Plasmatronics hits a few bumps

The Governor's much-heralded Plasmatronics announcement is running into trouble in Northwest Indiana:

It's been more than three months since a high-tech firm announced it would move to Crown Point and create good-paying jobs.

The news of New York-based Plasmatronics landing in Crown Point was trumpeted in late April in a public ceremony.

Gov. Mitch Daniels gave the company high praise, lauding its potential to grow "perhaps explosively," as he stood in the Old Courthouse alongside Crown Point mayor Dan Klein and Plasmatronics' CEO Linda Decker.

The company chose Crown Point for its location as well as for the incentives, Decker said. The incentives package includes a $1.23 million tax credit from the state's Economic Development Corp., $95,000 in grants and a Crown Point $500,000 loan from taxes generated from the city's tax increment financing district.

But despite the successful presentation, the ensuing process in Crown Point has been anything but a smooth ride.

It was only in recent days that Plasmatronics received its first loan -- $73,000-- from the Crown Point Economic Development Corp.

The money from the state and city is being disbursed in installments, not in a lump sum, as the company achieves performance standards.