Toledo City Council today approved the city's share of a multi-million incentive package to keep Owens Corning and its 1,250 employees in the city.
Members also voted to contribute $10,000 toward the cost of maintaining the historic downtown Spitzer Building in hopes that a new owner will take over the downtown structure.
Council voted 11-0 in favor of three separate ordinances to approve the Owens Corning package and 10-0 in favor of the money for the Spitzer Building.
Councilman Shaun Enright was not present for the regular meeting and Councilman D. Michael Collins left before the Spitzer vote.
The $7 million package approved by the city will keep the Fortune 500 company in downtown Toledo until at least 2030 instead of possibly leaving when its lease on its headquarters expires in 2015. The company has agreed to add 50 jobs downtown within three years.
The $10,000 for the Spitzer Building would be added to $5,000 that has been allocated by the Bell administration. It does not require council approval for expenditures of less than $10,000. Deputy Mayor Paul Syring said the Toledo-Lucas County Port Authority and the Lucas County Land Bank have been asked to each give $15,000.
Mr. Syring said $45,000 is needed to “properly close the building,” pay utility bills, operate the fire-suppression system, secure the elevators, and other costs.
The 117-year-old, 10-story building will close Dec. 1, when the tenants must move out.