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River Ridge accepts unaudited March statements; board plans $700,000 ICS transfer and pursues $2.5M loan term sheet
Summary
The Board accepted unaudited financial statements as of March 31, 2026; Mr. Adams said he will transfer $700,000 to an Insured Cash Sweep account and pursue long‑term CD options while also seeking a $2.5 million construction loan term sheet with $50,000 costs of issuance.
Mrs. Adams presented the Unaudited Financial Statements as of March 31, 2026. Mr. Blumenthal said the Insured Cash Sweep (ICS) account is a benefit; Mr. Adams agreed and said he will transfer $700,000 into the ICS account and investigate long‑term certificates of deposit for board consideration.
Separately, Mr. Adams said he is meeting with a representative of Gulf Coast Business Bank to obtain a construction loan term sheet with a principal amount of $2.5 million and costs of issuance estimated at $50,000; staff will present the term sheet at a future meeting for board consideration. The Board also approved the March 24, 2026 meeting minutes as amended.
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