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Agenda 09/14/2021 Item #16D 3 (IDistribution from Harvey M. Shreve to Collier County Library)09/14/2021 EXECUTIVE SUMMARY Recommendation to approve an Income Distribution from the Harvey M. Shreve Jr. Irrevocable Trust Account in the amount of $8,938.46 to the Collier County Public Library, to authorize the County Manager, or his designee, to complete any required forms, and to approve any necessary Budget Amendments. OBJECTIVE: To accept a distribution from a trust in the sum of $8,938.46 to the Collier County Public Library. CONSIDERATIONS: In April 2019, the Northern Trust Company advised the Collier County Public Library that it is named as a remainder beneficiary of the Harvey M. Shreve Jr. Irrevocable Trust (Trust). At the November 12, 2019, Board of County Commissioners (Board) Meeting, Agenda Item #16D9, the Library was approved to receive an initial distribution from the Trust in the amount of $1,600,000. Resolution 2019-219 recognized the public purpose and acceptance of this distribution and any subsequent distributions from the Trust to the Collier County Public Library. The remainder of the Trust is being held pending receipt of the Internal Revenue Service (IRS) closing letter and discharge by the probate court. The income that has accumulated on the Library’s five percent (5%) residuary share of the Trust as of the end of April 2021 is $8,938.46. FISCAL IMPACT: A budget amendment is needed to recognize the donation provided by the Harvey M. Shreve Jr. Irrevocable Trust in the amount of $8,938.46 in the Library Admin. Grant Fund (129) Cost Center 156112 WBS Project 46047. There is no requirement for a County match. LEGAL CONSIDERATIONS: This item has been reviewed by the County Attorney, raises no legal issues and requires majority vote for approval. -JAK GROWTH MANAGEMENT IMPACT: None RECOMMENDATION: To approve an Income Distribution from the Harvey M. Shreve Jr. Irrevocable Trust, to accept a distribution from the Trust in the amount of $8,938.46 to the Collier County Public Library, to authorize the County Manager, or his designee, to complete any required forms, and to approve any necessary Budget Amendments. Prepared By: Tanya Williams, Library Director, Library Division ATTACHMENT(S) 1. 2021, July Northern Trust_Shreve Income Distribution_Redacted (PDF) 2. Resolution 2019-219_Signed Docs (PDF) 3. Shreve Refunding Agreement_CAO STAMPED (PDF) 16.D.3 Packet Pg. 2046 09/14/2021 COLLIER COUNTY Board of County Commissioners Item Number: 16.D.3 Doc ID: 17518 Item Summary: Recommendation to approve an Income Distribution from the Harvey M. Shreve Jr. Irrevocable Trust Account in the amount of $8,938.46 to the Collier County Public L ibrary, to authorize the County Manager, or his designee, to complete any required forms, and to approve any necessary Budget Amendments. Meeting Date: 09/14/2021 Prepared by: Title: Administrative Assistant – Library Name: Karen Tibbetts 07/13/2021 2:56 PM Submitted by: Title: Division Director - Library – Library Name: Tanya Williams 07/13/2021 2:56 PM Approved By: Review: Library Tanya Williams Additional Reviewer Completed 07/31/2021 3:59 PM Operations & Veteran Services Kimberley Grant Additional Reviewer Completed 08/16/2021 10:44 AM Public Services Department Todd Henry Public Services Department Completed 08/16/2021 12:16 PM Public Services Department Dan Rodriguez PSD Department Head Completed 08/26/2021 8:29 AM Office of Management and Budget Debra Windsor Level 3 OMB Gatekeeper Review Completed 08/26/2021 8:54 AM County Attorney's Office Jeffrey A. Klatzkow Level 3 County Attorney's Office Review Completed 08/26/2021 9:34 AM Office of Management and Budget Susan Usher Additional Reviewer Completed 09/02/2021 8:21 AM County Manager's Office Geoffrey Willig Level 4 County Manager Review Completed 09/07/2021 12:32 PM Board of County Commissioners Geoffrey Willig Meeting Pending 09/14/2021 9:00 AM 16.D.3 Packet Pg. 2047 16.D.3.a Packet Pg. 2048 Attachment: 2021, July Northern Trust_Shreve Income Distribution_Redacted (17518 : Approve an Income Distribution and Budget 16.D.3.a Packet Pg. 2049 Attachment: 2021, July Northern Trust_Shreve Income Distribution_Redacted 16.D.3.a Packet Pg. 2050 Attachment: 2021, July Northern Trust_Shreve Income Distribution_Redacted 4! RESOLUTION NO, 2019-21 9 A RESOLUTION OF THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY, FLORIDA, AS THE GOVERNING BOARD OF THE COLLIER COUNTY PUBLIC LIBRARY, DECLARING A PUBLIC PURPOSE FOR THE RECOGNITION AND ACCEPTANCE