10/25/2021
State
Auditor Nicole Galloway today issued the closeout audit of the Coronado Drive
Transportation Development District (TDD), located in Blue Springs. State law
requires an audit of a TDD prior to moving forward with dissolution.
The Coronado
Drive TDD was established in 2009 by a vote of qualified voters in the
district. The TDD was formed to finance the reconstruction
of Coronado Drive east of Adams Dairy Parkway, improvements to the Adams Dairy
Parkway and I-70 east bound and I-70 west bound ramp intersections,
construction improvements of the Home Depot and Wal-Mart west entrances, and
improvements to the Adams Dairy Parkway and RD Mize Road. Financing was
provided by the imposition of a one-half percent sales tax on all taxable
transactions within the boundaries of the district for a period not to exceed
10 years. The sales tax became effective on January 1, 2010. In total, the
Coronado Drive TDD received $4,955,000 in sales tax revenues.
The Coronado
Drive TDD did not issue bonds or debt instruments to fund the project. Instead,
sales tax revenues were pledged to service bonds issued by the City of Blue
Springs as part of a larger redevelopment project. As part of the agreement
with the city, the district agreed to give the city all sales tax revenue
received for the life of the district.
The Coronado
Drive TDD sales tax expired effective July 31, 2019 and legal counsel for the
Coronado Drive TDD informed the Auditor's Office of their intent to dissolve
the district.
The audit
determined the financial condition of the Coronado Drive TDD was such that the
Board of Directors may proceed with abolishment of the district.
The complete
audit can be found here.
