Ingrams July 2023

IN THE NEWS

Tidbits of Business News from Around the Region

MISSOURI CLAY COUNTY EDC Promotes SBA Loans

Cold-Storage Venture Planned Canadian Pacific Kansas City and Ameri cold Realty Trust have announced plans for a cold-storage distribution center along the rail system’s network. Officials with the new partnership say it will be the first facility of its kind in this market that will combine cold storage and value-added services with expe dited intermodal transportation to markets in the Midwest and Mexico. The news release announcing the deal did not specify the exact location for the new facilities or offer details on the size of those buildings, but officials said the site would play a key role in global food logistics.

will see the addition of 350 jobs, with con struction of a 1.5 million-square-foot facil ity expected to begin later this year. The site, which should be operational by 2025, is among the first facilities to join the KCI 29 Logistics Park, a 3,300-acre mega site as sembled by Hunt Midwest. Ace Hardware has increased its retail sales by $12 billion in the past 10 years and experienced 11 consecutive years of new domestic store growth, according to the company. Logistics Boom, Part II Also getting in on the logistics act surge is Block Real Estate Services, which in June secured city approval for its $365 million Tiffany Springs Logistics Park. Sprawling across nearly 281 acres near Interstate 29 and Tiffany Springs Road, the 3.72 million-square-foot park will include seven buildings ranging in size from about 423,000 to 755,000 square feet.

The Clay County Economic Develop- ment Commission is promoting its part- nership with Midwest Small Business Financing to provide commercial loans at interest levels comparable to residential mortgage borrowing. The EDC says it has loans available at 6.506 percent for 10 years, 6.41 percent for 20 years, and 6.32 percent for 25 years. The Kansas City Area Transportation Authority has voted to dissolve a non-profit organization set up in 2018 to promote devel opment, particularly along the Downtown Streetcar line. That came as the agency members voted to let a development agree ment expire with Live and Ride Partners KC. That spelled the end of plans for a 20-story apartment tower at 10th and Main, a project previously valued at $100 million. Childrens-KVC Team Up Children’s Mercy and KVC Health Systems have joined forces for a $53 million mental-health campus in Olathe, which will include 48 beds for pediatric patients and 24 for adults. The 72,700-square-foot campus, expected to open next year, will include six private courtyards, walking paths, dining, and activity space. The campus is estimated to have the capacity to care for more than 3,400 patients annually and will create approximately 150 new jobs. KC Rise Unveils New Fund KC Rise Fund has closed its third ven ture-capital fund, which will bring $34 million in new capital to fund technology startups in the Kansas City region. Like its two predecessor funds, KCRise Fund I and II, the latest installment aims to further build on the firm’s goal of investing in high-growth regional companies. Since its founding in 2016, KC Rise Fund has generated more than $90 million in assets under management, with investments in 48 portfolio companies. JACKSON COUNTY ATA Dissolves Partnership

PLATTE COUNTY Logistics Boom, Part I

Ace Hardware is adding a new retail support center to the Kansas City area and Correspondent News Updates from the Capital cities

Washington | Court Wrecks Biden Student-Loan Plan On a 6-3 vote, the U.S. Supreme Court rejected President Biden’s proposal to eliminate $400 billion in student loan debt held by 26 million Americans, ruling that the president lacked the constitutional authority to act without congressional approval. Biden had suggested that economic challenges during the early stages of the pandemic had created difficult circumstances for those in debt. In response, Biden said the White House would announce new actions to protect student loan borrowers, many of whom were in line for up to $20,000 in loan forgiveness under his original proposal rolled out before the 2022 elections. Jefferson City | State Reaps $1.7 Billion for Rural Internet The federal Department of Commerce’s National Telecommunications and Information Administration says Missouri will receive more than $1.7 billion through the Broadband Equity, Access, and Deployment program, part of the federal Infrastructure, Investment, and Jobs Act. That funding ranks as the third highest among all states, the District of Columbia, and five territories; Kansas, by contrast, received $451.7 million. Gov. Mike Parson said the cash infusion would build on the state’s recent $400 million investment in improved Internet con nectivity. It was part of the nearly $42.5 billion authorized for the BEAD program. Topeka | $43.5 Million to Support Child Care Addressing a slow-moving crisis exacerbated by the pandemic that began in 2020, the state says it will provide nearly $44 million to create more than 4,200 child-care jobs with 52 statewide organizations. The funding comes from the Child Care Capacity Accelerator grant program, which was designed to advance the rapid development of additional child-care slots statewide. In announcing the grants, Gov. Laura Kelly said the initiative would ensure “that families and communities have the support needed to fully participate in our growing economy.”

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Kansas City’s Business Media

July 2023