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River Ridge CDD approves $2.5M tax-exempt term note at 5.32%
Summary
The River Ridge Board unanimously authorized executing documents for a $2.5 million Series 2026 tax-exempt term note with Gulf Coast Business Bank at a final interest rate of 5.32%; the financing was presented as part of updated capital projections.
The River Ridge Community Development District Board on June 23 unanimously approved executing all necessary documents to finalize a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note at a final rate of 5.32%.
Tony Pires, District Counsel, recalled that "the Term Sheet rate was 5.17% and, when reset, the interest rate was 5.32%." Chuck Adams, District Manager, explained line-item recoding on the unaudited financial statements and distributed updated capital improvement projections tied to the financing. On a motion by Kurt Blumenthal, seconded by Robert Twombly, the Board approved ratifying the resolution and final loan documents; the vote was unanimous.
Board members said the modest rate change would have only a small effect on the district's debt service. The motion to approve executing the documents was recorded as passed and staff said they will update the resolution numbering and project titles in follow-up materials.
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