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Board approves $2.5 million tax‑exempt term note to finance projects
Summary
The Board approved a Gulf Coast Business Bank tax‑exempt term note financing $2.5 million, subject to amending an acceleration provision and finalizing documents; the motion passed unanimously.
The River Ridge CDD authorized a tax‑exempt term note with Gulf Coast Business Bank for $2.5 million at the May 26 meeting.
Eric Long told the Board that a verbal bid for four monuments had increased from $250,000 to $631,000 and was not itemized; he recommended proceeding with permitting and delaying monuments if needed. After discussion of phasing, interest rate and acceleration provisions, the Board on motion by Kurt Blumenthal, seconded by Bob Schultz, approved the Gulf Coast Business Bank Tax‑Exempt Term Note financing $2,500,000, subject to amending the acceleration clause, finalizing documents and authorizing the Chair to execute the final papers.
The approval allows staff to finalize financing documents and proceed with permitted work while the Board evaluates monument scope and value engineering.
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