Kansas Feasibility Study Consultants: Lender-Grade SBA and USDA Studies

MMCG Invest, LLC is a feasibility study company producing lender-grade studies for SBA 7(a), SBA 504, USDA B&I and conventional borrowers across the Kansas side of the Kansas City metro, Wichita, Topeka, Lawrence and Manhattan, and the 95 counties of fewer than 40,000 residents that make up most of the state's land area. A feasibility study in Kansas has to answer questions a national template does not ask: what the parcel's actual mill levy does to net operating income at a 25 percent assessment rate, whether the site holds a water right or sits in an area closed to new appropriations, and whether the trade area is one of the five counties that are growing or one of the many that are not.

MMCG Invest, LLC is a feasibility study consultant that produces feasibility studies for Kansas projects where the analytical questions reach beyond the headline that Kansas closed July 2025 at 2,977,220 residents per Census Bureau Vintage 2025, up 1.3 percent since April 2020, with international migration rather than domestic inflow the primary driver of the latest year's growth and Johnson County (636,906) carrying the largest absolute gain. The structural conditions that reshape how a Kansas deal pencils are statutory and specific to the state: Kansas Constitution Article 11, Section 1 assesses commercial and industrial real property at 25 percent of appraised value against 11.5 percent for residential, and every 2026 attempt to cap valuation growth (SCR 1616, SCR 1603, HCR 5008) failed in the House; K.S.A. 79-1437f restricts the contents of the Real Estate Sales Validation Questionnaire to listed parties, so sale prices never reach the public record; the Kansas Water Appropriation Act (K.S.A. 82a-701 et seq.) makes any non-domestic water use illegal without a permitted or acquired right, and much of western and south-central Kansas is closed to new appropriations; the Kansas Corporation Commission's November 6, 2025 approval of Evergy's Large Load Power Service tariff (Docket 25-EKME-315-TAR) binds any load of 75 megawatts or more to a 12-year minimum term, a minimum bill set at 80 percent of contract demand, and collateral equal to two years of minimum bills; and the Missouri truce statute on relocation incentives expired in August 2025 while Kansas City, Missouri repealed its ordinance in September 2025, leaving the Kansas side restrained only by a 2019 executive order whose author leaves office in January 2027.

Every engagement is calibrated to the project address, the program of record, and the specific lender, CDC, or USDA Rural Development contact carrying the deal. Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days. A complimentary preliminary Kansas market overview within one business day of submission.

SBA coverage of Kansas is split between two district offices, and the split matters because the Kansas City office sits in Missouri. The SBA Wichita District Office (220 West Douglas Avenue, Wichita) serves 77 counties in central and western Kansas, including Sedgwick, Riley, Saline, Reno, Ford, Finney and Seward. The SBA Kansas City District Office (1000 Walnut Street, Kansas City, Missouri) serves the easternmost 28 Kansas counties, including Johnson, Wyandotte, Leavenworth, Douglas, Shawnee, Pottawatomie, Miami, Franklin, Crawford and Montgomery. A Topeka or Lawrence file is a Kansas City District file, not a Wichita one. Nationally, SBA approved 77,600 7(a) loans for $37 billion and 6,750 504 loans for $7.8 billion in fiscal year 2025 (SBA News Release 25-83, September 30, 2025). SBA's 7(a) FOIA file (as of June 30, 2026) records 496 Kansas 7(a) approvals for $243,644,900 in fiscal year 2025, an average of $491,220, after 468 for $253,332,000 in fiscal year 2024, which is owner-occupied, small-business scale; the 504 file records 24 Kansas approvals for $24,616,000 in fiscal year 2025. MMCG publishes a Kansas national rank only once the SBA year-end lender activity workbooks are read.

The Kansas lender roster changed shape between March 2025 and October 2026. CrossFirst Bank became part of Busey when the holding-company merger closed March 1, 2025 (SEC Form 8-K), and its Wichita and Kansas City locations now operate as Busey banking centers. UMB Bank closed its acquisition of Heartland Financial on January 31, 2025, producing the seventh-largest Kansas deposit franchise per Federal Reserve Order 2025-01. Commerce Bank closed FineMark Holdings on January 1, 2026, a Florida and Arizona wealth transaction that does not change Kansas branch competition. Equity Bank (Wichita) closed Frontier Holdings of Omaha on January 1, 2026 and announced Lincoln Bancorp of Iowa on September 3, 2026 for a pro forma $9.1 billion in assets, which spreads a Wichita credit committee across six states. Kansas-headquartered lenders without a 2025 to 2026 merger include INTRUST Bank, Emprise Bank and Fidelity Bank in Wichita and Capitol Federal in Topeka. By dollars, the six largest Kansas 7(a) lenders in fiscal year 2025 were Live Oak Banking Company, The Huntington National Bank, OakStar Bank, First Internet Bank of Indiana, Fidelity Bank and Equity Bank (SBA 7(a) FOIA, as of June 30, 2026). Four of the six are headquartered outside Kansas, which is why many Kansas files are read by credit officers who have never seen the trade area.

