Tagged: Mamtek

A state audit released today says that the Missouri Department of Economic Development (DED) could have done a better job of screening applicants for tax credits for the failed Mamtek project in Moberly.

Two years ago the small northeast Missouri town issued $39 million in bonds to get the company to build an artificial sweetener plant.  Mamtek later missed a bond payment and construction halted, and Moberly’s bond rating was downgraded as a result.  State Auditor Tom Schweich (R) said the due diligence procedures used by the DED were woefully inadequate.

Proposed amendment to appear on November ballot

A Missouri appeals court panel has upheld the ballot summary for a proposed constitutional amendment that would change the process for selecting appellate judges.

In its ruling Monday, a three-judge panel of the Western District Court of Appeals certified the summary that voters will see on the November ballot.

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.