State Auditor Scott Fitzpatrick has issued the closeout audit of the Olive Boulevard Transportation Development District (TDD), located in Creve Coeur. State law requires an audit of a TDD before moving forward with dissolution.
The Olive Boulevard TDD was formed in September 2004 to improve Olive Boulevard and included various construction projects, traffic improvements, utility burials, and landscaping. The project was completed in December 2018 and the City of Creve Coeur subsequently accepted ownership of the project. The Olive Boulevard TDD projects totaled approximately $5,790,000.
The project was funded by a one-half percent sales tax on all taxable transactions within the boundaries of the district. The Board of Directors approved rescinding the sales tax in February 2022 and the bond debt associated with the project was satisfied in April 2022.
Based on the audit, the cash balance of the Olive Boulevard TDD as of December 31, 2022, was $435,300. As of December 2022, the District had estimated outstanding legal fees of $33,100 and accounting fees of $7,500 needed to dissolve the District. After the district’s final costs and professional fees are paid, the remaining balance will be distributed to the City of Creve Coeur by state law.
The audit determined the financial condition of the Olive Boulevard TDD was such that the Board of Directors may proceed with the abolishment of the district.
The complete audit can be found here.
