridge Board approved a $2.5 million tax-exempt term note from Gulf Coast Business Bank, subject to amending an acceleration clause and finalizing documents. Staff noted a verbal increase in the monument bid from $250,000 to $631,000 and discussed phasing options.
The board voted May 26 to accept a Gulf Coast Business Bank tax-exempt term note financing $2,500,000, with the approval conditioned on amending the note's acceleration provision and finalizing documentation. The motion was made by Supervisor Kurt Blumenthal, seconded by Chair Bob Schultz, and recorded "with all in favor."
During discussion, staff reported a verbal, non-itemized bid increase for the monument work from $250,000 to $631,000; Mr. Adams told the board that in light of the increase the term note as proposed may be insufficient, and the board discussed phasing the monument elements and delaying some components while proceeding with permitting. The approved action authorizes the chair to execute documents once the acceleration clause is amended and final documents are completed.
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