A state audit released Tuesday says that the Missouri Department of Economic Development 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 says the due diligence procedures used by the DED were woefully inadequate