Kansas.com: Business

Tight lending slows down commercial development

BILL WILSON — Sun, 22 Nov 2009 03:00 CST

It's harder — much harder — for businesses and entrepreneurs to find financing in Wichita and across the nation.

A year removed from the national economic collapse, the commercial credit cycle in Wichita has tightened so much after aviation layoffs that good deals aren't getting done.

It's enough to frustrate everyone — bankers, brokers and developers — as commercial development slows to a crawl with no turnaround in sight.

A conversation with Curtis Whitten

RICK PLUMLEE — Sun, 22 Nov 2009 03:02 CST

Almost as long as Curtis Whitten can remember, he's wanted to be in law enforcement.

He has certainly accomplished that goal and now has more than 20 years in the field. In 2005, he converted his existing business, VendTech Enterprises, to a full-service security firm.

"I've always been fascinated by law enforcement," Whitten said. "I enjoy working with the public."

GM chairman Whitacre has hands-on approach

TIM HIGGINS — Sat, 21 Nov 2009 02:31 CST

DETROIT — More than four months on the job as General Motors' chairman, Ed Whitacre has sent several clear signals about who is in charge: Ed Whitacre.

The board, under Whitacre's direction, last week undid the deal crafted under CEO Fritz Henderson to sell Germany-based Opel. Then, this week, Whitacre suggested GM might not become publicly traded again as quickly as Henderson and other GM officials had suggested.

Internally, GM executives said, Whitacre is sending a clear message through the organization that urgency and change are required.

Oil broker: Bankruptcy fault of SemGroup failure

DAN VOORHIS — Sat, 21 Nov 2009 00:03 CST

Central Kansas Crude, one of the largest Kansas creditors caught in the SemGroup bankruptcy last year, has filed for bankruptcy.

In the filing, Central Kansas Crude blamed SemGroup subsidiary SemCrude for its bankruptcy, saying that it couldn't recover from the cash flow problems brought on by the bankruptcy.

According to the filing, the Pratt-based company, which is still operating, has assets of $13.5 million and liabilities of $25.4 million.

Firm hopes to be part of vibrant downtown

Sat, 21 Nov 2009 00:03 CST

When Gene Foster of Foster Design learned he was losing his space at Brittany Center at 21st and Woodlawn because of InfoSync Service's upcoming expansion, his first thought was that he would move farther east.

But he didn't like the prices.

"We couldn't really justify building a Taj Mahal for our corporate headquarters when we could have just as nice (of a) facility downtown," Foster says.

Local Kelly Aerospace division sold

MOLLY MCMILLIN — Sat, 21 Nov 2009 00:03 CST

First Aviation Services in Westport, Conn., is buying Kelly Aerospace Turbine Rotables in Wichita, the company said.

The agreement is scheduled to close Nov. 24. The Wichita facility's name will change to Aerospace Turbine Rotables.

Kelly Aerospace Turbine Rotables is a division of Kelly Aerospace, based in Montgomery, Ala.

Great Plains Credit Union gains space and visibility

JERRY SIEBENMARK — Fri, 20 Nov 2009 06:19 CST

More than two years after entering Wichita, Great Plains Federal Credit Union is relocating its sole branch to a larger, more visible building.

Ken Martin, president of the Joplin, Mo.-based credit union, said that Great Plains will open in a former pharmacy at 3100 E. Central by the end of month.

"We just did not have the type of access that's needed in the financial business," Martin said of the credit union's current location at 315 N. Hillside.

First-time homebuyers boost housing market

BILL WILSON — Fri, 20 Nov 2009 06:18 CST

Kansans have used the $8,000 first-time homebuyer tax credit at a comparable rate with surrounding states, according to a national study prepared for Congress.

The National Association of Realtors estimates that 2.2 percent of the state's 1.03 million households will use the tax break to buy their first house.

That's higher than Missouri (2 percent) and Nebraska (2.1 percent) but lower than Oklahoma (2.7 percent) and Colorado (2.5 percent).

Jobless rate down to 7.9 percent

DAN VOORHIS — Fri, 20 Nov 2009 07:42 CST

The Wichita metro area unemployment rate tumbled to 7.9 percent in October, the Kansas Department of Labor reported, down considerably from the double-digit unemployment rate this summer.

The Wichita area hit a revised 10.0 percent in July, and many were worried that the city, plagued by large aircraft layoffs, was headed for worse.

"Wow, that's a long way from 10 percent," economist and Friends University professor Malcolm Harris said about the October numbers.

After 19 years, local fitness store will open a 2nd Wichita location

BILL WILSON — Fri, 20 Nov 2009 06:20 CST

Wayne Ragsdale cringes every time there's a new business announced in the media.

"Everywhere you turn, six new stores in the first year. Nine. You name it," said Ragsdale, who owns SupplementGiant and Home Fitness Exercise Equipment, at 2240 N. Rock Road.

