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River Ridge approves $2.5 million tax‑exempt term note; monument bid cited as higher than anticipated
Summary
Board approved a $2.5 million tax‑exempt term note from Gulf Coast Business Bank, subject to acceleration language edits and final documents; staff noted monument bid rose from $250,000 to $631,000 prompting possible phasing.
The River Ridge Board authorized a $2.5 million tax‑exempt term note with Gulf Coast Business Bank at its May 26 meeting, subject to amending the note's acceleration provision and finalizing documentation before execution.
Eric Long told the Board that the bid for four monuments increased from $250,000 to $631,000 and that the higher, not‑itemized figure does not include landscaping. Board discussion focused on whether to proceed with permitting while delaying the monuments and on options for phasing to reduce immediate financing needs.
On motion by Kurt Blumenthal and seconded by Bob Schultz, with all in favor, the Gulf Coast Business Bank Tax Exempt Term Note financing $2,500,000, subject to amending the acceleration comment in the Note, finalization of documents and authorizing the chair to execute, was approved. The Board instructed staff to finalize terms and return executed documents when the changes are made.
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