OF A DISTRIBUTION FROM THE HARVEY M. SHREVE, JR. IRREVOCABLE TRUST OF 1997 TO THE COLLIER COUNTY PUBLIC LIBRARY IN THE ESTIMATED AMOUNT OF 1,600,000, AND ANY SUBSEQUENT DISTRIBUTIONS TO THE COLLIER COUNTY PUBLIC LIBRARY FROM THE TRUST AND AUTHORIZING THE COUNTY OR DESIGNEE TO EXECUTE ALL NECESSARY DOCUMENTS. WHEREAS,the Board of County Commissioners("Board")was notified by The Northern Trust Company that the Collier County Public Library("Library") is a 5% residuary beneficiary of the Harvey M. Shreve,Jr. Irrevocable Trust of 1997 ("Trust"); and WHEREAS,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; and WHEREAS, Northern Trust retained the law offices of Cohen & Grigsby to represent it in its fiduciary roles as Personal Representative and Trustee the Trust; and WHEREAS, 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; and WHEREAS, 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 Library as a qualified beneficiary of her estate; and WHEREAS, the Board formally agrees by adoption of this Resolution to abide by the provisions set forth in the Trust; and WHEREAS, the Board agrees to direct the transfer of funds to the Collier County Clerk of Courts and Comptroller ("Clerk of Courts") for the benefit of the Library owned and operated by the Board pursuant to wire instructions to be provided to the Trust. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF COLLIER COUNTY,FLORIDA,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 1 The Clerk of Court is Crystal K. Kinzel. 1 16.D.3.c Packet Pg. 2051 Attachment: Resolution 2019-219_Signed Docs (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M. Shreve Jr. Finance Director2 and their successors in position are authorized to provide to the Trust and its representatives 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 Managei3 or designee is authorized to execute all documents required to process and otherwise accept 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. THIS RESOLUTION ADOPTED upon majority vote on the I a day of c,1,dA4., ,2019. ATTEST: BSS Y COM S . • . R CRYSTAL K.KINZEL,Clerk CC r O,?/ , F • ' .A i By. i , By fittest as to Chairman'eeputy Clerk William McDaniel,Jr., Chairman SlglRtl(g'ya's to form andlegality: Jenner A. Belped o 01 Assistant County Attor` CY tea. oI 2 The Finance Director is Derek Johnssen. 3 Leo E. Ochs,Jr., is the County Manager 2 C' 16.D.3.c Packet Pg. 2052 Attachment: Resolution 2019-219_Signed Docs (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M. Shreve Jr. 512013 HARVEY M. SHREVE, JR.IRREVOCABLE TRUST DATED 4/28/1997 AS AMENDED AND RESTATED Trust No.: 02-52855 Total or Partial Distribution of Trust to Beneficiary APPROVAL OF ACCOUNTS AND DISTRIBUTION,RELEASE,AND REFUNDING AGREEMENT To: The Northern Trust Company("Northern Trust"), as Trustee of the Harvey M. Shreve, Jr. Irrevocable Trust dated 4/28/1997,as amended and restated Northern Trust is the Trustee(the"Trustee") of the above-captioned trust(the"Trust") which benefits me as beneficiary. Northern Trust is prepared to distribute to me the property listed on the attached Plan of Distribution Statement, subject to the provisions of this Approval of Accounts and Distribution,Release, and Refunding Agreement(the"Agreement"). A. Sequence of Events. I will sign and deliver this Agreement to Northern Trust, and then.Northern Trust will distribute the trust property to me;provided, however,that this Agreement shall not become effective until Northern Trust has in fact distributed the trust property listed on the attached Plan of Distribution Statement to me. B. Accounts. In connection with this settlement and distribution,I acknowledge that 1)the Trustee has given me all required accounts during its trusteeship of the Trust since May 2018 and(2) copies of accounts for prior periods not previously furnished during its trusteeship have been made available to me upon request. The Trustee will not give me any further trust accountings with respect to this distribution. C. Approval of Accounts and Release. In consideration of the distribution by Northern Trust of the property listed on the attached Plan of Distribution Statement to me, and to induce Northern Trust not to require a court proceeding in which a judge approves its accounts and grants it a discharge, I state as follows: 1. Approval of Accounts and Full Distribution. I approve the administration. and accounts of Northern Trust, as Trustee,and agree that the distribution of the property listed on the attached Plan of Distribution Statement,subject to any Reserve provided for on said Schedule, is in full satisfaction, distribution and settlement of all property which is now due to me, as beneficiary,pursuant to the provisions of the Trust. 