State funds set aside to compensate Lebanon for the loss of a horse racing venue may help bring a new local bank headquarters to the downtown area, the Dayton Daily News reports. When racinos were legalized in Ohio, state law provided for $3 million in redevelopment funds to be designated for each community that lost a race track; the city of Lebanon received $1.5 million, with the other $1.5 million going to the county. The city is expected to commit “[a]s much as $700,000” of its share of the funds for the cleanup of 11 properties that “are being demolished to make way for a $6 million LCNB administrative center.” The site “is considered a brownfield contaminated with pollutants, including those remaining beneath a former gasoline station. The funds help limit the bank’s liability,” according to the article. Construction could begin on the 45,000 square foot building in December of this year. For more, read the full article.
Lebanon committing racetrack development funds to new bank HQ