The Certified Development Companies on Kansas 504 approvals in fiscal year 2025 were Rural Missouri, Inc. and Wakarusa Valley Development, Inc. (Lawrence) with seven approvals each, SCKEDD (South Central Kansas Economic Development District, Wichita) with four, and Heartland Business Capital and Frontier Financial Partners with three each (SBA 504 FOIA, as of June 30, 2026). Gap and matching capital runs through NetWork Kansas, which administers the state's $69 million SSBCI 2.0 allocation (GrowKS) with the Kansas Department of Commerce; its matching loans carry 4 percent for one to five years and 6 percent for six to ten years and must come through a NetWork Kansas partner such as a CDC or E-Community. The Kansas Development Finance Authority issues industrial revenue bonds, and the Kansas Housing Resources Corporation administers LIHTC, the state affordable housing credit, Moderate Income Housing and the Kansas Housing Investor Tax Credit.

USDA Rural Development's Kansas State Office is led by State Director Gimmie Jo Jansonius, appointed May 2, 2025. Rural Kansas holds roughly 911,000 residents, about 30 percent of the state, per the Kansas Rural Health Association, an indicator only, because program eligibility under 7 CFR Part 5001 is determined at the address against program-specific population thresholds on the USDA eligibility map. The Kansas Department of Commerce administers PEAK (95 percent withholding retention on qualifying new jobs), HPIP (a 10 percent investment credit above $1 million in Douglas, Johnson, Sedgwick, Shawnee and Wyandotte counties, above $50,000 elsewhere), Reinvestment Housing Incentive Districts, STAR bonds and the SB 98 data center sales tax exemption.

The single most analytically distinctive Kansas capital-markets variable that out-of-state lenders consistently misprice is the commercial property tax line. At the constitutional 25 percent assessment rate and 2025 county average levies of 109 to 159 mills per the Kansas Department of Revenue, a commercial building carries an implied tax of roughly 2.7 to 4.0 percent of market value every year, with no constitutional or statutory brake on reassessment after a sale or completion, and the county appraiser receives the actual purchase price on the day the deed is recorded. A lender underwriting a Kansas file on a 1 to 2 percent tax assumption from another state will overstate net operating income and DSCR from year one. The second most distinctive variable is the SOP 50 10 8.1 change-of-ownership regime effective October 1, 2026, which raises the coverage floor to 1.25x on initial acquisitions and owner buyouts and bars projections from carrying that floor: Main Street acquisitions in western Kansas towns with flat trailing earnings during the current farm downturn now live or die on documented historical cash flow. MMCG models both at intake on every Kansas engagement.

Six state-specific underwriting realities differentiate a defensible Kansas feasibility study from a templated, out-of-state report. Each is non-optional in 2026.

First, the 25 percent commercial assessment rate with no valuation cap. Kansas Constitution Article 11, Section 1 assesses real property used for commercial and industrial purposes at 25 percent of appraised value and residential property, including multifamily, at 11.5 percent; agricultural land is assessed at 30 percent of use value and public utility property at 33 percent. Applied to the Kansas Department of Revenue's 2025 county average levies (Johnson 109.474 mills, Sedgwick 116.198, Douglas 124.764, Riley 143.648, Shawnee 146.680, Finney 150.542, Ford 154.319, Wyandotte 159.147; statewide average 127.035), the implied commercial tax runs from 2.74 percent of market value in Johnson County to 3.98 percent in Wyandotte County, before exemptions and abatements and before the district-level levy that actually applies to the parcel. A $5 million building in Wyandotte County carries roughly $199,000 of annual property tax against roughly $137,000 in Johnson County, a $62,000 difference in net operating income that moves DSCR directly. The 2021 revenue neutral rate law (SB 13, now K.S.A. 79-2988) requires notice and a public hearing between August 20 and September 20 before a taxing subdivision exceeds its revenue neutral rate, but it caps nothing: when values rise, local bodies vote to exceed the rate and reassessment carries straight into the bill. No valuation cap exists. SCR 1616 (a 3 percent annual cap) passed the Senate 30 to 10 and failed in the House, SCR 1603 failed 69 to 54 short of the two-thirds required (Kansas Society of CPAs 2026 veto session update); the Governor vetoed a local spending lid twice. A Kansas study models the tax line on the purchase price or stabilized value in the parcel's actual tax district, with a reassessment stress on DSCR, never on the seller's assessment.

Second, confidential sale prices. Under K.S.A. 79-1437f the questionnaire's contents are available only to listed parties: county officials and the county appraiser, licensed or certified appraisers preparing appraisal reports, financial institutions conducting appraisals and evaluations, the Board of Tax Appeals, licensed brokers, and owners appealing within their own subclass. Public-record comparables therefore do not exist. Comparable support for a Kansas feasibility study comes through appraiser and lender channels and broker data, and the 2024 Special Session SB 1 further excluded Section 1031 exchange transactions as indicators of fair market value. A study built from public records alone has no sale-price support.

