City OKs Orthopedic Manufacturing Facility Tax Abatements
Posted
Jennifer Peryam-jperyam@timesuniononline.com
Warsaw City Council granted two tax abatements Monday night for new orthopedics manufacturing company Iconacy Orthopedic Implants.
The city also approved a resolution to create an economic revitalization area for the new orthopedic office and manufacturing facility.
The city will contribute $36,610 for the three-year tax abatement for real estate improvements, and $126,153 for the 10-year tax abatement for personal property totaling $162,763.
Iconacy Orthopedic Implants will be at 4130 Corridor Drive. The existing building is to be developed into an FDA-qualified manufacturing facility.
The business currently has 13 employees at $68,000-a-year salaries. The business will hire an additional 50 employees at $60,000 a year.
The personal property is for purchasing $1.45 million in mill machines and related tools, information technology equipment and software to automate the manufacturing process and manage operations and include inventory management.
Councilwoman Diane Quance made a motion to approve the personal property tax abatement, seconded by Charlie Smith.
Real estate improvements include the property on Corridor Drive to be used to design, develop and manufacture medical devices.
Smith made the motion to approve a three-year tax abatement for real estate improvements, seconded by councilman Jeff Grose.
Work at Iconacy is expected to begin in August, sales are slated to begin in September, and all work to the facility should be completed by February 2016.
