River Ridge CDD approves $2.5 million tax-exempt term note at 5.32%

The River Ridge Community Development District Board of Supervisors on June 23 voted unanimously to approve executing all documents and ratifying a resolution that finalizes a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a 5.32% interest rate. The motion was made by Mr. Blumenthal and seconded by Mr. Twombly.

District Counsel Tony Pires summarized the change in financing terms, stating, "The Term Sheet rate was 5.17% and, when reset, the interest rate was 5.32%." Mrs. Adams and staff distributed updated capital-improvement projections tied to the financing. Mr. Adams noted that the approved motion "will be assigned Resolution number 2026-05." The minutes record the loan as closed and funded last week and the Board accepted the unaudited financial statements as of May 31, 2026.

The board did not debate amendments to the loan at the meeting; discussion centered on bookkeeping entries and where administrative fees should be recorded on the May financials. No dollar amounts for specific projects funded by the note were specified in the transcript. The vote was taken with five supervisors participating (three in person, two by phone) and was recorded in the minutes as unanimous.