Board approves $2.5M term note as monument bid spikes; chair authorized to execute

Eric Long told the Board that bids for four monuments increased verbally from $250,000 to $631,000 and that the bid did not itemize landscaping or paver costs. District staff and board members discussed phasing the monument project, value engineering work, and whether to proceed with permitting while delaying monuments if necessary.

Chuck Adams said the proposed term note would be insufficient if that higher monument number was confirmed. The Board nevertheless approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration clause in the note, finalizing documents and authorizing Chair Schultz to execute the documents. The motion was recorded as passing "with all in favor." Staff will finalize documentation and return any outstanding value engineering numbers to the Board for further action if required.