(Deming) – The county’s refinancing of the bonds used to build the Starmax entertainment facility is affecting more than just the bonds.
County Manager Charles “Tink” Jackson said beginning January 1st, 2015, all employees of Starmax will become Luna County employees as part of the restructuring and refinancing of the bonds for the facility.
Previously, the employees were hired under and paid through Starmax, LLC, and only the general manager was a county employee.
Jackson said all Starmax employees completed pre-employment drug screening this past week.
Additionally, Jackson said, Starmax will now become a full department of Luna County government, including purchasing and tracking of revenues and expenditures.
In October, the county commissioners voted to refinance the bonds used to fund the construction of Starmax – a move Jackson said could save taxpayers $460,000.
The initial idea of the entertainment complex was that the county would build a facility, using taxable bonds, that would attract an operator to lease it. The county, then, would simply be a landlord.
But because the county took over the operation of Starmax in 2012, the commissioners could refinance the bonds to cut the interest rate on the repayments as long as the facility became a county department, as opposed to being operated as an LLC.
The balance on the loan is approximately $7.5 million.
County Manager Charles “Tink” Jackson said beginning January 1st, 2015, all employees of Starmax will become Luna County employees as part of the restructuring and refinancing of the bonds for the facility.
Previously, the employees were hired under and paid through Starmax, LLC, and only the general manager was a county employee.
Jackson said all Starmax employees completed pre-employment drug screening this past week.
Additionally, Jackson said, Starmax will now become a full department of Luna County government, including purchasing and tracking of revenues and expenditures.
In October, the county commissioners voted to refinance the bonds used to fund the construction of Starmax – a move Jackson said could save taxpayers $460,000.
The initial idea of the entertainment complex was that the county would build a facility, using taxable bonds, that would attract an operator to lease it. The county, then, would simply be a landlord.
But because the county took over the operation of Starmax in 2012, the commissioners could refinance the bonds to cut the interest rate on the repayments as long as the facility became a county department, as opposed to being operated as an LLC.
The balance on the loan is approximately $7.5 million.
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