Third, water as a legal entitlement. Under the Kansas Water Appropriation Act, administered by the Kansas Department of Agriculture Division of Water Resources, it is illegal to use water without a vested right or permit except for domestic use, on a first-in-time, first-in-right basis. Areas that are fully appropriated on safe yield are closed to new appropriations; K.A.R. 5-25-4 closes the entire Big Bend Groundwater Management District 5 to new surface and groundwater appropriations with listed exemptions, and the Division's own guidance states that in some parts of Kansas buying an existing right and filing a change application may be the only way to secure supply. The Kansas Geological Survey's provisional 2025 readings showed the first aquifer-wide rise since 2019 (+0.2 feet), but Southwest Kansas GMD 3 still fell 0.62 feet and averages a 1.66 foot annual decline over 1996 to 2025, and GMD 4 averages 0.49 feet. Local Enhanced Management Areas carry five-year allocations smaller than paper quantities: the GMD 4 district-wide and Sheridan 6 LEMAs run 2023 to 2027, the Wichita County LEMA was renewed March 10, 2026 for 2026 to 2030, and the GMD 1 Four County LEMA covers Lane, Scott, Greeley and Wallace counties. HB 2279 (2023) required every GMD to file action plans for priority areas of concern by July 1, 2026, so new conservation controls are in the pipeline. An industrial, ag-processing, dairy or data center study in Kansas maps the parcel against the Division's closed-area map, verifies the water right file through WIMAS, sizes revenue on the LEMA allocation net of future cuts, and puts the cost of acquiring a right and the months of change-application review into sources and uses and the construction schedule.

Fourth, mid-priced power with hard terms for large loads. EIA's 2024 average commercial price was 11.19 cents per kilowatt-hour in Kansas against 10.26 in Missouri, 8.92 in Oklahoma, 8.39 in Nebraska and 11.71 in Colorado; industrial power ran 7.73 cents against Oklahoma's 5.84, which at 10 gigawatt-hours a year is roughly $190,000 of annual operating cost in the DSCR calculation. Wind supplied 52 percent of Kansas net generation in 2024, the third-highest share nationally. HB 2527 (effective July 1, 2024) authorized recovery of a return on construction work in progress for new gas generation and improved economic development rates for qualifying new industrial users. For loads of 75 megawatts or more in Evergy territory, the Large Load Power Service tariff approved by the Kansas Corporation Commission on November 6, 2025 (Docket 25-EKME-315-TAR, settled by KCC Staff, CURB, Kansas Industrial Consumers, the Data Center Coalition, Google and Evergy among others) imposes a minimum 12-year contract with an optional five-year ramp, a minimum monthly bill based on 80 percent of contract demand regardless of usage, collateral equal to two years of minimum bills. Evergy reported five signed data center energy service agreements by the second quarter of 2026, including Google's 710 megawatt Kansas City facility. FERC's January 14, 2026 acceptance of Southwest Power Pool's High Impact Large Load process (194 FERC ¶ 61,031) set a 90-day study track for large loads paired with generation and a 150-day track for dedicated generation, with HILL status beginning at 10 megawatts at lower voltages. A Kansas data center or heavy industrial study carries the collateral as a use of funds or letter-of-credit cost, the minimum bill as a fixed charge in DSCR whether or not load ramps, and the rate premium in operating expense, with schedule contingency retained for transmission upgrades that the faster study clock does not remove.

Fifth, owner-retained hail and wind loss. The Kansas Insurance Department reported $879,074,368.54 paid on 82,498 storm-season claims in 2025, up 99 percent from $442 million in 2023, with Sedgwick County alone above $328 million (KID news release, March 5, 2026). The National Weather Service counted 30 Kansas tornadoes in 2025 against a 1950 to 2025 average of 61, so a quiet year is not a trend. Most Kansas property policies carry a separate wind and hail deductible of 1 to 2 percent of the insured value on residential forms and 1 to 5 percent on commercial forms, which on a $10 million building is $100,000 to $500,000 of self-insured loss per event. The Kansas FAIR Plan (K.S.A. 40-2142, through the Kansas All-Industry Placement Facility) requires three declinations and an inspection. A Kansas study sizes the deductible as a reserve, escalates insurance faster than general expenses, and treats the absence of voluntary-market coverage as a condition precedent rather than a pricing item.

Sixth, the two-speed population base and the Kansas City state line. Kansas grew 1.3 percent between April 2020 and July 2025 per Census Vintage 2025, about 0.4 percent a year, with international migration the primary driver of the latest year's growth. Johnson County added 4,630 residents in 2024 to 2025 to reach 636,906; Sedgwick added 2,352 to 538,433; Wyandotte added 1,179 to 170,597. A lender reading Johnson County growth into a Salina, Hays or Dodge City trade area overstates demand. On the state line, Missouri's truce statute expired at the end of August 2025 and the Kansas City, Missouri City Council repealed its truce ordinance unanimously in September 2025 (KCUR, September 22, 2025); Governor Kelly's 2019 executive order covering Johnson, Wyandotte and Miami counties still binds the Kansas side, and her term ends in January 2027. A Kansas-side office or industrial landlord now faces a Missouri side free to use state incentives to pull tenants across the line, so lease rollover risk in Johnson and Wyandotte counties is underwritten higher than before 2025, while the Chiefs STAR bond districts being drawn across Wyandotte and Johnson counties add subsidized competing supply whose final boundaries remain open.

