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River Ridge approves $2.5 million term note; monuments bid spikes verbally to $631,000
Summary
The Board approved a Gulf Coast Business Bank Tax‑Exempt Term Note financing $2.5 million, subject to revision of the acceleration clause and final documentization. Staff noted a verbal increase in the monuments bid from $250,000 to $631,000, prompting discussion of phasing and delaying monument work.
The River Ridge Board authorized a Gulf Coast Business Bank Tax‑Exempt Term Note financing $2,500,000, with approval conditioned on amending the acceleration provision, finalizing documents and delegating execution authority to the Chair. The motion, made by Assistant Secretary Kurt Blumenthal and seconded by Chair Bob Schultz, passed unanimously.
During discussion, Eric Long reported that the bid for four monuments increased from $250,000 to $631,000 (a verbal, non‑itemized increase that does not include landscaping). District staff discussed proceeding with permitting and delaying monument work, value engineering, phasing projects and the term note’s interest and acceleration terms to align financing with project scope and cost realities. Staff will finalize documents and return executed contracts to the Board.
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