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City set to cancel tax abatement for medical device firm

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The city of Indianapolis is expected Wednesday to rescind a tax abatement given in 2007 to Polymer Technology Systems Inc., a small locally based maker of handheld blood monitors.

PTS, founded in 1992 by a former Roche Diagnostics Corp. employee, said it would make a $3 million investment at its operation on Zionsville Road and create 110 jobs by 2010 but fell short of its goal.

The company has made $2.1 million in investments and currently has only about 70 employees, less than the 80 it had when it received the abatement four years ago, according to the city.

Though the tax abatement spanned a 10-year period, terms of the agreement called for PTS to meet expectations by 2010. It’s not unusual for a project’s commitment date to occur before the end of the abatement in order to limit the city’s risk if a project doesn’t perform as expected, said Ryan Hunt, senior project manager for the Department of Metropolitan Development.
   
PTS has saved $17,207 in property taxes since the city approved the abatement in 2007 but had been expecting to save about $185,000 over the entire abatement period.
 
PTS may have been capable of meeting the commitments before the end of the abatement, Hunt said, but the company chose to agree to the termination rather than renegotiate the deal with the city.

The Metropolitan Development Commission is set to cancel the abatement at its meeting Wednesday afternoon.

PTS makes CardioChek, a handheld meter that quickly and accurately measures levels of cholesterol, glucose, triglycerides and other key health indicators from a drop of blood.

The company tapped global markets in the mid-2000s to spur fast growth but struggled to sustain the rapid pace during the recession and amid legal issues over a licensing agreement with Roche.
 

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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