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Board authorizes $2.5M tax-exempt term note amid higher-than-expected monument bid
Summary
The board approved a Gulf Coast Business Bank tax-exempt term note financing $2.5 million, after staff reported monument bids rose from $250,000 to $631,000; the note was authorized subject to amending the acceleration provision and final documentization.
Eric Long told the board that a vendor bid for four entry monuments increased from $250,000 to $631,000 and that the bid was not itemized or inclusive of landscaping costs. District counsel and staff discussed proceeding with permitting while delaying monument work if needed.
On motion by Kurt Blumenthal and seconded by Bob Schultz, the board 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 the chair to execute. Board discussion noted the term note amount and potential need for value engineering or phasing.
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