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River Ridge CDD ratifies $2.5 million tax‑exempt term note at 5.32%
Summary
The River Ridge Community Development District approved execution of documents and ratified a $2.5 million Series 2026 Gulf Coast Business Bank tax‑exempt term note at a final interest rate of 5.32%; the Board also accepted unaudited financials as of May 31, 2026.
The Board of Supervisors of the River Ridge Community Development District on June 23 approved executing all documents and ratified a Resolution to accept 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 the Term Sheet rate was 5.17% and said that "when reset, the interest rate was 5.32%." On a motion by Kurt Blumenthal, seconded by Robert Twombly, the board voted unanimously to approve the revised Term Sheet, Loan Agreement and Note. Chuck Adams, District Manager, said the motion will be assigned Resolution No. 2026‑05.
Cleo Adams presented the unaudited financial statements as of May 31, 2026 and staff noted balance-sheet "due to" and "due from" items under review. The financial statements were accepted for informational purposes; updated Capital Improvement Project projections were distributed and staff will update titles where needed.
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