Missouri Minute: St. Louis soccer stadium funding up in the air; Missouri Senate passes bridge funding plan

Want Missouri’s top business news delivered to your inbox every weekday? Subscribe here.

It’s National Wear Your Pajamas to Work Day, and regardless of whether your workplace partakes in this post-Tax Day celebration, we hope you have a chance to sit back and relax sometime today. In the meantime, we have another packed news roundup of acquisitions, startup funding and a new entrepreneurship event in Kansas City.


Stay alert

St. Louis soccer stadium funding up in the air
A bill to help a Major League Soccer stadium was not brought up for a vote Monday at the final meeting of the St. Louis Board of Aldermen’s 2018-2019 session. (St. Louis Post-Dispatch)

Missouri Senate passes bridge funding plan
The plan calls for the state to pay $50 million upfront and borrow an additional $250 million to fix a total of 250 bridges. (Associated Press)

BacklotCars raises $25 million
The newest funding round brings the Kansas City-based wholesale automotive startup’s total funding to $38 million since it was founded in 2014. (Startland News)

St. Louis bank sale closes
The $213 million sale of Reliance Bancshares Inc. to Arkansas’ First National Corp. will create a combined firm with $17.6 billion in assets and branches in eight states. (St. Louis Business Journal)

Missouri House passes penalty waiver for taxpayers
The bill, which still needs Senate approval, would waive fees through the end of the year for individual taxpayers who can’t pay on time and delay interest until May 15. (Associated Press)

Teamster official: Three YRC units could shut down if deal rejected
Union members at the Overland Park, Kansas-based shipping company are expected to vote on a proposed five-year agreement by May 3. (Freight Waves)

$54 million renovation planned for St. Louis Chemical Building
Restoration St. Louis has filed a letter of intent to convert the 17-story building into 84 new hotel rooms, 72 luxury apartments, a ballroom, restaurant and a rooftop bar. (St. Louis Post-Dispatch)

PFI Holding Co. acquires retail display firm in St. Louis
Terms of the deal weren’t disclosed, but the St. Louis-based holding company said the combined firm will have expected annual revenue of “well over $50 million.” (St. Louis Business Journal)

KC trust firm adds billions in new client assets in St. Louis
Commerce Trust, a division of Commerce Bancshares Inc. in Kansas City, has added $2 billion in new client assets in St. Louis in the first quarter of 2019. (St. Louis Business Journal)


Show me

Washington University in St. Louis leads the way for professor pay in Missouri. Today’s graphic looks at Chronicle of Higher Education data on professor pay in the state for the 2017-18 school year. Professors at Wash U made an average of $195,887, which was more than 80 percent higher than the state average of $107,507. The Chronicle data set distinguishes between professors and other academic ranks. This graphic looks at only the top pay tier.


Say that again

“I started handing out my number to a lot of people, basically helping them on the side for free. I was doing care coordination and connecting them to resources. I had about 40 people I was helping for free because none of them could have afforded hundreds of dollars for my service, but that’s really how the business model needed look to support that.”

CaRessa Hutchinson co-founded Overland Park, Kansas-based health care platform ModRn Health to help fill the gap for patients struggling to navigate the health care system. The startup is offering $35-a-month membership plans to help patients access a team of specialized nurses and resources, Startland News reports.


Go figure

$8.3 million 
That’s how much St. Louis Arch Angels invested in 30 companies last year. The early-stage investment group added 10 new investments to its portfolio, the St. Louis Business Journal reports.


Send tweet


Tony Messenger, metro columnist for the St. Louis Post-Dispatch, won the Pulitzer Prize for commentary Monday for his series of columns on debtors’ prisons in Missouri. He was recognized for “bold columns that exposed … malfeasance and injustice.” Messenger has worked at newspapers across Missouri, making previous stops at the Springfield News-Leader and the Columbia Daily Tribune.


Hello, my name is

Determination Inc. 
The Kansas City nonprofit is launching an entrepreneurial competition for formerly incarcerated individuals, the Kansas City Business Journal reports. Determination Inc., founded in 2018, will award $1,500 grants to three winners of its inaugural Rise Up, Get Started competition. Founder Kyle Smith says the event is meant to help former inmates, who often have difficulty securing stable employment, to find support for their business ideas.

Leave a Reply

Have you heard?

Missouri Business Alert is participating in CoMoGives2019!

Find out how we plan to use your gift to enhance training and programming for our students