Town of Lapel Resolution Community Partnership Agreement with State Bank 2026-06-01
Lapel Approves State Bank Park Naming Rights Deal
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Description
The Town of Lapel approved a ten-year Park Naming Rights and Community Partnership Agreement with State Bank, renaming Central Park to State Bank Park and authorizing a one-time $5,000 contribution along with State Bank’s assumption of park maintenance, signage updates, and flag display renovation. The Parks Board is empowered to manage the detailed maintenance obligations under the agreement.
Contract Details
Contract Amount
$5,000 plus ongoing park maintenance and renovation funding
Vendor
STATE BANK
Agency
Town of Lapel town, IN
Contract Type
OTHER
Document Date
June 1, 2026
Contract Term
Ten (10) year term beginning upon execution of the Agreement
Renewal Info
Agreement has a ten-year term beginning upon execution; upon expiration or earlier termination, naming rights revert to the Town and the Town Council will determine the park’s name by separate action. The Parks Board may approve amendments to the Maintenance Exhibit that do not increase the Town’s financial obligations without further Council action.
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