Thursday, December 12 2013 11:47 PM EST2013-12-13 04:47:22 GMT
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A Duluth High School senior has been suspended for one year and won't graduate on time for hugging a teacher last month.More >>
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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
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.