State Auditor Scott Fitzpatrick issued the closeout audit of the St. John’s Church Road Transportation Development District (TDD), located in St. Louis County. State law requires an audit of a TDD before moving forward with dissolution.
The St. John’s Church Road TDD was organized in April 2001 to improve the roadways with the construction of the extension of St. John’s Church Road south of Lindbergh Avenue and additional construction of roadways surrounding Lindbergh Avenue, such as Elm Road and construction of an entrance to Interstate 55. The project was completed in 2003 and St. Louis County and the St. Louis County Department of Highways and Traffic subsequently accepted ownership of the project. Project costs for the St. John’s Church Road TDD totaled $8,178,850.
The project was funded by a one-half percent sales tax on all taxable transactions within the boundaries of the district. Debt associated with the project was satisfied and the Board of Directors approved rescinding the sales tax in September 2022. From its inception in 2001 through 2022, the St. John’s Church Road TDD received $13,772,861 in sales tax revenues and paid $8,603,231 in debt service costs and $4,930,479 in interest costs.
Based on the audit, the cash balance of the St. John’s Church Road TDD as of December 31, 2022, was $887,486. According to district legal counsel, as of December 31, 2022, the district owed $2,612 in unpaid legal fees related to the dissolution of the district. After the district’s final costs and professional fees are paid, the remaining balance will be distributed to St. Louis County in accordance with state law.
The audit determined the financial condition of the St. John’s Church Road TDD was such that the Board of Directors may proceed with the abolishment of the district. The complete audit can be found by clicking or tapping this link.