Folks in the struggling community of Osgood, Ind., had special reason to be thankful this Thanksgiving because of the benevolence of a couple who left the town $22 million.
Gilmore and Golda Reynolds, who amassed a fortune through shrewd stock market investments and lived modestly across the street from a pawn shop, set up a foundation that will benefit Osgood for years to come, the Cincinnati Post reported today.
Osgood, a community 42 miles west of Cincinnati, has faced economic adversity for years, aggravated by the loss last year of its largest industry, a shoe factory, the newspaper said.
It sits in a Farm Belt area whose crops provide the biggest source of income for its 1,800 residents.
"We need some kind of economic development here. We don't have nothing," Becky Walker, a night manager of a fast-food market, told the paper.
Neil Cromer, attorney for Golda Reynolds, who died last year at 98, told the newspaper that the foundation will continue indefinitely because the $22 million principal will remain intact. Interest will be used to finance a wide variety of needed town projects. It could even be used in part to reduce local taxes, he said.
The foundation already has donated $120,000 to provide a storm water and sewer construction project, the paper reported.