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