97-06-06 Trustees: Firestone Contract

TRUSTEES APPROVE CONTRACT FOR SALE OF FIRESTONE PROPERTY

     COLUMBUS -- The Ohio State University Board of Trustees
today (6/6) approved the contract with John Chlebina of Bath,
Ohio, for the purchase of the 1,503-acre Firestone estate located
primarily in Bath Township, Summit County, for $12 million.  The
board also authorized a contingent agreement with the Trust for
Public Land as a back-up plan.

     The terms and conditions of the sale to Chlebina are: $12
million cash -- a $500,000 deposit previously received on
execution of the contract and another $500,000 deposit to be
received in the next 60 days, 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 earlier had submitted
a significantly lower offer.  Based on those negotiations, the
university determined that Chlebina's proposal is the offer that
best meets Ohio State's interest.

     Two days before the Trustees' meeting, the Trust for Public
Land sent the university a written indication of interest
proposing a purchase on the same $12 million economic terms as
the Chlebina contract.  The university consistently has
encouraged the Trust to participate in the process, but previous
expressions of interest fell short of constituting a competitive
offer.

     University board approval of the Chlebina offer means the
university will move ahead with the pre-existing contract for the
sale and expect to close in early October.  But, because of the
Trust's new proposal, the university board also authorized the
university to enter into a contingent purchase agreement with the
Trust, subject only to the university's agreement with John
Chlebina.

     The sale 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 and the various acquisition and disposition
expenses.

                             #

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


[Submitted by: Von Vargas  (vargas.12@osu.edu)
               
Fri, 6 Jun 1997 16:03:31 -0400 (EDT)]
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