A local medical startup that plans to add 71 jobs by 2016 has received preliminary approval for a tax abatement from the city of Indianapolis.
The Metropolitan Development Commission granted the abatement on Wednesday to Arcamed Inc., which is ramping up to design and manufacture titanium and stainless steel case-tray systems for surgical instruments.
The company plans to lease 15,000 square feet in the Park Fletcher industrial park on the city’s southwest side and invest $1.4 million in equipment to begin production.
MDC recommended an eight-year abatement to help offset the cost of equipment. Arcamed is expected to save about $91,000 during that time and pay $56,867 in property taxes related to the equipment.
Arcamed said the jobs will pay an average hourly wage of $15.56.