06/09/2022 - Jefferson City, Mo.
State Auditor Nicole Galloway today issued the closeout audit of the I-70 & Adams Dairy Parkway Transportation Development District (TDD), located in Blue Springs. State law requires an audit of a TDD prior to moving forward with dissolution.
The I-70 & Adams Dairy Parkway TDD was established in 2003 by a vote of qualified voters in the district. The TDD was formed for the purpose of acquiring, constructing and/or improving a roadway, bike trail, and parking lot located just south of Interstate 70 at the intersection of Adams Dairy Parkway and Northeast Coronado Drive.
In September of 2003, the district began imposing a one-half of one percent (0.50%) sales tax on all transactions within the boundaries of the district for a period not to exceed 40 years. In 2009, the Board approved and the qualified voters of the district authorized an additional one-half of one percent (0.50%) sales tax for a 10-year period. From 2003 through December 31, 2021, the I-70 & Adams Dairy Parkway TDD received a total of $4,472,082 in sales tax revenue.
The audit determined the financial condition of the I-70 & Adams Dairy Parkway TDD was such that the Board of Directors may proceed with abolishment of the district. As of February 28, 2022 the cash balance of the TDD was $356,804 with outstanding balances owed for legal services, accounting services, and bank fees totaling $13,560. After the district's final costs and professional fees are paid, the remaining balance will be distributed to the City of Blue Springs and/or the Missouri Highway Transportation Commission in accordance with Section 238.275.5(1), RSMo.
The complete audit can be found here.