Auditor Fitzpatrick releases closeout report for Park Plaza Transportation Development District

State Auditor Scott Fitzpatrick today issued the closeout audit of the Park Plaza Transportation Development District (TDD), located in Platte County. State law requires an audit of a TDD prior to moving forward with dissolution.

The Park Plaza TDD was formed in July 2009 for a two-phase project. The first phase consisted of relocating and improving Northwest Prairie View Road north of Missouri Route 45 Highway, previously adjacent to Interstate 29, to align with North Chatham Road. The second phase consisted of additional improvements that included appropriate signalization modifications, an enclosed storm sewer conveyance system, extension and relocation of public utilities to supplement the roadway improvement, and all associated legal, engineering, land acquisition, and miscellaneous costs. The first and second project phases were completed in 2010 and 2019, respectively. Project costs for the Park Plaza TDD totaled $3,337,676.

The project was funded by a 1/2-cent (0.50 percent) sales tax on all taxable transactions within the boundaries of the district. The sales tax was effective January 2010. In June 2013, the district increased the sales tax to 1 percent to fully fund project improvements. The increased sales tax was effective in October 2013.

In October 2009, the Park Plaza TDD issued revenue bonds to pay for project costs. In December 2017, the TDD issued a second set of revenue bonds, to refinance the first set, and obtain funding for the second project phase. The Park Plaza TDD satisfied this debt in its entirety in September 2023. The Board approved certain actions in connection with abolishment of the Park Plaza TDD, including repealing the District's sales tax in October 2023, effective January 1, 2024.

Based on the audit, the cash balance of the Wentzville TDD as of December 31, 2023, was $842,552. According to the district's legal counsel, as of April 2024, the district would incur additional estimated legal and administrative expenses totaling $50,000 related to the dissolution of the district. After the district's final costs and professional fees are paid, the remaining balance will be transferred to the City of Kansas City and the Missouri Highways and Transportation Commission in accordance with state law.

The audit determined the financial condition of the Park Plaza TDD was such that the Board of Directors may proceed with abolishment of the district.

The complete audit can be found here.