February 19, 2019
Board of Directors can move forward with abolishment
JEFFERSON CITY, Mo (February 19, 2019) JEFFERSON CITY, Mo.– Missouri State Auditor Nicole Galloway today released the closeout audit of the Interstate 470 and 350 Transportation Development District (TDD), located in Lee’s Summit. State law requires an audit of a TDD prior to moving forward with dissolution.
The taxing district was established in 2001 and was formed to fund road work in the area around Pryor and Chipman Roads. This included work on U.S. 50 Highway ramps at Chipman Road, improvements to Pryor Road south of Chipman Road and the construction of interchange ramps and an overpass at I-470 and Pryor Road. The work was funded by a 1 percent sales tax on all taxable transactions within the boundaries of the district.
The project was completed in 2009 and the bonds associated with the project were fully repaid in November 2018. The audit determined the TDD has enough funds to pay remaining costs associated with the close out of the district. Any remaining funds will be divided between Lee’s Summit and the Missouri Highways and Transportation Commission. The audit determined the Board of Directors may proceed with abolishment of the district.
The complete audit can be found here.