Title
An Ordinance Approving the Strother Interchange Transportation Development District Dissolution Agreement.
(Note: First reading by City Council on September 22, 2020. Passed by unanimous vote.)
Body
Issue/Request:
An Ordinance approving an Agreement for the Dissolution of the Strother Interchange 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 Strother Interchange 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 Strother Interchange Transportation Development District.
Background:
The Strother Interchange Transportation Development District (the “District”) was formed on January 21, 2000 for the purpose of funding road projects to serve the "Chapel Ridge" shopping area as well as surrounding development areas as noted below. The District imposed a sales tax for approximately 20 years to repay debt that were incurred by the District to fund the road projects. The District bonds have been fully repaid and the sales tax has been terminated.
The TDD was authorized by a 2000 Jackson County Circuit Court to fund the following improvements:
(a) a new interchange at the intersection of I-470 and Strother Road;
(b) realignment and reconstruction as necessary of Strother Road;
(c) realignment and reconstruction as necessary of Independence Avenue;
(d) realignment and reconstruction as necessary of Ralph Powell Road;
(e) improvements to the intersection of Ralph Powell Road and Woods Chapel Road, including the addition of turn lanes, road widening, addition of retaining walls, traffic signal upgrades and other infrastructure improvements;
(f) improvements to the intersection of Independen...
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