By Dan Spalding
News Now Warsaw
WARSAW — The city of Warsaw is moving forward with an incentive package for Mentor Media, the Singapore-based company that announced plans last month to open a facility in Warsaw.
Combined, the two-pronged package is worth $500,000.
It includes the purchase of $250,000 worth of equipment for the future plant in the Warsaw Technology Park. The other is a $250,000 zero-interest loan that will be forgiven if the company meets certain expectations.
The plan was announced Mondy by Community Economic Development Director Jeremy Skinner during a meeting of the city redevelopment commission, which approved a series of votes involving the equipment purchase.
Skinner said approval of the money was needed now to ensure the equipment can be ordered and ready when the company plans to open the facility in September.
In return, Mentor is pledging to invest $4.5 million into the facility and hire a minimum of 25 employees with wages between $52,000 and $85,000 over the next five years.
Mentor plans to occupy part of a shell building that is being constructed in the city’s technology park along US 30.
The shell buildings are a cooperative effort between the city and West Hill Development.
Mentor Media plans to use the building to manufacture sterile packaging for the orthopedic industry.
City council will take up the forgivable loan proposal soon, Skinner said.
Skinner said the incentive package for Mentor is identical to a plan offered to Nextremity Solutions two years ago when that company moved into the tech park.
