OTHERPENDING

Town of Lapel Agreement Park Naming Rights and Community Partnership Agreement 2026-06-23

Lapel Grants State Bank Park Naming Rights

$5,000.00 one-time donation plus ongoing, uncapped park maintenance, flag display renovation, and signage costsTown of Lapel townSTATE BANKJune 23, 2026

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Description

The Town of Lapel is entering into a ten-year naming rights and community partnership agreement with State Bank, under which the park currently known as Central Park will be renamed “State Bank Park.” In return, State Bank will provide a $5,000 community investment, assume annual park maintenance costs, fully fund a renovation of the park’s flag display, and pay for new park and trailhead signage and their upkeep.

Contract Details

Contract Amount

$5,000.00 one-time donation plus ongoing, uncapped park maintenance, flag display renovation, and signage costs

Vendor

STATE BANK

Agency

Town of Lapel town, IN

Contract Type

OTHER

Document Date

June 23, 2026

Contract Term

Ten (10) years from execution date, expiring in 2036, with option to renew for additional terms by mutual agreement

Renewal Date

2036-12-31

Renewal Info

Initial ten-year term expiring in 2036, with option for one or more additional renewal terms on mutually negotiated terms agreed to in writing prior to expiration. Agreement may be terminated early for cause or by either party under specified notice and conditions, including pro-rated refund of any prepaid maintenance contributions if the Town terminates for public interest reasons.