Missouri report suggests new mandates on business aid

Monday, February 13, 2012 | 1:34 p.m. CST
BY The Associated Press

JEFFERSON CITY — A Missouri House committee is proposing new mandates for economic development officials and municipal bond markets after an investigation into why plans to build an artificial sweetener factory in Moberly collapsed.

A draft report to be considered Monday by a House panel suggests legislation requiring several steps for state officials vetting companies for financial incentives. Steps included a mandate that state officials share information with local governments trying to attract businesses.

The recommendations come after revelations that Moberly officials did not receive some state emails raising questions about Mamtek U.S. Inc. before issuing $39 million in bonds for a project that ultimately failed.

The committee report also recommends that municipal bond professionals be required to investigate the viability of companies and that all bonds be subject to elections.

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