New Markets Tax Credits project allows Troost Corridor nonprofit to expand services
KANSAS CITY, Mo. — Enterprise Bank & Trust is pleased to announce the closing of a finance agreement that will support a $13.6 million renovation and expansion of Reconciliation Services’ headquarters located at 3101 Troost Avenue in the Troost Corridor of Kansas City, Missouri.
To facilitate the financing, Enterprise allocated $8.5 million of its $60 million New Markets Tax Credits (NMTC) allotment awarded last September. Enterprise Financial CDE, LLC, the subsidiary of Enterprise Financial Services Corp (NASDAQ: EFSC), provides NMTC allocations critical to the financing of development projects like this one for qualified businesses located in low-income communities.
Reconciliation Services sought out the funding as part of a redevelopment initiative known as the Reveal Strength Campaign to increase capacity for the organization’s REVEAL (restore-engage-value-encourage-act-lead) program and update the existing building on Troost to create an inviting and efficient space that better serves the community’s needs. This includes proactively addressing safety and ADA compliance to design an environment where individuals can safely gather and receive assistance.
The REVEAL program makes a tangible difference in the Kansas City community through vital social services, case management and therapeutic services; sustainable living-wage jobs that also include access to social services; and the Thelma’s Kitchen program, which delivered more than 30,000 boxed lunches to those in need in 2021 and will be able to realize additional growth opportunities in the updated and renovated space.
“We could not be more grateful for the extreme generosity of so many involved in this project,” said Fr. Justin Mathews, CEO and Executive Director of Reconciliation Services. “This is an important moment not only for Reconciliation Services but, most especially, for the thousands of low-income neighbors struggling to survive and succeed that we serve. Once complete, this building will be a beacon for racial and economic reconciliation in Kansas City, another step toward transforming Troost from a dividing line into a gathering place to reveal the strength of all. While Troost is developing fast, this project will ensure that all of our neighbors are still prioritized, welcomed, and included.”
Founded in 1987, Reconciliation Services continues to be the preeminent social and trauma therapy service provider and community change agent serving low-income individuals and families. The nonprofit organization seeks “racial and economic reconciliation” through programs and social innovation, with a physical presence in one of the city’s historically underserved districts.
“This is a wonderful opportunity to partner with a trusted community organization and help them expand their reach and better serve those in Kansas City who need a safe place to receive these essential support services,” said Adam Kilpatrick, SVP, director of Commercial Real Estate at Enterprise.
Sunflower Development provided consultative services on the project, while Straub Construction will be the general contractor.
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 $13.1 billion in assets, is a financial holding company headquartered in Clayton, Missouri. Enterprise Bank & Trust operates 41 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.
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