Ingram's May 2023

IN THE NEWS

Tidbits of Business News from Around the Region

MISSOURI BUCHANAN COUNTY Athletic Complex Study

following the union of Canadian Pacific and Kansas City Southern Railroad. The two companies, which had been the smallest Class I railroads, now constitute North America’s only single-line railroad stretching across Canada, the United States, and Mexico. The merger agree ment struck in late 2021 set a $31 billion price tag on KCS. State Funding for South Loop

with the Crossroads Arts District. The measure must still receive final approval from both House and Senate, then be signed by Gov. Mike Parson. West Bottoms Demolition Its 2014 entry onto the National Register of Historic Places didn’t secure a future for the Ridenour-Baker Grocery Co. Building at Ninth and Mulberry in the West Bottoms: A city board has authorized demolition of the nine-story building, which has deteriorated past the point of repair. On that site, New York-based devel oper Somera Road is planning a sprawling redevelopment that, over the next decade or so, will add more than 1,200 apart ments to that neighborhood, along with office, retail, and entertainment sites.

A group billing itself as the St. Joseph Community Alliance has raised money to evaluate whether St. Joseph can support a new multi-use athletic complex. The early goal was to create a public-private part nership to finance and operate the facility, which would be a venue for sporting events and other large-audience attrac tions. The evaluation would be financed in part by the city and Buchanan County, along with the Chamber of Commerce, Visitors Bureau, and large local employers. CLAY COUNTY Liberty Hospital Eyes Partnerships Liberty Hospital’s board of trustees has announced plans to evaluate health system partnership opportunities that could entail collaborations with more than 30 local, regional, and national health systems. The hospital’s current financial and organizational strengths, officials say, make this an ideal time to pursue partnerships that can help address some of the biggest trends in health care, including the continuing move toward outpatient services over hospital stays. Officials estimate that an estimated 312,000 people flowed into the area around Union Station for three days of the NFL draft in April, beating projections of between 250,000 to 300,000. The Thursday night kickoff, with Round 1 on April 27, pulled about 125,000 to that part of Downtown before rain dampened things on Day Two, with attendance of 84,000 and 103,000 for the final selections that Saturday. The event also showcased Kansas City to 11.29 million television viewers for the opening round. KCS Now Canadian Pacific KC With the ceremonial driving of a silver railroad spike in April, Canadian Pacific Kansas City is officially in business JACKSON COUNTY The NFL Draft Impact

The effort to convert the space over I-670 in Downtown Kansas City is picking up support from the General Assembly in the form of a $20 million matching grant included in a $1.7 billion appropriations bill. That would help put a cap over the roadway to create a 4.6-acre urban park connecting the central business district Correspondent News Updates from the Capital cities Washington | GDP Growth Slows to 1.1% in Q1

According to Commerce Department figures, the U.S. economy slowed to 1.1 percent annualized growth in the first quarter of 2023 but remained strong enough to delay the onset of a formal recession. Citing a reduction in business investments it says were the result of higher interest rates, the department said growth was cut by more than half the 2.6 percent rate posted in the final quarter of 2022. Consumer spending, however, remained strong enough to keep the index in positive growth territory for three consecutive quarters; it had slipped into technical recession ter ritory in the first two quarters of 2022 before rebounding slightly. Jefferson City | $75 Million in Industrial Grants Gov. Mike Parson said the Industrial Site Development Grant Program will provide $75 million to support 15 projects across Missouri. The program, funded through the American Rescue Plan Act, was launched in December and is focused on helping communities develop shovel-ready industrial sites to support business expansion and attraction. Through the Missouri Department of Economic Development, it has awarded competitive grants to communities to fund costs related to the establishment and expansion of industrial sites. Of the $75 million available, $50 million was reserved for sites that are 1,000 acres or larger; $25 million was reserved for smaller sites. In total, the program will help develop 9,700 acres for industrial use. Topeka | No Tax Breaks Amid the Affluence The state’s coffers are uncharacteristically full as the legislative session winds down, but despite agreement from both Democratic Gov. Laura Kelly and the GOP supermajority in the Capitol, it appears that no big tax cuts will be made this year. Kelly vetoed a bill that would have trimmed tax revenues by $1.4 billion through 2026. The Legislature adjourned Friday in early May without overturning the veto, leaving the state with a projected surplus of nearly $2.6 billion in 2024, as well as $1.6 billion in a separate “rainy day” fund.

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Kansas City’s Business Media

May 2023