Missouri State Auditor Nicole Galloway today released the closeout audit of the U.S. Highway 36-Interstate 72 Corridor Transportation Development District (TDD) located in northeast Missouri. State law requires an audit of a TDD prior to moving forward with dissolution.
The taxing district was established in 2005 and is located in Macon, Marion, Monroe and Shelby counties. The TDD was formed to fund construction of two additional lanes on Highway 36 over a 52-mile area through a loan agreement to be repaid by a 1/2 cent sales tax on retail sales within the boundaries of the district.
The project was completed in 2010 and full repayment of the loan was made in July 2017. The audit determined the TDD has enough funds to pay remaining costs associated with the close out of the district. Any remaining funds will be divided equally between the four counties within the TDD. The audit determined the Board of Directors may proceed with dissolution of the district.
The complete audit report is here.