The method is set out in full in MMCG's feasibility study methodology, and the demand-side discipline in absorption rate analysis.

Kansas is a state where four statute-rooted, structurally Kansas-only variables redefine the underwriting envelope for every commercial real estate, SBA and USDA feasibility study. The state ended July 2025 at 2,977,220 residents, operates 105 counties, two SBA district offices (Wichita for 77 counties, Kansas City for the easternmost 28), and one USDA Rural Development State Office, with 95 of 105 counties designated Rural Opportunity Zones on the under-40,000 population test per Legislative Post Audit. It has no cap on commercial valuation growth, no public sale-price record, a prior-appropriation water code with closed areas, and an individual income tax of 5.2 percent to 5.58 percent (2024 Special Session SB 1), and a 6.5 percent state sales tax with the state rate on food at zero since January 1, 2025 (K.S.A. 79-3603d) while local food taxes remain. Combined local sales rates run 7.5 percent in Wichita and 9.125 to 9.6 percent across Kansas City, Kansas, Overland Park, Olathe and Shawnee (City of Wichita 2025 to 2026 budget presentation), and a community improvement district can add up to 2 percentage points more under K.S.A. 12-6a31, pushing effective retail rates above 11 percent in some Johnson County centers. Transient guest tax reaches 10 percent in Kansas City, Kansas (effective April 1, 2026) and 7 percent in Geary County (effective July 1, 2026) per the Kansas Department of Revenue's rate table, and HB 2481 (2026) extended the guest tax to short-term rentals.

Four Kansas-specific variables redefine every Kansas deal in 2026 and require state-specific calibration that no national template captures.

First, the incentive stack is large, conditional and paid in arrears. STAR bonds (K.S.A. 12-17,160 et seq.) have financed 17 districts in 13 cities per Legislative Post Audit R-24-011, with the 2021 audit finding that only 3 of 16 attractions reviewed met Commerce's tourism goals. 2024 Special Session HB 2001 extended STAR bonds to NFL and MLB stadiums at up to 70 percent of cost; the Legislative Coordinating Council approved the Chiefs agreement on December 22, 2025 for a $3 billion domed stadium at 126th Street and State Avenue in Wyandotte County opening for the 2031 season, with headquarters and training facility in Olathe; the Unified Government pledged up to $450 million of local taxes on February 5, 2026; and HB 2466 (signed April 9, 2026, 2026 Session Laws Chapter 127) created the Kansas Sports Facilities Authority to own the stadium at $7 million a year in rent over 30 years, barred new STAR districts after July 1, 2031, barred state general fund pledges and eminent domain, imposed visitor-origin enforcement, and allowed CID and TDD revenues to be pledged. The Royals chose Crown Center in Kansas City, Missouri on April 22, 2026, so no Kansas Royals district exists. APEX (2022 SB 347) delivered an estimated $829.2 million to Panasonic's De Soto plant on a reimbursement basis after investment and hiring; the Integra Technologies Bel Aire package lapsed October 1, 2024 without a CHIPS award. PEAK retains 95 percent of state withholding on qualifying jobs for 5 to 10 years ($37.8 million retained in fiscal year 2025); HPIP carries a 10 percent investment credit with a 16-year carryforward and 50 percent transferability; industrial revenue bond property is exempt for 10 calendar years under K.S.A. 79-201a Second; Article 11, Section 13 exemptions for manufacturing, R&D and interstate warehousing run up to 10 years with Board of Tax Appeals approval; Reinvestment Housing Incentive Districts capture the property tax increment for up to 25 years in cities under 60,000 and counties under 80,000; the Neighborhood Revitalization Act rebates incremental tax in arrears; and 2025 SB 98 exempts state and local sales tax for 20 years on data centers investing at least $250 million by year five and creating 20 jobs within two years, while barring discounted economic development electric rates for qualified data centers. Underwriting implication: PEAK, HPIP, RHID and NRA pay after performance or after assessment, so they support takeout and guarantor cash flow, not year-one DSCR; abatements expire into the full 25 percent assessment during the loan term.

Second, the rural housing capital stack after HB 2289. The Kansas Affordable Housing Tax Credit (2022 HB 2237) matched federal LIHTC dollar for dollar from tax year 2023, but HB 2289 (signed April 24, 2025) capped the state credit at $25 million for the 2025 QAP, eliminated the state match for 4 percent federal credit deals after the 2025 QAP, and capped the match for 9 percent deals at $8.8 million a year from 2026 per the Kansas Housing Resources Corporation. The 2026 QAP was adopted September 29, 2025 with awards July 31, 2026, and the 2027 draft QAP proposes no more than two new-construction awards per rural area. Moderate Income Housing serves cities and counties under 60,000 at 60 to 150 percent of AMI with awards up to $650,000; the Kansas Housing Investor Tax Credit applies in counties of 75,000 or fewer; the MIH and KHITC round awarded seventeen rural initiatives $6,187,944 of MIH and $7,629,000 of KHITC, and KHRC stated the awards exhausted all current MIH funding. Underwriting implication: a lender assuming another state's 4 percent plus state-credit structure will find the Kansas match gone; rural multifamily now depends on capped 9 percent credits, MIH, KHITC and RHID increment.

