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River Ridge approves $2.5 million term note; monument bid jump prompts project‑phasing discussion
Summary
The board approved a Gulf Coast Business Bank tax‑exempt term note of $2.5 million, subject to amending the acceleration clause and finalizing documents, after staff reported a verbal increase in monument bids from $250,000 to $631,000.
Mr. Long told the Board that the bid for four entry monuments rose verbally from $250,000 to $631,000 and that the figure was not itemized or inclusive of landscaping. He said other project costs for stormwater, wells, traffic calming and gatehouse renovations remained unchanged.
Mr. Adams observed the proposed term note was likely insufficient given the increased monument cost and suggested proceeding with permitting while delaying monuments if needed. On motion by Mr. Blumenthal and seconded by Mr. Schultz, the Board approved the Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration clause in the note, finalization of documents and authorizing the chair to execute.
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