Published: Jan 25, 2012 3:55 AM EST
Updated: Jan 25, 2012 5:22 AM EST

NAPLES, Fla -- Hundreds of new jobs are coming to Collier County. Tuesday, commissioners approved more than $2 million in economic incentives for Arthrex, Inc. to assist the company with it's plans to expand and create 600 new jobs over the next five years.

If Arthrex can produce the jobs, then the county will produce the money.

Collier County commissioners gave the green light for Arthrex to build a new 200,000 square foot facility near Ave Maria and expand their existing facility on Immokalee Road.

Commissioner Coletta says, "what we did today is what we've been aiming for, where we've been heading for some time."

Over the next five years, the medical equipment manufaturer will get $2.2 million from the county, but only if Arthrex creates 600 new jobs in Collier County.

Commissioner Coletta says, "the guarantee is they will only get paid for the jobs they produce. The way the program is set up, you only get compensated for what you produce after the fact, never before."

Arthrex Vice President Scott Price says they're already well on their way to creating at least 400 jobs by June of 2014. He tells WINK News, "We added 80 new jobs between June and December of 2011, and we are expecting to have added over 160 new jobs between July 2011 and June 2012."

Commissioners are excited one of the fastest growing companies in the nation has decided to stay and grow in Collier County.

"Arthrex has been the model company in Collier County. It's what everyone should try and be some day," said Coletta.

Commissioners also approved incentive funding for Animal Specialty Hospitals of Florida and Florida Specialties of Immokalee.