Third, rural hospital fragility under Medicaid non-expansion. Kansas has not expanded Medicaid, and 2026 legislation (HB 2731, incorporating SB 363) tightened eligibility further per the Kansas Health Institute. Kansas has 82 critical access hospitals; Chartis's 2026 Rural Health State of the State ranks Kansas fourth nationally for rural inpatient losses since 2010 (12 closures or conversions), counts 44 vulnerable rural hospitals (second only to Texas's 50, and 44 percent of the state's rural hospitals), and reports 86.2 percent of Kansas rural hospitals operating in the red; ten Kansas counties have no community hospital per the Kansas Hospital Association. Rural Emergency Hospital licensure, expanded by SB 287 (2024), has already converted South Central Kansas Medical Center in Arkansas City (September 2023), Mercy Hospital Moundridge (January 2024) and Rush County Memorial in La Crosse (May 2024) per the UNC Sheps Center. Underwriting implication: any medical facility, assisted living or rural workforce project that treats the local hospital as permanent demand is mispriced; MMCG runs a hospital-stability test in every rural Kansas study, because an REH conversion eliminates inpatient beds and forfeits 340B eligibility.

Fourth, announced headcounts that have not yet arrived. Panasonic's $4 billion, 4.7 million square foot De Soto plant on the former Sunflower Army Ammunition Plant site opened July 14, 2025 with a 32 gigawatt-hour design and a 4,000-job target; it employed about 1,400 in February 2026 and 1,800 with four lines running by June 2026 per Panasonic's statement to the Kansas Reflector, with the second wing under construction for 2027 and a June 8, 2026 decision to shift part of the plant to data center battery cells from fiscal 2029. The $1.25 billion National Bio and Agro-Defense Facility in Manhattan will carry more than 400 employees once fully operational per USDA, but a July 2026 USDA Office of Inspector General report found only BSL-1 and BSL-2 laboratories running, with BSL-3 promised by the end of 2026 and no date for BSL-4. Fort Riley's on-post soldier count is expected to swing between about 6,000 and 14,000 through 2028 as units deploy (The Manhattan Mercury, February 24, 2026, citing a Fort Riley report), against 4,475 civilian employees. Underwriting implication: De Soto, western Johnson County and Manhattan housing, retail and hotel absorption is sized on the headcount in place, with announced targets treated as forward-looking and discounted.

The Kansas side of the Kansas City, MO-KS MSA comprises Johnson, Wyandotte, Leavenworth, Miami and Linn counties. Johnson County reached 636,906 residents at July 1, 2025 (up 4.2 percent and 25,777 since 2020), Wyandotte 170,597 and Leavenworth 84,590 per Census Vintage 2025; Miami County grew 1.2 percent in the latest year. Metro nonfarm employment was 1,177,500 in July 2026 (preliminary), up 0.7 percent year over year per BLS. Total job growth near 1 percent does not support aggressive absorption assumptions for new multifamily or hotel supply even where the industrial pipeline is active.

Kansas City industrial is tight by every broker's measure, so MMCG cites one report per metric and footnotes the spread. For the second quarter of 2026: Cushman and Wakefield 5.3 percent and $5.97. Johnson County holds 93.95 million square feet of industrial inventory with Logistics Park Kansas City at Edgerton and the BNSF intermodal anchoring the I-35 corridor (Cushman and Wakefield MarketBeat Q3 2025: Hopkins Manufacturing 566,740 square foot renewal, Faith Technologies 463,435 square feet).

The lead deal of the quarter was a 458,000 square foot build-to-suit headquarters lease at Hallbrook North per Cushman and Wakefield. Multifamily vacancy was 4.5 percent at $1.49 per square foot effective rent in the first quarter of 2026 per Cushman and Wakefield, the latest public multifamily report. Hotel occupancy, ADR, RevPAR, self-storage rents and cap rates by asset class for the Kansas City metro are withheld from this page and prepared from licensed data inside each study.

The 2026 FIFA World Cup is the event-demand lesson for the metro. Six matches were played at Arrowhead including a quarterfinal on July 11. Before the tournament, the American Hotel and Lodging Association's May 4, 2026 host-market outlook reported 88 percent of Kansas City hotels running behind booking expectations, the weakest of the 11 U.S. host cities; after it, KC2026 cited an industry report showing hotel occupancy up 8 percent during the tournament with ADR rising, concentrated downtown and near FanFest while suburban hotels lagged (KCTV, July 24, 2026). Kansas City, Kansas recorded its highest hotel revenue day on record, $560,577 on July 11 (KCUR). AirDNA reported short-term rental revenue up 88 percent year over year with occupancy down nearly 20 percent, the largest decline among host cities. The metro holds about 36,000 hotel rooms in more than 300 hotels. MMCG presents event demand as a pattern (urban core sell-outs, suburban underperformance, short-term rental oversupply) and does not carry event nights into stabilized DSCR for hotel studies.

