07/12/2024 - Jefferson City, MO
State Auditor Scott Fitzpatrick today issued the closeout audit of
the Park Plaza Transportation Development District (TDD), located in Platte
County. State law requires an audit of a TDD prior to moving forward with
dissolution.
The Park Plaza TDD was formed in July 2009 for a two-phase
project. The first phase consisted of relocating and
improving Northwest Prairie View Road north of Missouri Route 45 Highway,
previously adjacent to Interstate 29, to align with North Chatham Road. The
second phase consisted of additional improvements that included appropriate
signalization modifications, an enclosed storm sewer conveyance system,
extension and relocation of public utilities to supplement the roadway
improvement, and all associated legal, engineering, land acquisition, and
miscellaneous costs. The first and second
project phases were completed in 2010 and 2019, respectively. Project costs for
the Park Plaza TDD totaled $3,337,676.
The project was
funded by a 1/2-cent (0.50 percent) sales tax on all taxable transactions
within the boundaries of the district. The sales tax was effective January
2010. In June 2013, the district increased the sales
tax to 1 percent to fully fund project improvements. The increased sales tax
was effective in October 2013.
In October 2009, the Park Plaza TDD issued revenue
bonds to pay for project costs. In December 2017, the TDD issued a second set
of revenue bonds, to refinance the first set, and obtain funding for the second
project phase. The Park Plaza TDD satisfied this debt in its entirety in
September 2023. The Board approved certain actions in connection with
abolishment of the Park Plaza TDD, including
repealing the District's sales tax in October 2023, effective January 1, 2024.
Based on the audit, the
cash balance of the Park Plaza TDD as of December 31, 2023, was $842,552.
According to the district's legal counsel, as of April 2024, the district would
incur additional estimated legal and administrative expenses totaling $50,000
related to the dissolution of the district. After the district's final costs
and professional fees are paid, the remaining balance will be transferred to
the City of Kansas City and the Missouri Highways and
Transportation Commission in accordance with state
law.
The audit determined the financial condition of the Park Plaza TDD
was such that the Board of Directors may proceed with abolishment of the
district.
The complete audit can be found here.