Non-newspaper ads:In 1989, the H. Freedlander Company, donated its downtown Wooster retail department store 1989

Non-newspaper ads:In 1989, the H. Freedlander Company, donated its downtown Wooster retail department store 1989
Organization name	Freedlander's
Creator	Wooster Growth Group
Date of publication	1989
Publication title	Wooster Growth Corporation Financial Statement to the State of Ohio Office of Auditor: 1989 Note 2 Other Agreements and Significant Events
Page number
Volume & Issue
Source website	None
Industry sector	Retail
Subindustry	General Merchandise Stores

"Freedlander Property In 1989, the H. Freedlander Company, donated its downtown Wooster retail department store building to the City of Wooster. Shortly thereafter, the City passed Ordinance No. 1989-43 granting title of the property to Wooster Growth Corporation. The property’s fair market value at the date of gift was approximated at $ 1,251,450 based upon valuations provided by the Wayne County Auditor’s Office. On September 7, 1989, Wooster Growth Corporation entered into a lease agreement with L.H.B., Inc. by which L.H.B., Inc. pays a nominal annual rental for use of the property (L.H.B., Inc. operates the Freedlander’s Department Store). The intent of the nominal rental is to insure the continuance of the retail establishment’s contribution to the vitality of downtown Wooster. Based on historical performance, it is unlikely that the Freedlander property will produce material cash inflows for the Wooster Growth Corporation. Accordingly, the property is considered impaired and an allowance equal to the market value at date of gift has been recorded. The agreement extends for five years with the options to renew by L.H.B., Inc. for up to six, five-year lease periods. The first five-year renewal was entered into September, 1994. L.H.B. continues to occupy the premises as of December 31, 2000. However, a second five-year renewal contract, due to be executed during September 1999, remains un-signed and is under negotiation. Renewals are subject to change regarding the calculation base for annual rentals, which have historically been based on the federal taxable income of L.H.B., Inc. Taxes, insurance, maintenance and repairs, and utilities are the responsibility of L.H.B., Inc. Costs associated with major structural alterations or improvements to the property will be born by L.H.B., Inc., and only undertaken after obtaining the consent of Wooster Growth Corporation"