Sartell Closes Deal With Niron Magnetics For New Massive Manufacturing Facility

(KNSI) – Sartell announced in a news post on its website late Friday the closing of its deal with Niron Magnetics.

The Twin Cities-based company manufactures magnets for industrial uses without using rare earth minerals. Sartell will be their first-ever full-scale production facility.

The deal totals 79 acres of public property along 4th Avenue South. Sartell agreed to infrastructure reimbursements through a Tax Increment Financing district, a write-down of the land value, and waiving of certain city fees. Niron is promising 50 full-time jobs within two years of construction being completed. Another 125 would be added between years three and four.

Groundbreaking for the plant is expected in the fall. The 155,000 square foot facility is required to open by December 31st, 2028. City officials say it is the biggest commercial investment in Sartell since the old Verso Paper Mill, which was destroyed in an explosion in May 2012. The city is currently shopping the mill site for commercial redevelopment.

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