Continuously serving Kosciusko County since 1854
INDIANAPOLIS - Fresh on the heels of the Warsaw City Council authorizing a Memorandum of Understanding to keep Sofamor Danek in Warsaw, the state has now upped the ante with a $1.95 million incentive package.
"Medical technology is one of Indiana's industrial strengths, and Medtronic Sofamor Danek is a leader in the field," said Gov. Frank O'Bannon. "This company's products help people live healthier lives. This new investment is great news for the local economy and for all the families who depend on it. That's a winning situation for everyone involved."
The incentive package offered by the Indiana Department of Commerce to Medtronic Sofamor Danek includes up to $1.5 million in Economic Development for a Growing Economy tax credits and a $200,000 Training 2000 grant to help train new and current employees. Also included in the package is $250,000 from the Industrial Development Grant Fund to Kosciusko County to assist infrastructure improvements.
Lt. Gov. Joe Kernan, who also serves as director of the Department of Commerce, said the decision by Medtronic Sofamor Danek to remain in Indiana further cements Warsaw's position as a leader in the biomedical technology industry.
"Medtronic's decision reinforces Warsaw's position as the 'Orthopedics Capital of the World,'" Kernan said. "We're thrilled that this progressive spinal and neurological products company will play an even bigger role in Indiana's economy."
The Warsaw City Council approved a Memorandum of Understanding Tuesday that will enable the company to build a new 150,000-square-foot facility on a 25-acre site at the intersection of CR 150W and U.S. 30. The MOU commits the city to approximately $2 million in incentives, primarily involved with the issuance of Economic Development Bonds to finance the infrastructure improvements such as water and sewer lines and roads, according to Mayor Ernie Wiggins.
Danek will be the sole purchaser of those bonds.
The estimated cost of the new facility represents a $20.2 million investment and will result in 140 additional jobs, adding $4.273 million per year in additional payroll. The expansion brings the total number of employees to approximately 390 by spring 2003. The facility should be completed by July.
