COLUMBUS AWARDED $1.5 MILLION TO CLEAN UP THE FORMER DOWNTOWN LAZARUS AND BROAD & HIGH STREET PROPERTIES

FOR IMMEDIATE RELEASE
March 14, 2005

Columbus, OH -- Lieutenant Governor Bruce Johnson today announced that the City of Columbus will receive $1.5 million from the Clean Ohio Assistance Fund (COAF) for brownfield cleanup activities at the former downtown Lazarus Department Store and Broad & High properties.

“I’m pleased that the State of Ohio is participating in these exciting projects that promises to revitalize the heart of the capital city,” said Johnson, who also serves as director of the Ohio Department of Development (ODOD). “Transforming these once vibrant Columbus landmarks into viable commercial and residential developments will have a positive economic impact on the downtown.”

The City of Columbus will receive $750,000 from the COAF, approved today by the State Controlling Board, for the remediation of the property located at the northeast corner of Broad and High streets. The funds will be used for asbestos removal, waste disposal and demolition. A $14 million redevelopment project is proposed for the site, which will include 24 luxury condominiums, parking facilities, retail establishments and a street-level television studio.

The City of Columbus will also receive $750,000 from the COAF, approved today by the State Controlling Board, for the cleanup and remediation of the former Lazarus Department Store property located at 141 South High Street. The 1.1 million square-foot building was constructed in 1909 and formerly housed the original Lazarus Department Store, which closed last year. COAF funds will be used for asbestos removal and waste disposal. RiverSouth Community Authority, which owns the property, will issue $900,000 in bonds as matching funds for the remediation and reporting activities. The Georgetown Companies plans to invest more than $70 million to redevelop the space as the Columbus Center for Arts and Sciences. Once the property is fully developed, the property will consist of 1.1 million square feet of office, research, retail, restaurant and parking space. Approximately 2,470 employees will occupy the building once the redevelopment effort is completed.

Money from the $10 million COAF, administered by the ODOD, must be used for Phase I and II Environmental Assessments, brownfield redevelopment or public health projects. Projects located in situational distressed, inner distressed, distressed or labor surplus cities are eligible for funding. The City of Columbus is identified as a Priority Investment Area and is a distressed inner city, therefore qualifying for assistance. Projects are evaluated based on economic benefit; environmental improvement, including public health benefit; appropriateness and reasonableness of the proposed project and the financial condition of the community.