River Ridge CDD ratifies $2.5 million tax‑exempt term note at 5.32%

The River Ridge Community Development District Board of Supervisors on June 23 approved executing all documents for the $2.5 million Series 2026 Gulf Coast Business Bank Tax Exempt Term Note at a final rate of 5.32%.

Chuck Adams, district manager, presented the unaudited financial statements as of May 31, 2026 and told the board that administrative fees on Page 2 would be recoded to the “Debt service (principal & int) 2022 note” line item. On a motion by Kurt Blumenthal, seconded by Robert Twombly, the board unanimously ratified the revised Term Sheet, Loan Agreement and Note and approved executing the necessary documents; Mr. Adams said the approved motion will be assigned Resolution number 2026‑05.

The vote was recorded as unanimous with Supervisors Mountford, Blumenthal and Twombly present in person and Supervisors Schultz and Merrill participating by telephone. The board also accepted updated capital improvement project projections to be revised for titles and distributed with the financial packet.

The action finalizes the district’s financing for ongoing capital work; the board did not set an effective date beyond the execution of closing documents and Mr. Adams noted the packet included informational budget variance and breakdown schedules. No opposing votes were recorded.