Board approves $2.5M tax‑exempt term note as monument bids jump
Summary
Facing a verbal bid increase for four monuments from $250,000 to $631,000, the Board authorized a $2.5 million tax‑exempt term note from Gulf Coast Business Bank, subject to amending an acceleration clause and finalizing documents; the Board discussed phasing monuments and delaying them if needed.
The River Ridge CDD approved a Gulf Coast Business Bank tax‑exempt term note for $2,500,000 at the May 26 meeting after staff reported a rise in monument bids and discussed options for phasing and permitting. Eric Long told the Board that the bid for four monuments increased from $250,000 to $631,000 and that the figure as presented was not itemized and did not include landscaping; paver costs remain pending.
District counsel and staff discussed that the term note as presented was insufficient if monuments proceed at the higher bid; the Board approved proceeding with permitting and authorized the Chair to execute the $2.5 million term note subject to amending the acceleration provision in the Note and finalization of documents. The motion passed unanimously. The Board also discussed deferring the monuments and phasing projects as a means to manage cost and financing.
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