Board authorizes $2.5 million tax‑exempt term note, subject to edits

The River Ridge CDD Board on May 26, 2026, authorized a $2.5 million tax‑exempt term note with Gulf Coast Business Bank to finance District projects, but conditioned the approval on amending the note’s acceleration clause and finalizing documents before execution. Eric Long told the Board that a verbal bid for four monuments had increased from $250,000 to $631,000 and was not itemized or inclusive of landscaping, prompting discussion about scope and timing of monuments.

Mr. Adams said the proposed term note was insufficient given the verbal monument increase; the Board discussed proceeding with permitting while delaying the monuments. On motion by Kurt Blumenthal, seconded by Bob Schultz, and with all in favor, the Board approved the Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration comment in the note, finalizing documents and authorizing the Chair to execute.