River Ridge approves $2.5 million tax‑exempt term note, considers delaying monuments project

The Board approved a Gulf Coast Business Bank tax-exempt term note financing $2,500,000 to support projects including gatehouse renovations, stormwater management, wells and traffic calming, subject to amending the note’s acceleration clause and finalizing documents.

Eric Long told the Board that the bid for the four monuments rose “from $250,000 to $631,000,” an increase that was not itemized and does not include landscaping. Mr. Adams said the term note as presented was insufficient if the monument costs are that much higher; the Board discussed proceeding with permitting and delaying the monuments or phasing work. On motion by Mr. Blumenthal and seconded by Mr. Schultz, the Board approved the term note financing $2,500,000, with the chair authorized to execute the finalized documents once the acceleration language is amended.

The motion was unanimous. Staff will finalize legal documents with counsel and return executed instruments after the agreed edits. The Board noted value-engineering numbers are pending for monument cost details and paver costs remain outstanding.