Indianapolis-based Medivative Technologies LLC has cleared the first hurdle toward seeking property tax abatement for a $2.5 million investment at its east-side manufacturing facility.
The city’s Metropolitan Development Commission on Wednesday granted the abatement preliminary approval. A final vote is set for May 18.
Medivative, a medical device manufacturing contractor, is seeking the abatement to offset equipment costs related to a 9,000-square-foot expansion at its facility on North Catherwood Avenue near East 30th Street.
The five-year abatement will help the company hire 15 employees at an average hourly salary of $22.19 and retain 21 employees at an average hourly salary of $25.61, Medivative said.
Medivative should save $86,405 in property taxes, or 64 percent of its total tax bill, over the abatement period.
Founded in 2002, Medivative is a subsidiary of Indianapolis-based Aircom Manufacturing Inc.