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• <br /> RECOMMENDATION <br /> Have estate proceeds held and managed by the City, from which the City will provide <br /> funds to the ALVHS to support historic building preservation and local history. <br /> FINANCIAL STATEMENT <br /> City staff are already available to manage investments. There would be de minimis <br /> costs for staff to add the estate proceeds as a separate account to manage and make <br /> disbursements to the ALVHS. <br /> BACKGROUND <br /> Jean Jones was a longtime Pleasanton resident who lived at 309 Neal Street. Ms. <br /> Jones died in 2015 and named the City as the sole beneficiary of her estate. As <br /> permitted by Ms. Jones' will (Attachment 1) and pursuant to Council's February 2nd <br /> direction, her home has been sold for $1,050,000 subject to a historic preservation <br /> easement and right to install a commemorative plaque. With other assets, Ms. Jones' <br /> estate now totals approximately $1,300,000. <br /> Per Ms. Jones' will: "...trust assets shall be distributed outright and free of trust to the <br /> City of Pleasanton, a municipal corporation, and used for historical building preservation <br /> purposes." (See Article Two, Section 2.1, (d).) <br /> At the Council's February 2nd meeting, the Council was provided a copy of the Amador <br /> Livermore Valley Historical Society's (ALVHS) Endowment Fund Resolution <br /> (Attachment 2) setting forth how a Jean Jones Memorial Endowment would be <br /> managed by the ALVHS. The resolution generally limits distributions to 5% a year once <br /> the endowment's balance reaches $800,000.1 Distributions can be used for "general <br /> operating expenses, educational programs, capital expenses, or projects deemed <br /> appropriate within the purpose/mission of the ALVHS/Museum on Main as set out in its <br /> articles of incorporation and by-laws." (See Section 1.04, bullet two.) Distributions <br /> would not be made if the fund balance falls below $750,000. A vote of 90% of the board <br /> of directors could permit expenditures beyond the 5% distribution. A copy of the annual <br /> report "concerning the operations of the Endowment Fund" would be sent to the City <br /> Manager. (See Section 2.0.) Changes to the fund guidelines are subject to City <br /> approval. (See Section 3.0.) <br /> The ALVHS has also submitted an Agreement regarding Historic Recognition Program <br /> between the ALVHS and Pleasanton Heritage Association (PHA), Attachment 3. This <br /> agreement provides that if the ALVHS receives Ms. Jones' estate proceeds and funds <br /> the proposed endowment, then $5,000 per year would be provided for the PHA's <br /> Historic Recognition Program. <br /> Since 2011 the City has contracted with the ALVHS for "providing programs and events <br /> that preserve and commemorate the history of Pleasanton and the Livermore Valley", <br /> including work at the Alviso Adobe. This contract has been annually renewed, and <br /> 5%of$800,000= $40,000. 5%of$1,300,000 =$65,000. <br /> Page 2 of 4 <br />