Tagged: Department of Economic Development

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.

Updated 1:49 p.m. with additional information from the Associated Press on other failed appointments.

Missouri Gov. Jay Nixon announced this morning that Jason Hall, Nixon's nominee to be the new director of the Missouri Department of Economic Development, has resigned.