Although the Warsaw Redevelopment Commission will have the final say later this morning, the Warsaw Common Council last night agreed to issue a $1.2 million bond to Winona PVD Coatings LLC to construct a 100,000-square-foot manufacturing facility.

Construction of the new plant is currently underway directly north of the current location at 1180 Polk Dr., Warsaw. The project is ahead of schedule and also larger than initially anticipated. (See related)

The WRC already approved the bond issue process to begin. Winona PVD is investing approximately $15 million in equipment and real estate and plans to add a total of 80 employees. The expansion is necessary because the company has recently acquired new customers including BMW, Nissan, Toyota and Ford.

By agreeing to the bond issue, which is based on the assessed value of the project, the city agrees to a certificate of debt that Winona PVD will pay on annually until the maturity date. The bonds are being issued on a taxable basis.