FEDERAL RESERVE BANK OF KANSAS CITY RECEIVES
APPROVAL TO PURCHASE NEW HEADQUARTERS SITE

       Thomas M. Hoenig, president and chief executive officer of the Federal Reserve Bank of Kansas City, announced today that the Bank has received all necessary approvals to acquire 15.7-acres referred to as the Trinity Hospital site to house the Bank’s new regional headquarters. The property extends from the park south of Liberty Memorial to vacated 30th Street. It is bounded on the east by Main Street and on the west by Wyandotte Street. Cost of the property is approximately $22.4 million.

     “I am pleased that we are able to acquire this property since it will keep the Federal Reserve Bank in the downtown area and allow room for current and future operations,” Hoenig said. “We intend to build a world class facility that will promote growth and employment in the city for years to come.”

     The acquisition will allow the Bank to house all of its operations in a new 600,000-square-foot complex. Currently, the Bank is housed in three buildings, the main Bank building at 925 Grand Boulevard, an adjacent building at 915 Grand Boulevard, and leased office space at 1200 Main Street.

     “Aside from overcoming current inefficiencies associated with an 80-year-old building and operating in three locations, the Bank must have a secure state-of-the-art facility in order to most effectively carry out its responsibilities and be eligible to house significant Federal Reserve System initiatives,” Hoenig said.

     Construction is expected to begin in late 2004 and the Federal Reserve Bank of Kansas City hopes to occupy the new building in mid-to-late 2007. The Bank previously had announced that it will work with local architects Ellerbe Becket and the New York firm of Pei Cobb Freed & Partners.

     The Federal Reserve Bank of Kansas City serves the Tenth Federal Reserve District, which encompasses the western third of Missouri, Kansas, Nebraska, Oklahoma, Wyoming, Colorado and the northern half of New Mexico. As part of the nation’s central bank, the Federal Reserve Bank of Kansas City takes part in setting national monetary policy, supervises and regulates numerous commercial banks and bank holding companies, and provides check processing and other payments services to depository institutions and the U.S. government.
 

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