So it's no surprise that Ragsdale's first Wichita expansion to the Shops at Chadsworth comes 19 years after he founded the Wichita store.

Saturn lots set to close

JERRY SIEBENMARK — Thu, 19 Nov 2009 06:23 CST

On this cold and drizzly morning, ambient light provides the only light in the showroom of Saturn of Wichita's east-side dealership.

In the center of the showroom sit half a dozen computers, printers and monitors in a pile on the floor, and a neat stack of file boxes.

Two rows of chairs for the service waiting area have been pushed next to an unlit gas fireplace.

Downtown QuikTrip to get bigger store

BILL WILSON — Thu, 19 Nov 2009 11:56 CST

QuikTrip's latest Wichita project is coming to downtown.

The Tulsa-based convenience store chain has scheduled a "scrape and build" project at Douglas and Washington, the latest move to renovate and modernize its Wichita stores.

QuikTrip spokesman Mike Thornbrugh said the existing 3,200-square-foot store, which is one of the company's oldest in Wichita, will remain open while a new 4,600-square-foot store is constructed just to the north, similar to a recently completed project at Douglas and Seneca.

Looking for tickets? Don't call the bank

Thu, 19 Nov 2009 00:06 CST

If you want tickets to any of the upcoming shows at Intrust Bank Arena , don't call Intrust Bank . That may seem obvious, but apparently it's not to everyone.

"You heard that I was Ticketmaster or something?" says Diane Iseman , vice president of corporate communications.

It's true, she says.

Consultant: Patience key to downtown plan

BILL WILSON — Thu, 19 Nov 2009 00:06 CST

Some themes are emerging as the city's downtown revitalization consultant continues its listening tour.

Boston-based Goody Clancy has about 300 downtown Wichita stakeholders on its visit list as it gathers input on downtown's future.

Some of those stakeholders are firmly behind planning downtown's next two decades.

Your morning briefing

Thu, 19 Nov 2009 06:14 CST

Opening

Wichita Wellness has opened at 1333 N. Broadway, Suite A. It offers a range of services, including pre-employment physicals, on-site immunizations, behavioral health services and medically managed weight loss. The Web site is www.wichitawellness.com; the phone number is 316-201-1234.

The Abay Neuroscience Center is opening an office in Hutchinson. Four of its seven neurosurgeons will rotate through the Hutchinson office, which will be in Building 2107 at the Hutchinson Clinic.

Kechi plans to offer new-home incentives

DAN VOORHIS — Thu, 19 Nov 2009 00:06 CST

The city of Kechi and the developers of the vacant Rock Pointe subdivision are joining the growing list of suburban cities offering incentives for homebuilders and homebuyers.

The city spent $2.5 million extending utilities to the 99-lot subdivision northwest of K-254 and Rock Road. But for months there was a lack of interest from builders.

The City Council voted this month to offer builders a discount in city fees worth at least $4,800 for the first three houses.

BG Products ready to build in El Dorado

RICK PLUMLEE — Thu, 19 Nov 2009 00:06 CST

About five years ago, BG Products began discussing plans to relocate from its downtown Wichita site.

A couple of years later, the automotive lubricant manufacturer selected El Dorado.

Now, after numerous revisions, BG has a timetable for actually making the move.

Interior designer aims for unique

SCOTT PASKE — Thu, 19 Nov 2009 00:06 CST

When Gail Lehman and her family moved from New Jersey to Wichita in 2007, she quickly wanted to make the house they purchased feel like a home.

By connecting with Teresa Miller, owner of Impressive Properties Staging and Design, the Lehmans made it happen.

"It was great for me because I was starting a new job and was going to be too busy," Lehman said. "I wanted the house to have a finished look a lot quicker than I could do by myself."

1999 financial act had limited effect on local banks

JERRY SIEBENMARK — Thu, 19 Nov 2009 00:06 CST

The Financial Modernization Act of 1999, or Gramm-Leach-Bliley Act, was enacted 10 years ago this week with the expectation that it would create many financial services supermarkets — single companies that offered a combination of insurance, banking and securities products and services.

Industry experts and local bankers said all it did was allow a handful of the country's biggest banks to get even bigger and play a significant role in the current banking crisis.

The effect on locally based banks, they said, has been nil.

Dow dips on technology forecasts

Associated Press — Thu, 19 Nov 2009 00:06 CST

NEW YORK — Disappointing forecasts from technology companies and an unexpected drop in home construction added to worries about the economy and sent stocks modestly lower.

The drop Wednesday came a day after major stock indicators closed at 13-month highs. The Dow Jones industrial average slipped 11 points after having risen in nine of the past 11 days. A drop in technology stocks weighed on the Nasdaq composite index.

Analysts say the market has been due for a break after the fast ascent.