San Marcos City Council Unanimously Approves Agreement For Rare Earth Magnet Headquarters & Manufacturing Facility
The 100,000 square foot facility will be constructed on 10 acres and adds more than 100 advanced manufacturing and technology jobs to San Marcos and Hays County over the terms of the agreements.
Tuesday night, the City of San Marcos City Council unanimously voted in favor of entering into a performance-based Chapter 380 Agreement with Urban Mining Company, the only NdFeB producer in the U.S.
Urban Mining Company is also pending approval of a performance-based Chapter 381 Agreement with Hays County, which is expected to be voted on next week.
Urban Mining Company has selected San Marcos, Texas as the location of its headquarters and state-of-the-art NdFeB magnet manufacturing laboratory facility.
The agreements with Urban Mining Company include a ten-year personal property tax rebate at 75 percent and a ten-year real property tax rebate at 25 percent.
The 100,000 square foot facility will be constructed on 10 acres and adds more than 100 advanced manufacturing and technology jobs to San Marcos and Hays County over the terms of the agreements. All incentivized jobs will pay more than $15 per hour in accordance with City of San Marcos policy.
It is GSMP’s policy not to comment on active projects. Pending the County’s vote, GSMP will issue a press release when the deal is complete.
What they can say
- The Greater San Marcos region is poised for growth in the advanced manufacturing industry due to the presence of Texas State University with over 38,000 students and its ideal location equidistant between Austin and San Antonio along I-35.
- Corporate headquarters are desirable in the region because they elevate an area’s profile and increase credibility as a great location to do business.
- There are currently 14 corporate headquarters and 166 manufacturing facilities in the Greater San Marcos region according to the latest County Business Patterns report from the U.S. Census Bureau.
ACCORDING TO WIKIPEDIA: A neodymium magnet (also known as NdFeB, NIB or Neo magnet), the most widely used[1] type of rare-earth magnet, is a permanent magnet made from an alloy of neodymium, iron and boron to form the Nd2Fe14B tetragonal crystalline structure. [2] Developed in 1982 by General Motors and Sumitomo Special Metals, neodymium magnets are the strongest type of permanent magnet commercially available.[2][3] They have replaced other types of magnets in the many applications in modern products that require strong permanent magnets, such as motors in cordless tools, hard disk drives and magnetic fasteners.
