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Mr. Jonathan Lowell November 25, 2015 Page 7 If the City chooses the option of having 309 Neal sold for re-use as a private residence, then we need to oversee the sale. I am not a realtor, but Investment Real Estate Company, Mike Carey, Broker, has offered to handle the sale of the property for only a 1% commission, in light of the historic and public purposes associated with this sale. We would cooperate with the buyers' brokers up to a 2% commission —so cost of sale would total only 3%. Mike will not accept dual agency, to avoid the potential for conflict of interest or later allegations about non-disclosure etc.. I believe this marketing plan would result in the multiple listing exposure needed to achieve maximum value for this historic property. Mike Carey is one of the most knowledgeable brokers about downtown properties, their value, and the unique requirements of historic properties. Should the City determine to authorize the historic endowment rather than keep 309 Neal Street as a public building, I will ask authorization to implement this marketing plan. 2. The Jean Jones Endowment. I asked the Amador Livermore Valley Historical Society to outline how the Jean Jones Memorial Endowment would be created and administered. Their Board has produced and adopted the resolution attached (Attachment 6). It can be modified if the City has any further edits or direction. The Resolution provides for management of the endowment by a committee of the Board. No more than 5% of the endowment can be expended in any year, and then only if the corpus of the endowment is greater than $750,000. There will be an annual financial report to the Board and City Manager of all expenditures. The endowment cannot be modified without the approval of the Board and the City Attorney. I am satisfied that this arrangement would carry out Jean Jones' wishes for her bequest. The City as beneficiary would need to confirm that it approves the form of the endowment. 3. Memorials for Jean Jones. The Jean Team of people who knew and cared for Jean Jones as a kind and neighborly soul want her memory to be preserved. In fulfillment of that goal, the Historical Society plans to create a special display case in memory of Jean Jones, using the photos and artifacts which it has cataloged from 309 Neal Street. Second, the Historic Study is a splendid history of the home and people who inhabited it, including precious photographs from its history, many including Jean. Third, the Pleasanton Heritage Association is investigating creating a historic monument and plaque, for placement at a location by the sidewalk on 309 Neal Street where it could be read by passersby. The plaque may include a paragraph about this historic property (Pleasanton's first hospital, etc.) and the monument on which the plaque is located could include statutory or an artistic engraving depicting, for example, one of Jean's cats. Finally, the preservation and renovation of the home itself serves as a memorial to Jean Jones. We hope these actions will fulfill Jean's desire to have her memory and the history of this home