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River Ridge approves $2.5 million tax‑exempt term note after monument bid jumps
Summary
Board approved a Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending an acceleration clause and finalizing documents, after staff reported the four‑monument bid rose from $250,000 to $631,000 and raised concerns about sufficiency of the note.
District staff informed the Board that the bid for four monuments rose from $250,000 to $631,000 and is not itemized nor inclusive of landscaping costs. Chuck Adams said the term note as proposed could be insufficient in light of the verbal increase; the Board discussed phasing projects and delaying the monuments if necessary.
On motion by Kurt Blumenthal, seconded by Bob Schultz, the Board approved the Gulf Coast Business Bank tax‑exempt term note financing $2,500,000, subject to amending the acceleration clause in the Note, finalization of related documents and authorizing the Chair to execute. The motion passed unanimously.
Staff noted the costs for stormwater management, wells, traffic calming and gatehouse renovations remain unchanged and the paver cost is still pending; the Board also discussed value engineering and potential change orders.
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