08/24/2023 - Jefferson City, MO
State Auditor Scott Fitzpatrick today issued the closeout
audit of the Olive Boulevard Transportation Development District (TDD), located
in Creve Coeur. State law requires an audit of a TDD prior to moving forward
with dissolution.
The Olive Boulevard TDD was formed in September 2004 for the
purpose of improving Olive Boulevard and included various construction
projects, traffic improvements, utility burials, and landscaping. The
project was completed in December 2018 and the City of Creve Coeur subsequently
accepted ownership of the project. The Olive Boulevard TDD projects totaled
approximately $5,790,000.
The project was funded by a one-half percent
sales tax on all taxable transactions within the boundaries of the
district. The Board of Directors approved rescinding the sales tax in
February 2022 and the bond debt associated with the project was satisfied in
April 2022.
Based on the audit, the cash balance of the Olive
Boulevard TDD as of December 31, 2022, was $435,300. As of December 2022, the
District had estimated outstanding legal fees of $33,100 and accounting fees of
$7,500 needed to dissolve the District. After the district's final costs and
professional fees are paid, the remaining balance will be distributed to the
City of Creve Coeur in accordance with state law.
The audit determined the financial condition
of the Olive Boulevard TDD was such that the Board of Directors may proceed
with abolishment of the district.
The complete audit can be found here.