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River Ridge board ratifies $2.5 million tax-exempt note at 5.32%
Summary
The River Ridge CDD board approved executing documents and ratified a resolution to issue a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a final interest rate of 5.32%; the motion passed unanimously.
The River Ridge Community Development District Board of Supervisors voted unanimously June 23 to execute documents and ratify a resolution approving a $2.5 million Series 2026 Gulf Coast Business Bank tax-exempt term note at a final interest 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, the district manager, presented the unaudited financial statements as of May 31, 2026 and noted administrative fee reclassifications on the balance sheet. On a motion by Kurt Blumenthal and seconded by Robert Twombly, the board approved executing the revised Term Sheet, Loan Agreement and Note; Mr. Adams said the approved motion will be assigned Resolution number 2026-05.
The board accepted the financial statements as presented and distributed updated capital improvement project projections. Board members discussed that the change in rate would have a minimal effect on the district's finances, and the motion carried with all in favor.
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