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Board approves $2.5M tax‑exempt term note amid monument cost increase
Summary
The board approved a $2.5 million tax‑exempt term note from Gulf Coast Business Bank, subject to amending the acceleration clause and finalizing documents, after staff reported a verbal monument bid increase from $250,000 to $631,000.
Eric Long informed the board that the bid for four monuments rose verbally from $250,000 to $631,000 and that the increase was not itemized or inclusive of landscaping. Board members discussed options including proceeding with permitting while postponing the monuments and awaiting value‑engineering numbers. The board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration clause in the note, finalizing documents and authorizing the chair to execute.
Mr. Adams said the proposed term note would be insufficient if the monument amounts remain at the higher verbal estimate; the board approved the $2.5 million financing with the stated condition that the acceleration provision be amended before execution.
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