River Ridge CDD approves $2.5 million tax‑exempt term note; monuments project costs questioned
Summary
The board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to modifying the acceleration clause and finalizing documents. Members noted a verbal increase in a monuments bid from $250,000 to $631,000, which is not itemized and excludes landscaping.
The River Ridge Community Development District approved a tax‑exempt term note with Gulf Coast Business Bank to finance $2,500,000, subject to amending the acceleration provision and finalizing documents. The motion passed unanimously on May 26 and authorized the Chair to execute the finalized documents.
During discussion, Eric Long reported the bid for four monuments rose verbally from $250,000 to $631,000 and that the higher number was not itemized and did not include landscaping. Chuck Adams said the term note amount was insufficient if the monuments cost that much; the board discussed phasing the monuments project and proceeding with permitting while deferring monuments if needed. The financing motion included a condition to amend the acceleration clause and finalize documents prior to execution.
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