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River Ridge approves $2.5 million term note; monument bid rise flagged
Summary
The board approved a $2.5 million tax‑exempt term note from Gulf Coast Business Bank with conditions after staff reported a verbal increase in the monument bid from $250,000 to $631,000; the board may delay monuments and proceed with permitting.
The River Ridge board approved a Gulf Coast Business Bank tax‑exempt term note financing for $2,500,000 on May 26, subject to amending the note’s acceleration clause and finalizing documents.
Eric Long reported that the bid for four monuments increased "from $250,000 to $631,000," a verbal increase that is not itemized and excludes landscaping. Chuck Adams said the term note is insufficient given the increase and suggested the board could proceed with permitting while delaying the monuments. On motion by Kurt Blumenthal and seconded by Bob Schultz, the board authorized the term note and empowered the chair to execute documents after the noted edits.
The motion preserves the district’s ability to phase projects: permitting can continue while monument construction is deferred pending a detailed, itemized cost breakdown and possible value engineering.
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