Representatives file bills to prevent future economic development failures

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Intro:	After the Mamtek fallout in Moberly, the Missouri House is taking steps to prevent future economic development failures in the state.
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Wrap: Seven new bills look to tighten regulation on economic development projects.

These are the result of the House Government Oversight Committee's recommendations after reviewing Mamtek's failure in Moberly.

Representative Jay Barnes is the chairman of the committee.

He says state and local officials must work together.

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Description: "Making sure the Department of Economic Development and local economic development officials are working together and doing a good job figuring out which tax credit incentives are good ideas and which ones aren't."

These bills would require the Department of Economic Development to disclose all information on businesses seeking local government incentives.

Reporting from the state Capitol, I'm Stacey Kafka.

Intro:	After the Mamtek failure in Moberly, the Missouri House is taking steps to prevent future economic development failures.
RunTime:	0:41
OutCue:	SOC

Wrap: Representative Jay Barnes introduced seven new bills based off The House Governmental Oversight Committee's recommendations on the Mamtek investigation.

The Senate Committee recommended using a five star rating scale.

Barnes says he kept this recommendation in mind when writing up his bills.

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Description: "I did take that because of the Senate's recommendations. I thought that was a great recommendation from their committee. Imitation is the sincerest form of flattery, I thought it was a good idea so I sponsored a similar bill myself."

Last year artificial sweetener company Mamtek defaulted on millions of dollars in bonds leaving a major financial burden on the town of Moberly.

Reporting from the state Capitol, I'm Stacey Kafka.

Intro:	After the Mamtek failure in Moberly, the House looks to prevent future economic development failures in the state.
RunTime:	0:50
OutCue:	SOC

Wrap: Seven new House bills look to tighten regulations over economic development in the state.

This comes after both the House and Senate Committees on Governmental Oversight made recommendations following their investigation into the Mamtek failure.

Artificial sweetener company Mamtek defaulted on millions of dollars worth of bonds last year, leaving Moberly with the financial burden.

Representative Jay Barnes says one area needing change is state representation.

Actuality:	JBARNES3.WAV
Run Time:	00:13
Description: "You either represent Missouri tax payers, or you don't in these countries. That's what we want to say-if you're going to represent Missouri tax payers, you can't represent a company from that country that has an interest that's adverse to Missouri tax payers."

Other bills include issuing public notice over economic development bonds and requiring insurance for those bonds.

Reporting from the state Capitol, I'm Stacey Kafka.