Owens Corning, city council continue with property deal - Toledo News Now, Breaking News, Weather, Sports, Toledo

Owens Corning, city council continue with property deal

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TOLEDO, OH (Toledo News Now) -

The deal dates back to 1995, to have Owens Corning relocate to its new world headquarters facility in downtown Toledo, in a building owned by the Toledo-Lucas County Port Authority, on land owned by the City of Toledo.

Now, the company is looking to exercise its option to extend its lease by 20 years, with the port taking out bonds to pay for major upgrades.

"Our board authorized the issuance of up to $8 million, which will provide improvements to the building and the site, as well as allow us to refinance some of the debt that will have to be paid off in 2015," says Port Authority President Paul Toth.

As the company anticipates adding 50 jobs over the next 3 years, Toth says keeping the company in town is a must to try to grow the local economy.

"Owens Corning has long been an anchor for northwest Ohio," he said. "This is 1,250 jobs, $200 million in payroll. It would take you forever to try to replicate that. There are now companies that have been set up to support Owens Corning, there's all kinds of spin-off jobs; it's enormous."

Toledo City Council held a committee hearing Thursday to review legislation to transfer land to the company if it stays on site for an additional 15 years.  

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