Agenda 11/12/2019 Item #16D 9 (Budget Amentdment and distribution for the CC Public Library)11/12/2019
EXECUTIVE SUMMARY
Recommendation to approve a Resolution authorizing the County Manager to sign all documents
required to accept an initial distribution from The Harvey M. Shreve Jr. Irrevocable Trust of 1997
(Trust), in the amount of $1,600,000 and any subsequent distributions to the Collier County Public
Library, and to approve any necessary Budget Amendments.
OBJECTIVE: To accept the initial distribution from the Trust in the estimated sum of $1,600,000 to the
Collier County Library Division (Library) as well as any future distributions.
CONSIDERATIONS: The Board of County Commissioners (Board) was notified by The Northern Trust
Company that the Library is a five percent (5%) residuary beneficiary of the Trust. The Trust is prepared
to make an initial distribution of the Library’s residuary share of the Trust in the estimated amount of
$1,600,000 and plans to make subsequent future distributions of the remaining reserves to the Library.
Fees for legal services, as well as other administrative fees, were deducted from the Library’s initial share
of the Trust and will be deducted from future disbursements to the Library as is customary in such cases.
Mr. Shreve’s wife, Sarah Anne Shreve, predeceased him. Her estate is being administered in probate
court and certain documents are necessary to be signed by the Library as a qualified beneficiary of her
estate. A qualified beneficiary is entitled to receive the income or principal if the current recipients’ (Mr.
Shreve) rights are terminated.
The proposed resolution provides that:
1. The donation of monies by the Trust to the Collier County Public Library serves a valid public
purpose.
2. The Board will accept, on behalf of the Library, a wire in the amount of $1,600,000, and all
future distributions, if any, from the Trust. As custodian of County Funds, the Clerk of Courts
and its Finance Director and their successors in position are authorized to provide to the Trust
and its representative's written transfer instructions and otherwise communicate with the Trust to
facilitate the Board’s receipt of the funds.
3. The $1,600,000 and any and all future funds received from the Trust, less any administrative
fees and expenses, shall be given to and deposited by the Clerk of Courts, and that the budget of
the “Library Donation - Project Fund” shall be amended accordingly reflecting that the funds are
deposited for its use.
4. The County Manager or designee is authorized to execute all documents required to process and
otherwise accept the donation of monies by the Trust.
5. The County Manager or designee is also authorized to execute Probate Court documents needed
at the closing of the Sarah Anne Shreve Estate and Harvey M. Shreve, Jr. Estate.
Documents required to be signed include, but are not limited to: Approval of Accounts and Distribution
Agreement and Waiver of Accounting, Portions of Petition for Discharge and Service of Petition for
Discharge; Receipt of Beneficiary and Consent to Discharge. All required documents will be routed to the
County Manager or designee after approved for legality by The Office of the County Attorney.
16.D.9
Packet Pg. 1567
11/12/2019
FISCAL IMPACT: The initial distribution of $1,600,000 and all future distributions provided by the
Trust in the will be recognized and budgeted in Library Donations Fund (129), Fund Center 156112,
Shreve Trust Project/Grant No. 46047 . There is no requirement for a County match.
LEGAL CONSIDERATIONS: This Item is approved for form and legality and requires a majority vote
for Board approval. -JAB
GROWTH MANAGEMENT IMPACT: None
RECOMMENDATION: To approve a Resolution authorizing the County Manager to sign all
documents required to accept an initial distribution from The Harvey M. Shreve Jr. Irrevocable Trust of
1997, in the amount of $1,600,000 and any subsequent distributions to the Collier County Public Library,
and to approve any necessary Budget Amendments.
Prepared By: Tanya Williams, Director, Library Division
ATTACHMENT(S)
1. Cohen&Grisby Letter.05.13.19 (PDF)
2. Resolution SHREVE DONATION CAO STAMPED.10.22.19 (PDF)
3. Shreve Irrevocable Trust_Northern Trust letter (PDF)
4. Shreve Refunding Agreement_CAO STAMPED (PDF)
16.D.9
Packet Pg. 1568
11/12/2019
COLLIER COUNTY
Board of County Commissioners
Item Number: 16.D.9
Doc ID: 10649
Item Summary: Recommendation to approve a Resolution authorizing the County Manager to
sign all documents required to accept an initial distribution from The Harvey M. Shreve Jr. Irrevocable
Trust of 1997 (Trust), in the amount of $1,600,000 and any subsequent distributions to the Collier County
Public Library, and to approve any necessary Budget Amendments.
