09/29/2026 - JEFFERSON CITY, Mo.
State Auditor Scott Fitzpatrick today
issued the closeout audit of the Southtown Transportation Development District
(TDD), located in the City of St. Louis. State law requires an audit of a TDD
prior to moving forward with dissolution.
The Southtown TDD was formed in April
2004 for the purpose of constructing a 468 car parking lot to service a
multi-store retail development located at Chippewa Street and South
Kingshighway Boulevard, the associated roadwork and signalization, and the
accompanying site acquisition, design, demolition, earthwork, excavation, shoring,
topsoil, soils testing, structural excavation, finish grading, general
conditions, asphalt, striping, concrete curbs, road widening, traffic signal
additions and rework, and related improvements.
The
TDD is also associated with the Southtown Redevelopment Project created by the
St. Louis Tax Increment Financing Commission. The TDD's sales tax revenues were
used to satisfy TDD-specific portions of debt incurred by the Southtown
Redevelopment Project.
The City of St. Louis is the public
entity with jurisdiction over the local portion of the project and serves as
the Local Transportation Authority. The project was deemed substantially
completed in March 2005, and the City of St. Louis subsequently accepted
ownership of the project. The estimated cost for the project was $7,500,000.
In
March 2005, the TDD issued revenue bonds to finance project costs. The district
refinanced its bond debt in November 2006 and again in March 2015 before
satisfying its project debt in its entirety in January 2025. In September 2025,
the Board of Directors approved a resolution to repeal the sales tax
collections, and subsequently the Department of Revenue was notified in April
2026, of the resolution. The sales tax was repealed on April 30, 2026.
Based on the audit, the cash balance of the Southtown TDD as of
December 31, 2025, was $142,838. Per the district, their cash balance has since
increased to approximately $225,000 as of July 22, 2026. According to the
district, remaining estimated liabilities total approximately $28,000 which
include legal expenses and other administrative expenses. Based on these
representations, the district has sufficient cash to pay any remaining costs
and obligations. After the district's final costs are paid, the remaining
balance of approximately $197,000 will be transferred to the City of St. Louis
in accordance with state law.
The audit determined the financial
condition of the Southtown TDD was such that the Board of Directors may proceed
with abolishment of the district.
The complete audit can be found here.
