La-Z-Boy Furniture's corporate headquarters have been on North Telegraph Road in Monroe since 1927, but they'll soon be moving.
The 500 employees aren't going far, though. The company will move into a $50 million building on land currently owned by the Sisters Servants of the Immaculate Heart and Mary Order. The purchase price for the 120 acres was not disclosed.
"Five hundred employees that will stay, live within the region is significant," said Mayor Robert Clark. "Not only to economic stability but the livelihood here in Monroe."
He added that La-Z-Boy had been approached by Ohio and other Michigan cities to re-locate, but the city, county and state put together a $4 million incentive package to stay put.
The company is also being given a tax abatement.
"There's a 9-year program," Clark said. "The first six years will not be taxable, but then there will be 25 percent increments over the next three. It gets them stabilized, gets us a return."
Mayor Clark said groundbreaking for the new headquarters is expected early next summer.
Copyright 2013 Toledo News Now. All rights reserved.