Missouri Minute: UMKC to raise $96M for arts campus; St. Louis hospital profits surge

Here are today’s top business headlines from across Missouri:

UMKC plans to raise $96 million for arts campus without state help

Plans for the University of Missouri-Kansas City’s downtown arts campus no longer call for the $96 million project to use matching funds from the state. The University of Missouri System announced Wednesday that it will arrange an alternative funding match for the project, rather than relying on a 50-50 matching program the state has for capital projects. Later Wednesday, Gov. Eric Greitens announced his veto of a bill that would have approved $48 million in matching funds for the campus. Read more

St. Louis hospital profits surge as bad debt drops, report shows

In terms of financial performance, 2015 was a good year for most St. Louis area hospitals, according to a new report. The St. Louis Area Business Health Coalition found that, in aggregate, operating profit soared 45 percent as revenue increased about 6 percent for 2015, the most recent data available. Read more

Port KC expects further growth along Berkley Riverfront following apartment construction

For years, the banks of the Missouri River near downtown Kansas City stood in sharp contrast to how other major cities embraced and valued the land along their rivers. Progress has been slow along the Mighty Mo, but the change to Kansas City’s riverfront unmistakable. The area now houses an active construction site that will become 400 new apartments facing Berkley Riverfront Park, and the Port Authority of Kansas City expects that more development will follow soon. Read more

Tax revenue shortfalls could mean more cuts for MU

Just as the University of Missouri System Board of Curators passed its budget for fiscal 2018, tax revenue shortfalls could set the stage for more cuts in higher education funding across Missouri. Rep. Scott Fitzpatrick, R-Shell Knob, said on Wednesday that state revenue growth was below 2 percent instead of the projected 3 percent for fiscal year 2017. That means Missouri is facing a $150 million shortfall heading into fiscal year 2018, which begins Saturday. Read more

Scottrade renovations begin, aim to reinvigorate arena

After 23 years of use and more than 35 million people streaming through its doors, Scottrade Center is getting a face-lift in order to continue attracting sporting events and concerts. Phase one of a two-plus-year project to renovate the arena began Monday and is set to be finished by Sept. 2. The first phase comprises 17 major projects to update various aspects of the building, from the ice plant that makes and maintains the ice for Blues games, to a new 40-by-40-foot video cube above the rink. Read more

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