Data center demand on the Kansas side runs through Evergy's large-load tariff. Red Wolf, a proposed 600 megawatt, six-building campus near Kansas Speedway in Wyandotte County, faces a resident zoning lawsuit, and three Wyandotte proposals including Project Yardbird at the former Quindaro power plant would draw roughly 1,000 megawatts combined (The Beacon, January 2026); the $700 million Beale data center in De Soto appears on the Edison Electric Institute's September 2026 large-load list; a 316-acre Spring Hill proposal was withdrawn in March 2026 and projects in Osawatomie and Parsons are proposed. None is described as under construction on this page unless a permit or utility filing confirms it. See MMCG's data center feasibility study hub and its SBA and USDA program pages, and the Kansas City market brief in Kansas City Feasibility Study Market Report 2026.

The Wichita MSA (Sedgwick, Butler, Harvey and Sumner counties) is anchored by Sedgwick County at 538,433 residents (July 1, 2025, Kansas Division of the Budget certified estimates, up 2,352 in the year). Metro nonfarm employment was 312,100 in February 2026, flat year over year per BLS. Boeing completed its $4.7 billion acquisition of Spirit AeroSystems on December 8, 2025 (Spirit Form 8-K Exhibit 99.1), bringing about 15,000 Spirit employees across five sites into Boeing, roughly 12,000 of them in Wichita, inside an aerospace ecosystem of about 350 supporting companies alongside Textron Aviation and the National Institute for Aviation Research; Spirit Defense operates as a non-integrated subsidiary of Boeing Defense, Space and Security. McConnell Air Force Base carries about 4,800 military personnel across the 22nd, 931st and 184th wings plus more than 1,000 civilians. INTRUST, Emprise, Fidelity and Equity are headquartered in the city, and SCKEDD is the 504 CDC. Equity Bank's expansion into Oklahoma, Nebraska and Iowa since 2025 and Busey's absorption of CrossFirst changed where Wichita CRE credit decisions are made.

Wichita's public brokerage data sits one quarter behind the Kansas City common quarter. Wichita hotel occupancy, ADR and RevPAR, self-storage rents, multifamily vacancy and rent, and cap rates are withheld from this page and prepared from licensed data inside each study.

Water supply in Wichita is not binding today but is rule-based. The Northwest Water Facility (120 million gallons a day, $573.2 million total project cost with a $280.9 million EPA WIFIA loan) received its certificate of occupancy in early September 2026 after a clarifier design flaw delayed the schedule, and the city anticipates bringing it fully online in the second quarter of 2027. The Equus Beds aquifer storage and recovery expansion remains unresolved: the Chief Engineer's June 21, 2022 order declined the city's Phase II permit change and the subsequent judicial review has no published outcome. A Wichita study for a water-intensive user confirms the will-serve letter in writing and credits no capacity that depends on ASR approval.

Shawnee County reached 178,607 residents (up 665 in the year, Kansas Division of the Budget), with Topeka metro employment at 118,900 in August 2026, up 0.1 percent (BLS). Capitol Federal is headquartered in Topeka; the Kansas Development Finance Authority, Kansas Housing Resources Corporation and Kansas Department of Commerce sit there; and Topeka is an SBA Kansas City District file. Douglas County (Lawrence) anchors the University of Kansas, carries a 124.764 mill county average levy, and offers a 10-year, 50 percent IRB exemption as its general practice per Legislative Post Audit R-26-011. The Manhattan MSA (Riley, Pottawatomie and Geary counties) is the fastest-growing in the state on a percentage basis (Geary +2.5 percent, Pottawatomie +1.2 percent in 2024 to 2025), driven by Fort Riley and Kansas State University, with NBAF's 400-employee full-operation target still ahead. No public quarterly brokerage report is published for Topeka, Lawrence or Manhattan; MMCG prepares their industrial, office, retail, multifamily, hotel and self-storage figures from primary survey and licensed data inside each study rather than from a public proxy.

Beyond the metros, the Kansas asset class spectrum runs through the southwest meatpacking and dairy triangle at Dodge City, Garden City and Liberal; the cattle, wheat and sorghum economy of the High Plains; the Flint Hills; Fort Leavenworth (4,345 active duty, 3,720 civilians and 1,092 contractors per Military OneSource); the Kansas Turnpike and I-70 corridor towns of Emporia, Salina, Hays and Goodland; and the Pittsburg, Chanute and Coffeyville industrial towns of the southeast.

