Magnet production company attracted to San Marcos
At Tuesday’s regular meeting, San Marcos City Council will consider extending an economic development incentive offer to Urban Mining Co. and Urban Mining Development LLC, two companies dealing with the production of magnets from recycled rare-earth materials, and development of property panned from industrial and commercial use, respectively.
According to terms of the agreement, the company will purchase 86 acres near Clovis Barker Road and Leah Avenue in southeast San Marcos. Urban Mining Co. will occupy 10 acres of the property, and the remaining 76 acres will be reserved for future development.
The proposed location of the manufacturing facility is outside the city limits. If the incentive offer is approved, the city will defer annexation of the property until construction and platting of the facility is completed.
The company will employ 100 full-time workers during the term of the 10-year agreement. Employees will be paid at least $15 per hour, according to terms of the agreement. In exchange for meeting the job creation numbers, the city will refund 75 percent of ad valorem city property taxes paid on real and personal property for 10 years.