NEWS RELEASE

Mayor Jennifer P. Dougherty

CONTACT: Nancy Gregg Poss, Public Information Officer, 301-360-3842

FOR IMMEDIATE RELEASE: Friday, March 7, 2003

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BOSCOV’S DEPARTMENT STORE

COMING TO GOLDEN MILE

Frederick, Md. --- After six months of negotiations, the City of Frederick expects to welcome a major retailer to the Golden Mile early next week. Boscov’s Department Stores, a retailer with more than 75 years of history, is expected to sign a lease with Frederick Towne Mall for nearly 200,000 square feet of space in the recently vacated JCPenney building.

Albert Boscov, Owner/CEO of Boscov’s Department Stores, phoned Mayor Dougherty today to say he was more optimistic than ever that he will come to terms with the owners of the mall early next week. Boscov has submitted site plans to the City of Frederick Planning Commission and hopes to receive approval on Monday, March 10. “I look forward to being in Frederick,” stated Boscov.

Boscov cited three main reasons for selecting Frederick as a location for his family business. (1) The City of Frederick is a destination location; (2) the Golden Mile in Frederick is a good retail location that attracts hundreds of thousands of customers annually; and (3) the proactive steps taken in recent weeks by the Mayor and Board of Aldermen and the Board of County Commissioners in establishing the Golden Mile Tax Credit District encouraged Boscov. Boscov indicated the recent adoption of the Golden Mile Tax Credit District was a key element in his final decision.

The Mayor, although optimistic with the Boscov’s commitment to the Golden Mile, cautions that this deal is not 100% complete, but all signs indicate the City of Frederick will see a new major retailer on the west side of town by the 2003 holiday season. “Mr. Boscov is a true entrepreneur who does not take unnecessary risks,” stated the Mayor. She added, “He knows Frederick is a true destination location and we are pleased that we were able to do our part in attracting him to our City.”

Richard Griffin, director of Economic Development for the City, stated “This is a terrific opportunity to jumpstart the revitalization efforts along the Golden Mile and particularly Frederick Towne Mall.” The Department of Economic Development is currently working with property owners and businesses along the Golden Mile to initiate revitalization efforts in the new tax credit district.

Tom Bradley, general manager for the Frederick Towne Mall, emphasized this project has been years in the making. “Boscov’s will be a great addition to the Frederick Towne Mall and will spark future redevelopment over the next few years.”

Boscov's Department Stores currently has 38 stores reaching across 5 states in the Mid-Atlantic region of the country. The Frederick store will be the third store in Maryland, joining Salisbury and a store in Westminster that is slated to open in April 2003. It is estimated that Boscov’s will employ approximately 400 employees from the Frederick area.

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