12-2-94 Trustees Authorize Land Gift Purchase

TRUSTEES AUTHORIZE PURCHASE OF FIRESTONE PROPERTY

     COLUMBUS -- In fulfillment of a gift agreement made some
seven years ago, The Ohio State University Board of Trustees
Friday (12/2) authorized university officials to purchase 1,503
acres of land in Bath, Ohio, from the estate of Raymond C.
Firestone, who died Sept. 9.  The board's formal approval was
necessary in order to move forward on the real estate closing.

     Firestone, the retired chairman and chief executive officer
of the Firestone Tire & Rubber Co., had wished to make a major
gift to Ohio State.  In 1987, he entered into an agreement with
the university in which Ohio State agreed to buy Lauray Farms,
the Firestone family's estate in Bath Township, Summit County,
after his death.  The property includes the family home, horse
stables, barns, about a dozen houses leased primarily to
employees of Lauray Farms, and undeveloped land.

     The university agreed that it would pay $5 million for the
property, which had been appraised at $8 million.  The difference
between the purchase price and the estate's appraised value
represents Firestone's gift.

     "As this state's largest and most comprehensive university,
Ohio State for many years has been a great asset to the Akron
area, as well as all of Ohio," Firestone said in announcing the
gift in 1987.  "I believe strongly that, by making this gift to
Ohio State University, I am supporting the entire state.  I am
pleased to assist this fine institution in its ongoing efforts to
educate our state's young people."

     University Trustee David L. Brennan is heading an ad hoc
advisory committee which will look at various options for selling
the property so that the proceeds may be used to support the
university.  Other members of the committee include John W.
Kessler and Milton A. Wolf, also university trustees, and John
Ong, president of B.F. Goodrich; several other members are
expected to be named soon.

     The size of the estate and the undeveloped nature of most of
the land will require careful consideration of its uses, Brennan
said.  In the meantime, current tenants are being encouraged to
remain on the property and plans are under way to ensure that it
is properly maintained.

     "This property is a unique asset for helping Ohio State and
the Bath and Akron area," he said.  "The university certainly
will act responsibly here."

     Brennan emphasized that Ohio State will discuss with the
Bath Township trustees, Summit County officials, and the
community as plans are developed for the property.

     In making the gift, Firestone gave the university discretion
in choosing how the proceeds would be spent.  Brennan said the
university officials will be considering in the coming months how
best the gift could support continuing programs or new
initiatives and be a fitting memorial to Firestone.

                                #

Contact: Robert Haverkamp, Office of Business & Administration,
(614) 292-7970.


[Submitted by: REIDV  (reidv@ccgate.ucomm.ohio-state.edu)
               
Fri, 02 Dec 1994 16:46:21 -0500 (EST)]
All documents are the responsibility of their originator.