01/18/2024 - Jefferson City, MO
State
Auditor Scott Fitzpatrick today issued the closeout audit of the Brentwood
Pointe Transportation Development District (TDD), located in St. Louis County.
State law requires an audit of a TDD prior to moving forward with dissolution.
The
Brentwood Pointe TDD was organized in May 2001 for the purpose of improving the
extensions of Hanley Industrial Drive and Eager Road. The project was
substantially completed as of Dec. 31, 2021, and the City of Brentwood and St.
Louis County subsequently accepted ownership of the project. Project costs for
the Brentwood Pointe TDD totaled $5,857,460.
The
project was funded by a one-cent sales tax on all taxable transactions within
the boundaries of the district. Debt associated with the project was
satisfied and the Board of Directors approved rescinding the sales tax on July
25, 2022.
In July 2009, the Brentwood Pointe TDD entered
into an Amended Intergovernmental Cooperation Agreement with the Hanley Road
Corridor TDD. Pursuant to this agreement, the Brentwood Pointe Board of
Directors lowered the Brentwood Pointe's TDD sales tax to zero percent, and the
TDD sales taxes collected by the Hanley Road Corridor TDD within the boundaries
of the Brentwood Pointe TDD were applied to the Brentwood Pointe TDD
obligations until those obligations were satisfied.
Based on
the audit, the cash balance of the Brentwood
Pointe TDD as of December 31, 2022, was $364,283. According to the district
chairperson, as of June 14, 2023, the district would incur additional estimated
legal and administrative expenses totaling $25,000 related to the dissolution
of the district. After the district's final costs and professional fees are
paid, the remaining balance will be distributed to Hanley Road Corridor TDD in
accordance with the Intergovernmental Cooperation Agreement.
The audit
determined the financial condition of the Brentwood Pointe TDD was such that
the Board of Directors may proceed with abolishment of the district. The
complete audit can be found here.
