City working out deal to keep Owens Corning in Toledo - Toledo News Now, Breaking News, Weather, Sports, Toledo

City working out deal to keep Owens Corning in Toledo

Posted: Updated:
TOLEDO, OH (Toledo News Now) -

The City of Toledo is working toward extending a lease agreement with Owens Corning.

According to a city spokesperson, the city has been working with Owens Corning to develop an incentive package to support a decision by Owens to stay at its current location in downtown Toledo, its world headquarters.

The agreement would extend the company's lease for an additional eight years and includes provisions for tax financing. The city would also agree to transfer the property, currently owned by the City of Toledo, to Owens Corning if they remain at the site for 15 additional years.

Legislation is expected to appear before city council next week for consideration.

Copyright 2013 Toledo News Now. All rights reserved.