A new orthopedic company coming to Warsaw was granted tax abatements Monday night that will ultimately total a city contribution of $162,763. The abatements were voted on unanimously by the city council after they approved the area at 4130 Corridor Dr., Warsaw, an economic revitalization area.
Iconacy Orthopedic Implants LLC plans to move into a facility that has sat empty for several years. The former manufacturing plant will be the site of the new orthopedic development and manufacturing facility of medical devices. Iconacy currently has 13 employees and plans to add 50 more jobs in the next four to five years. The facility itself qualifies for a 3 year tax abatement.
As part of the tax abatements, Iconacy plans to also invest nearly $2 million in personal property including manufacturing equipment such as CNC mill machines and related tooling, and IT equipment and software. The personal property abatement is good for 10 years as long as the business maintains its economic goals and continues to grow.
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.
Tom Allen is president and CEO of Iconacy. He and attorney Mike Miner attended Monday’s night meeting to answer any questions the council may have had. Following the unanimous vote to approve the abatements, a round of applause was given by the council in honor of Warsaw’s newest orthopedic business.