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Board approves $2.5 million term note after monument bid spikes
Summary
Following a reported increase in monument bids from $250,000 to $631,000, the Board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration clause and finalizing documents; the Chair was authorized to execute.
Eric Long informed the Board that the bid for four monuments had increased from $250,000 to $631,000 and was not itemized; landscaping and paver costs remain pending. Chuck Adams said the term note originally discussed might be insufficient to cover the higher monument cost.
On motion by Kurt Blumenthal and seconded by Bob Schultz, the Board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration provision in the note, finalization of documents and authorization for the Chair to execute the finalized documents.
Why it matters: The financing decision provides near‑term funding for multiple capital projects (gatehouses, stormwater, traffic calming). The board conditioned approval on adjustment of the acceleration clause and final document review.
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