Board authorizes $2.5 million tax‑exempt term note, with caveat on monument timing
The Board authorized a Gulf Coast Business Bank $2.5 million tax‑exempt term note subject to amending the acceleration clause and finalizing documents; discussion noted a verbal monument bid increase from $250,000 to $631,000 and the possibility of delaying monuments.
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Eric Long told the Board that the bid for four monuments had increased verbally from $250,000 to $631,000 and that the higher figure was not itemized and excluded landscaping. Chuck Adams said the proposed term note was insufficient in light of the reported monument cost increase and suggested proceeding with permitting while delaying monument construction.
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