Mo. lawmakers aim to prevent Mamtek-like failures
Thursday, April 26, 2012
JEFFERSON CITY, Mo. (AP) — The Missouri House has approved several new requirements for economic development incentives after last year’s collapse of plans for an artificial sweetener factory in Moberly.
In a 95-43 vote Thursday, the House backed legislation that 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 measure now goes to the Senate.
Sponsoring House member Jay Barnes, a Jefferson City Republican, says his measure would make the state check more carefully on projects it pitches to local economic development groups.
But Republican Randy Asbury, whose district includes Moberly, voted against the bill. He says none of its provisions would have prevented the failure of the Mamtek U.S. Inc. project.
Sweetener facility legislation is HB1865