Underground Magnets plans to build a $6.5 million, 38,000-square-foot office and warehouse at 5401 N.W. Beaver Drive in Johnston. Rendering special to the Business Record

Underground Magnets, a design, engineering and sale firm for horizontal directional drilling systems, plans to build a $6.5 million, 38,000-square-foot office and warehouse on 13 acres at 5401 N.W. Beaver Drive in Johnston. About 18,000 square feet of space will be for high-end offices; 20,000 square feet will be for warehouse space. The company also has offices at 5501 N.W. Beaver Drive, also in Johnston. The City Council this week approved a development agreement with Underground Magnet that provides up to $803,290 of tax increment financing over five years. In return, the company has agreed to retain its current eight full-time positions and add four additional full-time jobs no later than July 1, 2022, when construction of the project is expected to be completed.