Missouri Minute: Kansas bank eyes KC expansion; Independence faces ‘financial quicksand’

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As state lawmakers consider an online sales tax bill, municipal officials across Missouri are grappling with declining city and county revenues. Read on to get caught up on this and other Missouri business news, including a bank’s bid to expand in Kansas City and a startup that wants to sell sleeping pods for doctors.

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Kansas bank eyes Kansas City expansion
Wichita-based Emprise Bank, which has about $1.7 billion in assets, has begun exploring an expanded presence in Kansas City. (Kansas City Business Journal)

Independence faces ‘financial quicksand’ as retail sales tax drop
The Independence city manager says the city has lost $1 million a year for the last five years as e-commerce platforms like Amazon continue to dominate the retail space. (KMBZ)

St. Charles County: Sales tax must grow or taxes could go up
Despite the overall economic growth in the area, the county’s sales tax has grown no more than 2 percent since 2017, St. Charles County Executive Steve Ehlmann said in a letter to constituents. (St. Louis Business Journal)

Krilogy Financial names two new partners
The wealth management firm in St. Louis has over $1 billion in assets under management. (St. Louis Business Journal)

A-B InBev executive to lead Kraft Heinz 
Miguel Patricio has worked at Anheuser-Busch InBev for two decades, most recently as chief marketing officer since 2012. (CNBC)

Springfield cassette company faces global competition
National Audio, which started making audio tapes last year, has a competitor in French cassette maker Mulann. National Audio’s president believes there’s ample global demand for both companies. (Springfield News-Leader)

Belton ponders development future as state lawmakers target TIF
The Kansas City suburb has seen retail flourish over the last two decades, fueled by tax increment financing, but state lawmakers want to rein in those incentives. (KCUR)

Say that again

“I want to see that area that’s been through so much receive as much attention and continuous support so that it can be rebuilt completely, and as people come here from across the country and the region, that they get a chance to see the rebirth of Ferguson and Dellwood and that West Florissant corridor.” 

Urban League President and CEO Michael McMillan is working with local leaders and nonprofits to attract investment to the area that was the site of protests after the police killing of Michael Brown in 2014. Five years later, vacant lots occupy the West Florissant Avenue area, but leaders are attempting to revive investment in the area that was marked by Ferguson protests, the St. Louis Post-Dispatch reports.

Word to the wise

Zone pricing
The practice of seed companies charging different prices for the same seeds in different regions is one that the startup Farmers Business Network is trying to combat. For $500 to $700 per year, the Silicon Valley company provides pricing data aimed at helping farmers navigate zone pricing and reduce their seed costs, KCUR reports.

Hello, my name is

The Overland-based startup is offering futuristic sleeping pods for hospital staff to recover between shifts and before procedures, the St. Louis Business Journal reports. The company will focus on selling the pods to St. Louis hospitals before potentially expanding to other industries outside health care.

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