Mo. Lt. Gov, Peter Kinder wants the Missouri Development Finance Board to review the way it approves financing for economic development projects. The request comes in the wake of the Mamtek fiasco in Moberly.
State senators plan to investigate an unfulfilled central Missouri project that used public incentives and was to employ several hundred people to manufacture artificial sweetener.
The project by Mamtek U.S. Inc. was backed by $39 million in industrial development bonds issued by Moberly, and the state offered more than $17 million worth of incentives. But the plant remains under construction, Mamtek has laid off its employees and the company missed its first bond payment.
Missouri Governor Jay Nixon (D) met with reporters at the State Capitol today to discuss the latest developments with the special legislative session. He also commented on the Mamtek controversy that has damaged the financial status of the small town of Moberly and caused some legislative leaders to question whether parts of the tax credit bill could wreak the same havoc.
You can listen to the entire news conference by clicking on the word "listen" above.