Indiana town names street for family after $2.5M donation

LAPEL, Ind. (AP) - A central Indiana town is naming a street in honor of a family that gave $2.5 million toward an endowment for the community.

The Lapel Town Council recently voted to put the name Cascadden Boulevard on a street near Lapel High School.

Olivia Cascadden, whose family owned a grocery store and a quarry, died in 2015 at age 99, The (Anderson) Herald Bulletin reported. Through the Earle Selkirk and Olivia Cascadden Fund, the donation to the Madison County Community Foundation was to benefit the Lapel community.

The town will receive the interest earned every even-numbered year. Interest in the odd-numbered years will be used for scholarships for students at Lapel High School.

Starting in the 11th year, the foundation will distribute $100,000 plus any interest, with the expectation that the money would be totally distributed in 25 years. Any money left at that time would be given to the town of Lapel.