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UPDATE: Gibraltar deal eases Crown Hill worries

February 6, 2007

The $15 million contribution to Crown Hill Cemetery’s perpetual care fund by Gibraltar Remembrance Services LLC stabilizes the cemetery’s future, said cemetery President Keith Norwalk.

 

The contribution means long-term maintenance of the 550-acre cemetery is adequately funded, Norwalk said.

 

“We are tremendously enriched,” he said. “Our fund has a very promising future.”

 

Crown Hill announced this morning that Gibraltar agreed to transfer the $15 million to the fund in exchange for taking over sales and maintenance of the 550-acre cemetery and operation of Crown Hill Funeral Home. A company Gibraltar created to operate the cemetery, Crown Hill Management LLC, will receive revenue from sales and service, and pay all expenses.

 

Gibraltar, based in Indianapolis, is co-owned by brothers Tim and Jay Brammer. The Brammers, who have a 50-year history in the cemetery and mortuary business, formerly owned Gibraltar Mausoleum Co.

 

The $15 million doubles the size of Crown Hill’s care fund to $30 million. An additional $5 million will be added to the fund if the historic cemetery succeeds in selling 70 acres to Mann Properties LLC, an Indianapolis developer that wants to build three residential subdivisions and a retail strip at the southeast corner of Michigan Road and 42nd Street.

Norwalk said the deal with Gibraltar won't affect the property sale to Mann.

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