Meeting Date: 11/12/2019
Prepared by:
Title: Administrative Assistant – Library
Name: Karen Tibbetts
10/23/2019 10:24 AM
Submitted by:
Title: Assistant Division Director - Library – Library
Name: Tanya Williams
10/23/2019 10:24 AM
Approved By:
Review:
Library Tanya Williams Additional Reviewer Completed 10/23/2019 12:07 PM
Public Services Department Kimberley Grant Level 1 Reviewer Completed 10/23/2019 1:31 PM
Public Services Department Todd Henry Level 1 Division Reviewer Completed 10/23/2019 1:50 PM
County Attorney's Office Jennifer Belpedio Level 2 Attorney of Record Review Completed 10/23/2019 4:06 PM
Grants Erica Robinson Level 2 Grants Review Completed 10/24/2019 2:28 PM
Public Services Department Steve Carnell Level 2 Division Administrator Review Completed 10/24/2019 4:37 PM
Office of Management and Budget Valerie Fleming Level 3 OMB Gatekeeper Review Completed 10/24/2019 5:01 PM
County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 10/25/2019 11:18 AM
Budget and Management Office Ed Finn Additional Reviewer Completed 10/29/2019 4:12 PM
Grants Therese Stanley Additional Reviewer Completed 11/01/2019 12:59 PM
County Manager's Office Nick Casalanguida Level 4 County Manager Review Completed 11/03/2019 10:27 PM
Board of County Commissioners MaryJo Brock Meeting Pending 11/12/2019 9:00 AM
16.D.9
Packet Pg. 1569
16.D.9.a
Packet Pg. 1570 Attachment: Cohen&Grisby Letter.05.13.19 (10649 : Approve resolution for Library to accept distribution from Shreve Trust of $1,600,000)
16.D.9.a
Packet Pg. 1571 Attachment: Cohen&Grisby Letter.05.13.19 (10649 : Approve resolution for Library to accept distribution from Shreve Trust of $1,600,000)
16.D.9.bPacket Pg. 1572Attachment: Resolution SHREVE DONATION CAO STAMPED.10.22.19 (10649 : Approve resolution for Library to accept distribution from Shreve
16.D.9.bPacket Pg. 1573Attachment: Resolution SHREVE DONATION CAO STAMPED.10.22.19 (10649 : Approve resolution for Library to accept distribution from Shreve
The N orth ern Trust Company
4001 Tamiami Trail North
Naples, Florida 34103
(23s) 262-8800
NORTHERN
TRUST
Ann Graham Alfes
Sr. Vice President, Estate Administration
Direct line: (239) 273-6123
E-Mail: agal@ntrs.com
April 10, 2019
Collier County P u blic Library
Ms. Tanya Williams
2385 Orange Blossom Dr.
Naples, FL 34109-8840
Re: Harvey M. Shreve, Jr. lrrevocable Trust
Dear Ms. Williams
Your organization is named as a remainder beneficiary of Harvey M. Shreve, lr. lrrevocable
Trust. We are now prepared to make a substantial partial distribution of your share of the trust.
Enclosed please find an Approval of Accounts and Distribution, Release, and Refunding
Agreement for your signature. Please sign and return the Approval along with your transfer
instructions for the funds. We ask that you also return a copy of your corporate resolution
indicating who is authorized to direct the transfer of funds and sign the receipt on behalf of
your organization. A postage paid addressed envelope is enclosed for your convenience.
The remainder ofthe trust will be held pending receipt ofthe IRS closing letter and discharge by
the probate court. The closing letter and discharge may not be received for another couple of
years. At that time, the remaining funds will be distributed.
lf you have any questions, please feel free to contact me
Sincerely,
Ann Graham Alfes
Sr. Vice President, Estate Administration
enclosu res
NTAC:2SE-18
-9-w
16.D.9.c
Packet Pg. 1574 Attachment: Shreve Irrevocable Trust_Northern Trust letter (10649 : Approve resolution for Library to accept distribution from Shreve Trust of
16.D.9.d
Packet Pg. 1575 Attachment: Shreve Refunding Agreement_CAO STAMPED (10649 : Approve resolution for Library to accept distribution from Shreve Trust of
16.D.9.d
Packet Pg. 1576 Attachment: Shreve Refunding Agreement_CAO STAMPED (10649 : Approve resolution for Library to accept distribution from Shreve Trust of