Update – The Johnston City Council approved the site plan for this project at their meeting on April 5, 2021. Included here is an updated vicinity map showing the location of the expansion.
In addition to the building investment, Underground Magnetics would create 4 new high-quality jobs and retain 12 full-time positions. The proposed Development Agreement would provide Underground Magnetics a 90% incremental property tax rebate for five years – not to exceed $803,290.00. The company is also seeking up $325,000.00 in assistance through the Iowa Economic Development Authority (in the form of investment tax credits and sales tax refunds for construction costs).