Deming Plant Closing After Getting $500,000 City Loan
DEMING, N.M. (AP) — A food processing plant in Deming is closing its doors just four years after receiving a $500,000 city loan.
City officials say they've just learned the Proper Foods plant plans to close and aren't sure what they can do.
Luna County economic development executive Linda Smrkovsky (Smer-Kahv-SKI) told city officials late last week that she's looking at options but hasn't yet identified any.
The Deming Headlight reports the City Council approved the loan using state economic development funds in 2008.
Smrkovski says about 125 workers make prepared frozen foods like tamales and stuffed peppers at the plant.
The loan required the company to maintain at least 100 full-time employees and make annual payments at a 3 percent interest rate. City officials were unable to immediately provide the outstanding balance.
Information from: Headlight, http://www.demingheadlight.com
Copyright 2012 The Associated Press.