River Ridge CDD approves $2.5 million tax‑exempt term note at 5.32%

The River Ridge Community Development District voted unanimously on June 23 to execute all necessary documents for a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note at a final rate of 5.32%. The motion to approve the loan documents, ratify the related resolution and accept the revised term sheet was moved by Kurt Blumenthal and seconded by Robert Twombly and carried on a voice vote.

District Counsel Tony Pires told the Board that the Term Sheet rate had been 5.17% and "when reset, the interest rate was 5.32%." District Manager Chuck Adams and staff discussed minor balance-sheet reclassifications and distributed updated capital‑improvement projections. Mr. Adams indicated the approved motion will be assigned Resolution number 2026‑05. The Board accepted the unaudited financial statements as of May 31, 2026 in the same agenda item.

The approval authorizes district staff to finalize and execute the Loan Agreement and Note and to proceed with actions necessary to close the Series 2026 note. The vote followed staff presentations and routine financial cleanup items; no dissenting votes were recorded.