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River Ridge board approves $2.5 million tax‑exempt term note to finance projects
Summary
Facing a verbal contractor increase for monument work, the board approved a $2.5 million tax‑exempt term note from Gulf Coast Business Bank, subject to amending the acceleration clause and final documentization; permitting can proceed while monument construction is deferred if needed.
Board members discussed a verbal increase in monument costs — from an earlier $250,000 bid to a $631,000 figure that was not itemized and excluded landscaping — and how that affects financing plans. Eric Long reported the rise and said permitting could proceed while monuments are delayed. After discussion the board approved a Gulf Coast Business Bank tax‑exempt term note for $2,500,000, subject to amending the acceleration clause and finalizing documents; Chair Bob Schultz was authorized to execute the financing documents.
The motion was made by Supervisor Kurt Blumenthal and seconded by Chair Bob Schultz and passed unanimously. Staff discussed phasing projects, awaiting value engineering numbers, and noted the interest rate and acceleration provision would be clarified before final execution.
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