ATTEMPT TO GET BIG FIRM FAILS, BUT BILL STILL ALIVE

An attempt to bring a company to the state that would rank as one of Missouri's largest fell through last week, but the bill designed to give the state leverage to attract industry is alive in the General Assembly.

Jim Gardner, spokesman for the Missouri Department of Economic Development, said the deal had "subsequently fallen through," after it gathered legislators' support.

The bill, sponsored by Rep. Larry Thomason, D-Kennett, and Sen. Edward Quick, D-Kansas City, would provide a tool for large-scale economic development projects that would invest $500 million and employ 2,000 workers.

If such a firm came to Missouri, it would rank as one of the state's top 10 companies.

Gardner said even if the firm targeted for Missouri declined this time, a mechanism should be in place to attract other companies.

Gov. Mel Carnahan and Director of Economic Development Joe Driskill have stressed the state will not use massive tax abatements and taxpayer subsidies to attract new industries.

"It is very important to be able to accommodate such large firms to Missouri," Gardner said. "They would provide a tremendous tax base to the state, aside from helping to provide employment."

A 5 percent payroll deduction would be invested to pay off the bonds to construct the facility. Employees could claim their deduction to reduce their state income taxes.

The bill gives the Missouri Development Finance Board authority to issue the bonds. The board has canceled its Tuesday meeting.

Gardner said the name of the firm targeted to move to Missouri was not revealed.