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 eastbound and I-70 westbound 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 the abolishment of the district.
The complete audit can be found here.