Industrial and Agricultural Processing. Hilmar Cheese opened its Dodge City cheese and whey plant in March 2025 with announced investment of $460 million to $630 million and 247 to 260 jobs depending on the announcement, and capacity for 260 milk tankers a day, roughly the output of 110,000 cows (K-State Kansas Profile). Kansas Dairy Development near Garden City holds a KDHE permit to expand and High Plains Ponderosa Dairy is expanding in Meade County, figures reported from the permit record by an advocacy source and confirmed against KDHE before use in any study. Every southwest Kansas processing study is a water-right study first, because GMD 3 is closed to new appropriations and declining 1.66 feet a year. See the industrial feasibility study hub.

Gas Stations, C-Stores, Truck Stops and Car Washes. Kansas sits on I-70 (Kansas City to the Colorado line), I-35 (the Logistics Park Kansas City and Edgerton freight corridor south to Oklahoma), I-135 (Wichita to Salina) and US-54/400 through the dairy and meatpacking triangle. The Kansas Turnpike's six service areas at mileposts 26 (Belle Plaine), 65 (Towanda), 97 (Matfield Green), 132 (Emporia), 188 (Topeka) and 209 (Lawrence) compete directly with off-turnpike fuel sites, and statewide highway vehicle-miles fell 3.0 percent in 2024 to 45.3 million daily per KDOT, a caution against traffic-growth assumptions in a travel-center pro forma. KDHE administers the Kansas Storage Tank Act (K.S.A. 65-34) and the Underground and Aboveground Petroleum Storage Tank Release Trust Funds, financed by a $0.01 per gallon fee, covering up to $2 million per release (SB 27, 2021, sunset extended to July 1, 2034) less a deductible of $3,000 plus $500 per tank; a registered, compliant site has a state backstop that out-of-state lenders underprice and a noncompliant site loses it. Liquor by the drink is a county-option election under the 1986 amendment, with or without the 30 percent food-sales requirement. See the gas station, truck stop and car wash hubs.

Hotels, Gaming and Event Demand. All four Kansas casinos are state-owned under the Kansas Expanded Lottery Act (2007) with private facility managers, and sports wagering (SB 84, 2022) runs through them; fiscal year 2025 net sports wagering revenue was $174.5 million per the Legislative Post Audit proposal of April 2026, with the facility contracts due for renewal in August 2027. Casino supply is fixed by statute at four zones, so casino-adjacent hotel demand is predictable but cannot expand by new entry. The Chiefs remain at Arrowhead through the 2030 season. See the hotel and hospitality feasibility study hub.

Healthcare, Assisted Living and Childcare. Kansas operates no hospital certificate of need program, has not expanded Medicaid, and licenses adult care homes through the Kansas Department for Aging and Disability Services under K.S.A. 39-923 (nursing facility, assisted living, residential health care, home plus, adult day care and boarding care home). Child care licensing moved from KDHE to the new Kansas Office of Early Childhood on July 1, 2026 under HB 2045 (2025), so licensing timelines and ratio rules are in transition through 2027 and a study confirms current ratios with KOEC rather than citing 2024 KDHE rules. USDA Community Facilities financing remains available for non-profit operators across rural-eligible counties. See the medical facility, assisted living and Community Facilities pages and the Overland Park assisted living and memory care model study.

Retail, Office and Mixed-Use. Grocery-anchored retail lost the state food sales tax on January 1, 2025 while local food taxes remain, so sales projections inside STAR, CID and TDD districts use the local rate; see the Plains, Kansas rural grocery model study. Office underwriting on the Kansas side carries the state-line tenant-retention risk described above. See the retail, office and mixed-use hubs.

Self-Storage, RV Parks and RV Storage. Demand follows the Kansas City suburbs, Wichita, the Manhattan military and university base, the Turnpike and I-70 corridors, and the seasonal harvest and Fort Riley rotation cycles that move RV occupancy. Hail-exposed interior markets model the percentage wind and hail deductible explicitly. See the self-storage, RV park and RV storage hubs.

Multifamily and Workforce Housing. Multifamily is assessed at the 11.5 percent residential rate, a structural advantage over the 25 percent commercial rate for the same levy. Rural rental housing relies on RHID increment, capped 9 percent credits, MIH and KHITC after HB 2289. See the multifamily and USDA multifamily pages.

Standard delivery is 9 to 16 business days from data receipt, and rush turnaround is available from 5 business days. The seven steps below are what happens in that window, from the project brief to lender review.

MMCG turns around Kansas feasibility studies in 9 to 16 business days from data receipt, with a complimentary preliminary market overview within one business day of submission. Pricing starts at $4,900 with a 50/50 fee schedule; the full schedule is on the feasibility study cost page and the sequence on the process page. Reports are formatted for SBA, CDC, USDA Rural Development, Kansas Department of Commerce and conventional lender file submission and incorporate the analytical layers Kansas credit committees expect: the 25 percent assessment and revenue neutral rate analysis, the appraiser-channel comparable support required by the sales questionnaire statute, the Water Appropriation Act and LEMA allocation review, the Evergy large-load tariff and SPP HILL schedule where relevant, the percentage wind and hail deductible model, the SOP 50 10 8.1 Appendix 15 acquisition test, the HB 2289 housing credit structure where relevant, the hospital-stability test for rural projects, and the PEAK, HPIP, RHID, STAR and SB 98 applicability analysis. Sponsor inquiries that involve a water-right acquisition, a 75 megawatt-plus load, a STAR bond district, or a rural hospital-dependent trade area typically require the upper end of the standard 9 to 16 business days to accommodate the additional entitlement and regulatory modeling.

