Missouri Lawmakers a Step Closer to Passing Mamtek Bill
JEFFERSON CITY (AP) - Missouri lawmakers are getting closer to passing legislation that could help prevent failures of economic development projects, such as the Mamtek sweetener plant project in Moberly.
The proposed new mandates come after construction of the Mamtek factory halted last fall when the company missed a payment on $39 million in bonds issued by the city.
Mamtek's failure was the subject of multiple investigations and calls for accountability by lawmakers during last year's special session. But seven months later, the bill is taking its final steps through the legislature with much less fanfare.
In its final week, the Senate could consider a measure that would, among other things, require background checks on the finances of start-up companies that seek taxpayer-funded incentives.
The House approved the measure last month.