Moberly Chugs Past Mamtek Failure

6 years 7 months 1 week ago Wednesday, November 09 2011 Nov 9, 2011 Wednesday, November 09, 2011 7:17:00 PM CST November 09, 2011 in News
By: Blake Hanson
loading

MOBERLY - Local business owner Lisa Casey has taken note of Moberly's changing economy since she and her husband opened the Funny Pages Cafe. She was one of many who had high hopes for Mamtek, an artificial sweetner project that promised to bring a big boost to the city.

"Mamtek, it was a great thing coming in, you know, everybody chattered about that," said Casey.

State officials announced the Mamtek project back in July of 2010, pledging $17.6 million dollars in state tax credits and incentives. In addition, the city borrowed $39 million dollars in bonds to help fund the construction of the plant. Then-Mamtek CEO Dan Cole said the company would employ 612 people.

State lawmakers first expressed concern when Mamtek failed to make its first bond payment mid-September. During phase 1 alone, the company planned to hire 160 people. Mamtek only hired fifteen workers, and laid them all off in less than a year.

Olivia Lindsey and her family moved from St. Louis for her job with Mamtek human resources in November 2010. This fall, Lindsey lost her job after Mamtek started to go under.

American Sucralose Incorporated later took over the project, but also failed to make a bond payment by deadline.

The City of Moberly has no plans to pay off $39 million of bonds issued on behalf of a failed artificial sweetener factory.

November 1 marked the deadline for Moberly to either put money back into the Debt Service Reserves or choose not to help out financially at all. Corey Mehaffy, Chairman of the city's Industrial Development Authority, said shouldn't be left holding the bag.

"The City is not legally obligated to appropriate city funds and the city council has determined that such use of taxpayer funds would not be in the best interests of the citizens of Moberly," Mehaffy said in a release.

The city also believes if it had chosen to replenish the funds, it would have only been a temporary fix and not a long term solution.

The fate of the project is now in the hands of its trustee, UMB Bank.

Casey said she and her neighbors have moved past hopes of Mamtek.

"We stick together, we still keep going, I mean you don't just fall down because one business decides not to come here, or fails, you just keep going, pull your bootstraps up and move on," said Casey.

Senate and House commitees are now investigating the project's fallout.

 

 

 

More News

Grid
List
WASHINGTON (AP) — President Donald Trump announced Monday he is directing the Pentagon to create a new "Space Force" as... More >>
7 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 7:08:00 PM CDT June 18, 2018 in News
JEFFERSON CITY - Missouri democrats want Governor Mike Parson fire his chief operating officer and cancel a contract awarded to... More >>
7 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 6:49:00 PM CDT June 18, 2018 in News
COLUMBIA - Mid-Missouri air conditioning companies are facing the busiest time of year amid a four-day heat advisory. Craig... More >>
8 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 5:16:00 PM CDT June 18, 2018 in News
COLUMBIA – The attorney representing the security guard who shot Anthony Warren at a Waffle House on New Year's Day... More >>
10 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 3:12:00 PM CDT June 18, 2018 in News
JEFFERSON CITY - The 600 block of Monroe Street will be closed until Friday. Construction crews are removing a retaining... More >>
11 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 2:20:00 PM CDT June 18, 2018 in News
BOONE COUNTY - A death, a huge cache of weapons and a suspect whose gun jammed as he was aiming... More >>
11 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 2:17:00 PM CDT June 18, 2018 in News
JEFFERSON CITY (AP) — Gov. Mike Parson appointed state Senate Majority Floor Leader Mike Kehoe to be the new lieutenant... More >>
12 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 1:15:00 PM CDT June 18, 2018 in News
BOONVILLE - Jesse Viertel Memorial Airport may reach new heights after the city council accepted a bid and authorized a... More >>
13 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 12:42:00 PM CDT June 18, 2018 in News
COLUMBIA - City public works crews will be repairing a road buckle on Providence Road between Blue Ridge Road and... More >>
14 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 11:39:00 AM CDT June 18, 2018 in News
BALLWIN (AP) — Another bear sighting has people concerned in part of Missouri, but this time, it's deep into... More >>
16 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 9:45:39 AM CDT June 18, 2018 in News
BOONE COUNTY – The Katy Trail will see more bike traffic than usual this week with the 2018 Katy Trail... More >>
18 hours ago Monday, June 18 2018 Jun 18, 2018 Monday, June 18, 2018 7:33:00 AM CDT June 18, 2018 in News
COLUMBIA - Columbia is under a heat advisory until Monday evening. The National Weather Service issued the advisory on... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 9:29:00 PM CDT June 17, 2018 in News
FULTON - Forty people with disabilities will learn how to ride a two-wheel bicycle at the iCan Bike camp this... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 9:18:00 PM CDT June 17, 2018 in News
COLUMBIA - Missouri is the first and only state to define "meat" as exclusively animal product. The Missouri General... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 4:55:00 PM CDT June 17, 2018 in News
COLUMBIA - The city will discuss the results of the 2017 Community Survey at Monday's city council meeting. Used... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 4:06:00 PM CDT June 17, 2018 in News
ROCHEPORT - The Sunny Oaks Charity Horse Show brought about 20 riders out Sunday afternoon to compete for ribbons and... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 3:36:00 PM CDT June 17, 2018 in News
SPRINGFIELD - A Hickman High School graduate has surrounded herself with Kewpies. The dolls' trademark round eyes watch happily from... More >>
1 day ago Sunday, June 17 2018 Jun 17, 2018 Sunday, June 17, 2018 8:05:00 AM CDT June 17, 2018 in News
COLUMBIA - Hundreds of people impacted by cancer gathered together on a track Saturday in support of cancer fighters and... More >>
2 days ago Saturday, June 16 2018 Jun 16, 2018 Saturday, June 16, 2018 10:11:00 PM CDT June 16, 2018 in News
Columbia, MO
Broken Clouds 79°
2am 79°
3am 78°
4am 77°
5am 77°