8-24-04 - Sherman's newest industry officially opened its doors Tuesday. Certainteed, an insulation manufacturer, has taken over an industrial center that stood idle for four years.
The company has hired 50 local employees, and assumed control of the Libby-Owens Ford building, which used to make auto glass.
The state of Texas actually bought the plant to lease to Certainteed, using money from the Texas School Fund. Interest generated on the property and lease payments will serve as an investment for this fund.
The inventive deal put together by Sherman won a statewide award this week. It made headlines because state ownership of the property removed it from local tax rolls. But Certainteed wrote the Sherman ISD a check to make up for the lost property taxes.
The company has also added more than 12 million dollars in capital investment to the city's tax rolls. The development won’t stop with 50 employees. Certainteed expects a Phase Two in the next two years – an expansion that would bring even more jobs to the area.