Title
An Ordinance approving a Dissolution Agreement for the I-470 and 350 (Summit Woods) Transportation Development District.
(Note: This was first read by Council on June 4, 2019 and passed by unanimous vote.)
Body
Issue/Request:
An Ordinance approving an Agreement for the Dissolution of the Summit Woods Transportation Development District to provide the for the disbursement of excess funds of the District to the City and MoDOT.
Key Issues:
Approval of an Agreement to provide for the disbursement of excess revenues generated by the Summit Woods TDD, which is in the process of being dissolved because the TDD has satisfied all of its obligations and repaid all of its debt.
Proposed City Council Motion:
I move for adoption of an Ordinance approving a Dissolution Agreement for the I-470 and 350 (Summit Woods) Transportation Development District.
Background:
The I-470 and 350 Transportation Development District (the “District”) was formed on March 16, 2001 for the purpose of funding road projects to serve the Summit Woods Crossing shopping center. The District imposed a sales tax for approximately 17 years to repay bonds that were issued by the District to fund the road projects. The District bonds have been fully repaid and the sales tax was terminated on December 31, 2019.
The District received a favorable report from the State Auditor in February 2019 to dissolve in accordance with the Missouri Transportation Development District Act, Sections 238.200 through 238.280 of the Revised Statutes of Missouri, as amended (the "TDD Act"). Upon termination of the District, the TDD Act requires the District to account for all remaining funds after all indebtedness and obligations have been satisfied and thereafter disburse all remaining funds to the local transportation authority (the City), and the Missouri Highways and Transportation Commission (the “MHTC”) to expend the excess funds on local and state transportation network costs in the vicinity of the District...
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