Mo. lawmakers push to prevent Mamtek-like failures
Wednesday, April 25, 2012
JEFFERSON CITY, Mo. (AP) — The Missouri House has endorsed several new requirements for economic development incentives after last year’s failure of a planned artificial sweetener project in Moberly.
A measure given first-round approval Wednesday would require state and local officials to share information they have about companies that seek development incentives. Executives of startup companies requesting incentives could be subject to financial background checks by the state.
The House must approve its legislation once more before the bill goes to the Senate.
The proposed new mandates come in response to the failed Mamtek U.S. Inc. project in Moberly. Construction of the factory halted last fall after the company missed a payment on $39 million in bonds issued by the city.
Sweetener facility legislation is HB1865