2. Release. I release and discharge Northern Trust,both individually and as Trustee, and its employees, directors, agents, affiliates, successors and assigns, from any and all claims,demands, lawsuits,actions, damages,liabilities, losses,responsibilities or expenses of whatsoever kind or nature,which may arise out of or in connection with the trusteeship of the Trust. NTAC:2SE-18 0 16.D.3.c Packet Pg. 2053 Attachment: Resolution 2019-219_Signed Docs (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M. Shreve Jr. 5/201.3 3. Refunding. a. I agree to assume and pay all taxes and claims,debts and liabilities of whatever nature(in excess of any Reserve provided for on the Plan of Distribution. Statement and stillretained by Northern Trust)for which.Northern Trust may hereafter be personally liable,to the extent that Northern Trust would have been entitled to be reimbursed or exonerated from the property listed on the Plan of Distribution Statement had such property remained in the possession of Northern Trust. b. The Plan of Distribution Statement may provide for a Reserve. When all taxes and claims,debts and liabilities of whatever nature for which Northern Trust or the Trust may hereafter be liable shall have been determined and paid,then Northern Trust shall deliver to me any portion of the Reserve which has not been required to discharge or secure the payment of such taxes, claims,debts, or liabilities. c. If it is determined within one year of receiving the distribution that a part or all of this distribution sho*have been paid to someone else rather than to me, or the amount of the distribution represents an overdisfribution for whatever reason,I agree to refund that property(including the earnings and appreciation on it)to Northern Trust within sixty(60)days of Northern Trust's demand. d. The undersigned agrees to reimburse Northern Trust for its reasonable attorney fees and costs which may arise out of or in connection with this Section C.3 should the Collier County Public Library fail to return the funds within 60 days written notice to the County. Such notice shall be sent to the Director of the Collier County Public Library and to the Collier County Attorney's Office. D. Miscellaneous. This Agreement shall benefit not only Northern Trust but also any co-trustees or prior trustees at any time acting under the Trust. This Agreement is binding upon me and my personal representative,heirs, successors and assigns. Dated this oC day of y `Qµe 14 AP r ft- OA A ! , ' Ail,I ''' _ Bo./..of County Commissioners of Collier County,App a.>t+ .. f:" prim and legality Florida(Collier County Public Library),as beneficiary Jeffrey A 'a 11, , ounty Attorney Note: Staple the Plan of Distribution Statement to this Form]AT E T:ii :2 CRYSTAL' K. KINZhL,'CLERK NTAC: 2SE-18 T), •, ^_;v . .,i, Ampati Depu - IV AttestastoChairman's,i CAO signature only, 16.D.3.c Packet Pg. 2054 Attachment: Resolution 2019-219_Signed Docs (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M. Shreve Jr. FLORIDA DEPARTMENT Of STATEr RICK SCOTT KEN DETZNER Governor Secretary of State January 18, 2018 C O Py Mr. Jeffrey A. Klatzkow, County Attorney Office of the County Attorney Collier County Government Complex 3299 East Tamiami Trail, Suite 800 Naples, Florida 34112-5749 Dear Mr. Klatzkow: We are in receipt of the facsimile signatures, under oath, filed by Andy Solis,Chairman and William L. McDaniel, Jr., Vice Chairman of the Board of County Commissioners of Collier County, Florida and Donna Fiala, Co-Chairman and William L. McDaniel, Jr. Co-Chairman of the Collier County Redevelopment Agency. This information was filed in this office on January 16, 2018. If we may be of further assistance, please contact this office at the number listed below. Sincerely, Ernest L. Reddick Program Administrator ELR/lb i'e r.. r R. A. Gray Building • 500 South Bronough Street • Tallahassee, Florida 32399-0250 Telephone: (850) 245-6270 www.dos.state.fl.us 16.D.3.c Packet Pg. 2055 Attachment: Resolution 2019-219_Signed Docs (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M. Shreve Jr. 16.D.3.d Packet Pg. 2056 Attachment: Shreve Refunding Agreement_CAO STAMPED (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M. 16.D.3.d Packet Pg. 2057 Attachment: Shreve Refunding Agreement_CAO STAMPED (17518 : Approve an Income Distribution and Budget Amendment for the Harvey M.