State funds set aside to redevelop communities that lost horse racing tracks due to the legalization of racinos in Ohio will be used to help pay for a new administrative headquarters for LCNB Bank.
On Friday, the city of Lebanon revealed LCNB would be moving into a three-story, 45,000 square foot building on the northwest corner of Broadway and Silver streets, across from the bank’s current headquarters.
According to a release, the money will come from up to $3 million in grant funding in state funds the city and Warren County will share from the Ohio Racetrack Facility Community Economic Redevelopment Fund.
The funds come to the community due to relocation of the former Lebanon Raceway to the Miami Valley Gaming facility west of the city in Turtlecreek Twp., just east of the Interstate 75.
“The new facility will serve as the bank’s administrative services center, providing the 138 year-old financial institution the space to expand its operations, while offering the downtown more modern office and retail space for new business growth,” according to the release.
Bank officials expressed support for the plan enabling it to expand its administrative offices in downtown Lebanon.
“The support of the City of Lebanon, Warren County, and the State in making this project a reality demonstrates a commitment to helping businesses grow”, Steve Foster, President of LCNB National Bank, said in the release.
The city is also planning to use the state funds to help redevelop the North Broadway corridor also includes the demolition of the former Public Works facility at 511 North Broadway as a five acre, “build-ready site” for new development, according to the release.
“This grant program is a collaborative effort between the State, Warren County and the City, and will support high impact projects that will help ensure the continued economic vitality of our downtown area,” said City Manager Pat Clements.