PBS Kansas City utilizes Enterprise Bank & Trust to finance building, programming improvements
Apr 05, 2022
April 5, 2022 — Enterprise Bank & Trust is pleased to announce the closing of a finance agreement that will support $16.5 million in building renovations, equipment upgrades and expansion of educational and civic content for Kansas City PBS (KCPBS).
To facilitate this deal, Enterprise allocated $12 million of its $60 million New Markets Tax Credits (NMTC) allotment awarded this past September. In addition to the allocation of the NMTC funds, Enterprise will serve as purchaser of the credits and will also provide more than $6 million in source and direct loans.
Enterprise Financial CDE, LLC (EFCDE), the subsidiary of Enterprise Financial Services Corp (NASDAQ: EFSC), provides the NMTC allocation critical to financing for development projects and qualified businesses located in low-income and underserved communities.
“Enterprise made this a priority immediately after hearing about the opportunity,” said Adam Kilpatrick, Senior Vice President, Director of Commercial Real Estate at Enterprise. “We wanted to support this project from a community and social service perspective. There is not another source of free, beneficial programming with ties to early childhood education in Kansas City. The number of people that KCPBS reaches is astounding, and the variety and quality of programming they supply is impressive. This is a chance to help them build on that.”
KCPBS is a Public Broadcasting Service (PBS) member television station owned by Public Television 19, Inc., licensed to service the Kansas City metropolitan area with television, radio, digital and education platforms designed to serve the diversity of region. KCPBS aims to facilitate conversations through community engagement and social media and explore complicated issues with thoughtful reporting.
KCPBS’ building, located at 125 E. 31st St. in Kansas City, has served as its headquarters since 1984 and was constructed in 1960. Once completed, this ambitious renovation project will include the following enhancements:
- Improved facilities and infrastructure to support investigative journalism, focusing on civic issues unique to Kansas City and its residents.
- Expanded spaces to host community events, such as parent and child education classes, and gatherings around topics such as homelessness, health care disparity and tenants’ rights, among many others.
- New equipment and digital technology to expand the reach of free programming and the enhancement of streaming capabilities.
- Enhanced workforce development programming, helping those who have not completed high school both earn a GED and work toward a career in coding.
- General facility upgrades, including ADA compliance.
“Since we first went on the air, Kansas City PBS has relied upon the support of our generous community to bring civic affairs, the arts, education and history to life on our channels,” said Kliff Kuehl, President and CEO of Kansas City PBS. “As we look to expand and further the impact of public media, we’re asking our neighbors to picture this: public media that lifts our community, provokes constructive dialogue, and informs us all while leading us to action.”
With a need for about $13.5 million in funding, Enterprise acted as the Community Development Entity, investor and lender, allowing for streamlined financing of the project. Enterprise’s NMTC allocation puts them in a unique position to serve as “all three legs of the stool” to simplify an otherwise complicated transaction and minimize closing costs. This gives the most benefit to the client, which can be especially critical for nonprofit projects like this one.
“Enterprise is dedicated to providing financing options to benefit the communities we serve,” said Tanya Remmers, Vice President, Relationship Manager at Enterprise. “We are delighted to partner in this particular endeavor and look forward to seeing the amazing improvements KCPBS makes as a result of this funding.”
Enterprise partnered with Sunflower Development Group (SDG), a full-service NMTC development and consulting firm in Kansas City, to help PBS navigate the intricacies of the NMTC program, structure financing, market the project and secure debt, equity and NMTCs. SDG has worked with Enterprise since 2016 on several NMTC and other tax credit projects.
About Enterprise Bank & Trust
Enterprise Bank & Trust is a growing financial services partner focused on guiding people to a lifetime of financial success. We empower privately held businesses to succeed, helping families to secure their financial futures, and invest to advance the quality of life for the communities we serve. Enterprise is built on trusted, personal relationships and offers a range of business and personal banking services, wealth management services and a variety of specialized banking services. Enterprise Financial Services Corp (NASDAQ: EFSC), with approximately $13.5 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust operates 43 branch offices in Arizona, California, Kansas, Missouri, Nevada and New Mexico, and SBA loan and deposit production offices throughout the country. Additional information is available at www.enterprisebank.com. Member FDIC.