Send the project address. Receive a free Kansas market overview within one business day. Pricing starts at $4,900 with a 50/50 fee schedule. Delivery in 9 to 16 business days. Email info@mmcginvest.com or call (628) 225-1110. Book a 30-minute scoping call.

MMCG Invest, LLC is a commercial real estate feasibility consulting firm specializing in SBA and USDA feasibility studies across asset classes including retail, hospitality, gas stations, RV parks, wedding venues and agritourism. Our analyses serve lenders, CDCs, investors and developers seeking institutional-quality market intelligence for underwriting and investment decisions.

Engagements are led by Michal Mohelsky, J.D., FMVA, Practicing Affiliate of the Appraisal Institute. Feasibility studies are prepared under USPAP discipline, aligned with SBA SOP 50 10 8.1 for 7(a) and 504 loans and with 7 CFR Part 5001 for USDA Business and Industry, REAP and Community Facilities financing. Engagements start at $4,900 with fixed-fee scoping. Standard delivery is 9 to 16 business days, with rush turnaround available from 5 business days. A senior analyst responds to proposal requests within 12 business hours from the firm's San Francisco office. Contact: michal@mmcginvest.com, (628) 225-1110.

Every state page MMCG publishes is listed on the state index; the neighbouring states are linked at the end of this page. The Kansas cities and counties served:

Kansas City Metro (Kansas side): Overland Park, Kansas City, Olathe, Shawnee, Lenexa, Leawood, Prairie Village, Merriam, Mission, Gardner, Edgerton, De Soto, Spring Hill, Bonner Springs, Leavenworth, Lansing, Tonganoxie, Basehor, Paola, Osawatomie, Louisburg, Pleasanton, Mound City.

Northeast Kansas: Topeka, Lawrence, Eudora, Baldwin City, Emporia, Ottawa, Atchison, Hiawatha, Holton, Seneca, Sabetha, Marysville, Osage City, Council Grove, Cottonwood Falls.

Wichita and South Central Kansas: Wichita, Derby, Haysville, Park City, Bel Aire, Andover, El Dorado, Augusta, Newton, Wellington, Winfield, Arkansas City, Hutchinson, McPherson, Kingman, Anthony, Medicine Lodge, Pratt, Great Bend, Lyons, Marion, Hillsboro.

Southeast Kansas: Pittsburg, Coffeyville, Independence, Parsons, Chanute, Iola, Fort Scott, Fredonia, Garnett, Burlington, Eureka, Baxter Springs, Columbus.

North Central Kansas: Manhattan, Junction City, Wamego, St. Marys, Salina, Abilene, Clay Center, Concordia, Belleville, Washington, Beloit, Lincoln, Ellsworth, Smith Center, Osborne, Russell, Minneapolis, Mankato.

Northwest Kansas: Hays, Colby, Goodland, Norton, Phillipsburg, Oberlin, Atwood, St. Francis, Hill City, WaKeeney, Oakley, Hoxie, Stockton, La Crosse, Ness City, Sharon Springs.

Southwest Kansas: Garden City, Dodge City, Liberal, Ulysses, Hugoton, Elkhart, Johnson City, Syracuse, Lakin, Tribune, Leoti, Scott City, Dighton, Jetmore, Cimarron, Meade, Ashland, Coldwater, Greensburg, Kinsley, Larned, Sublette.

Counties (105 total): Allen, Anderson, Atchison, Barber, Barton, Bourbon, Brown, Butler, Chase, Chautauqua, Cherokee, Cheyenne, Clark, Clay, Cloud, Coffey, Comanche, Cowley, Crawford, Decatur, Dickinson, Doniphan, Douglas, Edwards, Elk, Ellis, Ellsworth, Finney, Ford, Franklin, Geary, Gove, Graham, Grant, Gray, Greeley, Greenwood, Hamilton, Harper, Harvey, Haskell, Hodgeman, Jackson, Jefferson, Jewell, Johnson, Kearny, Kingman, Kiowa, Labette, Lane, Leavenworth, Lincoln, Linn, Logan, Lyon, Marion, Marshall, McPherson, Meade, Miami, Mitchell, Montgomery, Morris, Morton, Nemaha, Neosho, Ness, Norton, Osage, Osborne, Ottawa, Pawnee, Phillips, Pottawatomie, Pratt, Rawlins, Reno, Republic, Rice, Riley, Rooks, Rush, Russell, Saline, Scott, Sedgwick, Seward, Shawnee, Sheridan, Sherman, Smith, Stafford, Stanton, Stevens, Sumner, Thomas, Trego, Wabaunsee, Wallace, Washington, Wichita, Wilson, Woodson, Wyandotte.