Firm picks SM for its new base
The San Marcos City Council on Tuesday 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. 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, as the location of its headquarters and state-of-the-art NdFeB magnet manufacturing laboratory facility.
The agreements with Urban Mining Company include a 10-year personal property tax rebate at 75 percent and a 10-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.
The Greater San Marcos Partnership, which helped negotiate the deal, said it will not comment on active project but expects to issue a statement after the agreement is approved by the county. However, the GSMP didw say the region is “poised for growth in the advanced manufacturing industry,” citing the presence of Texas State University and its more than 38,000 students.
Currently, there are 14 corporate headquarters and 166 manufacturing facilities in the Greater San Marcos region, according to reports from the U.S. Census.