UMB Bank says assets from a failed artificial sweetener facility in Moberly will be auctioned this fall.
The bank is the bondholder trustee for the central Missouri project that was to be operated by Mamtek U.S. Inc.
Moberly issued $39 million in bonds to finance construction of the plant, and the state offered about $17 million in incentives. Work stopped last fall on the partially built factory after Mamtek missed a bond payment to Moberly. No state incentives were paid.
The Missouri Senate has passed a tax credit measure after hammering out an agreement between GOP leaders and fiscal conservatives who’ve been trying to reign in tax breaks for years.
The agreement would cap historic preservation tax credits at $75 million per year, give a one-year extension to food pantry and other charitable tax breaks, and create incentives to draw amateur sporting events to Missouri. State Senator Eric Schmitt (R, Glendale) urged the chamber to pass it before time runs out on the regular session.
Mo. lawmakers seek requirements for officials involved in economic development projects
A House panel heard testimony Monday on eight measures aimed at increasing scrutiny of businesses that ask for government money. The legislation would require local governments to get insurance for municipal bonds for economic development projects and to hold public hearings before issuing bonds.
State and local officials would also have to share information they have about companies seeking development incentives.