Council approves measure to keep Owens Corning in Toledo - Toledo News Now, News, Weather, Sports, Toledo, OH

Council approves measure to keep Owens Corning in Toledo

TOLEDO, OH (Toledo News Now) -

Toledo City Council has said OK to OC, approving measures to extend the lease of land for the Owens Corning world headquarters facility.

The deal calls for the land to transfer to the company if it stays on site for an additional 15 years. Owens Corning (OC) moved into its current location in 1996, and through lease extensions with the city and the Port Authority, which owns the building, the company will be staying there for another two decades.

"That gives us certainty about the future costs being located here and allows us to make a renewed commitment to have a presence here in Toledo as we've had for the past 75 years," said Brian McPeak, vice president of external affairs for Owens Corning.

Councilman George Sarantou says besides retaining 1,250 jobs, which generate roughly $3 million in annual income tax revenue for the city, he points out the extension provides for OC to make payments in lieu of taxes to TPS in future years.

"Toledo Public Schools is going to get an additional $450,000 per year in revenue, which is important for our community," Sarantou said.

Charlie Chambers, director of manufacturing and technology for the Toledo Regional Chamber of Commerce, says keeping the company here is also an important quality of life issue, since Owens Corning supports many local events and causes.

"They're a very quiet company, you don't hear from them often, but they're in the background supporting our charities, supporting our activities," he said.     

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Copyright 2013 Toledo News Now. All rights reserved.

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