97-05-29 OSU Signs Contract on Firestone Estate

UNIVERSITY SIGNS CONTRACT WITH CHLEBINA ON FIRESTONE PROPERTY

     COLUMBUS -- Ohio State University officials Tuesday (5/27)
signed a preliminary contract with John Chlebina for sale of the
1,503-acre Firestone estate located primarily in Bath Township,
Summit County.  Chlebina is a resident of Bath Township.

     The contract will be presented for approval June 6 at the
next regular meeting of the university’s Board of Trustees, which
must authorize the sale.

     The sale price is $12 million and is expected to net the
university approximately $2.9 million, which, in accordance with
the wishes of the late Raymond Firestone, will be invested in the
university’s endowment and provide a lasting source of support
for university programs.  The difference between the selling
price and the net gain reflects the $5 million cost of buying the
property as well as the cost of maintaining it from January 1995
through the expected October 1997 closing, as well as the various
acquisition and disposition expenses.

     The terms and conditions of the sale are: $12 million cash
-- a $500,000 deposit received on execution of the contract,
another $500,000 deposit within 60 days of approval by the Board
of Trustees, and the remaining $11 million cash on closing --
with no contingencies except for title examination.

     The university’s sales and marketing consulting firm for
this project, The Galbreath Company, coordinated negotiations
with Chlebina and other parties interested in the property,
including the Trust for Public Land, which also submitted an
offer.  Based on the negotiations, the university determined that
Chlebina’s proposal is the offer that best meets Ohio State’s
interests and will recommend the contract to the Board of
Trustees on June 6.

                             #

Contact: Robert Haverkamp, assistant vice president for business
and administration, (614) 292-7970.


[Submitted by: Von Vargas  (vargas.12@osu.edu)
               
Thu, 29 May 1997 11:00:32 -0400 (EDT)]
All documents are the responsibility of their originator.