Loading...
HomeMy WebLinkAboutAgenda Report - August 17, 1988 (72)COUNCIL COM MUNICATI0N TO: THE CITY COUNCIL FROM: THE CITY MANAGER'S OFFICE SUBJECT: PRELIMINARY DISTRIBUTION OF HOLZ ESTATE PREPARES BY: City Attorney COUNCIL MEETING DATE AUGUST 17, 1988 BM:vc CCHOLZ/TXTA.OIV MEMORANDUM To: Honorable Mayor and Council Members From: Bob McNatt, City Attorney Date: August 1, 10,88 It : Distribution of the Holz Estate On August 1, 1988, I received a call. from Steven Crabtree, the attorney representing the Trustee in the Holz Estate. N1 Crabtree informed rye that in order to assist the legatees under the Holz Will with their respective projects, a preliminary distribution of the estate will be approved, probably by the week of August 22 - 26, 1988. According to Nk Crabtree, if the Council will adopt the attached Resolution accepting the bequest of the Holz estate, a preliminary distribution check in the amount of $2 million will be presented to the City. Ib believes this can be done in time for Field and Fair Day. It will be necessary for a final accounting to be made to the Superior Court before the balance of the bequest can be distributed and the estate closed out. In order to avoid making the beneficiaries wait for the additional 2 - 3 months Mr. Crabtree estimates it will take, he has proposed the partial distribution now, and a final distribution of the balance in October or November. It is estimated (without a degree of certainty) that the additional amount remaining to be distributed to the City will be approximately $400,000.00. At the same time the distribution is made to the City, a similar amount (minus previous preliminary distributions) will be made to the Loel Foundation. Bob McNatt City Attorney 'AL attachment cc: Thomas A. Peterson, City Manager Charlene Lange, Community Center Director s1 CITY COUNCIL JAMES W. PINKERTON. Ir, .Mayor JOHN R. (Randy) SNIDER Mayor Pro Tempore DAVID NA. HIND-INIAN EVELYN M OLSON FRED M1I REID CITY OF LODI CITY HALL, 221 WEST PINE STREET CALL BOX 3006 LODI, CALIFORNIA 95241-1910 (209) 331-5634 TELECOPIER J2091 333-6795 August 18, 1388 THOMAS A. PETERSON City Manager ALICE M REINiCHE City Clerk BOB `IcNATT City Attorney Mr. Steven D. Crabtree Neumi l l er and Beardslee P. 0. Drawer 20 Stockton, CA 95201 Re: Request of the late William G. Holz Dear Mc Crabtree: Enclosed herewith please find a certified.copy of Resolution No. 88-117, entitled "A Resolution of the Lodi City Council to Accept a Conditional Bequest of the Late William G. Holz to Build a Permanent Facility. at Hutchins Street Square", which was adopted by the Lodi City Council at its regular meeting of August 17, 1988. J RESOLUTION N0. 88-117 A RESOLUTION OF THE LODI CITY COUNCIL TO ACCEPT A CONDITIONAL BEQUEST OF THE LATE WILLIAM G. HOLZ TO BUILD A PERMANENT FACILITY AT HUTCHINS STREET SQUARE V � the late William G. Holz devised one-half of the residue of his estate to the City of Lodi in the form of a conditional charitable bequest to be used to build a permanent !wilding or facility at Hutchins Street Square in the nature of a community center, primarily for the use of the elderly of Lodi, California, in accordance with the Will of William G. Holz, dated April 7, 1982 ("Will") as amended by the First Codicil dated July 14, 1983 ("First Codicil"); and WHEREAS, the Executor of the estate of William G. Holz desires to fulfill the bequest in accordance with the terms and conditions of the First Codicil to the Will by paying to the City of Lodi one-half of the residue of the estate provided that the City will use said funds exclusively for the purpose of building a permanent building or facility at Hutchins Street Square in the nature of a community center primarily for the use by the elderly; and WHEREAS, the Lodi City Council may accept or reject any bequest made to the City and may hold and dispose of such property and the income and increase from such property for such uses as are prescribed in the terms of the bequest in accordance with Section 37354 of the California Government Code; and WHEREAS, the City of Lodi does not currently have a permanent building or facility for the use of the elderly at Hutchins Street Square in the nature of a community cenrer primar iiy iyr L„` ua, , elderly in accordance with the terms of Paragraph Seventh set forth in the First Codicil to the Will. Section 3. The City Manager is hereby authorized and directed to acknowledge and accept the bequest from William G. Holz on behalf of the City and to sign any docuinent, receipt, or instrument necessary for the City to receive said bequest. Section 4. T lie City Manager i s hereby further authorized and directed tc deposit a71 monies or other property received as part of the bequest from the estate of William G. Holz in a separate account established to pay for the construction of a permanent building or facility at Hutchins Street Square in the nature of a community center primarily for the use of the elderly. PASSED AND ADOPTED at a regular meeting of the City Council of the City of Lodi, California, held on the 17th day of August, 1988. ATTEST: CITY COUNCIL JAMES W. PINKERTON. Jr.. Mavor JOHN R. (Randy} SNIDER. Mayor Pro Tempore DAVID h1. HINCHN1:+14 EVELYN M. OLSON FRED tit. REID Steven D. Crabtree Neumiller & Beardslee P. 0. Drawer 20 Stockton, CA 95201 CITY OF LORI CITY HALL, 221 WEST PINE STREET CALL BOX 3006 LODI, CALIFORNIA 95241-1910 (209)334-5634 TELECOPIER : (22209) 333-6795 Subject: Holz Estate: Preliminary Distribution Dear Mr. Crabtree: THOMAS A. PETERSON Citv Manager AU E M. REtN1CHE City Clerk f30E#�1i1'jTT City Attorney SLI- _., A6gust'9,`:1988 Pursuant to our telephone conversation of August 9, 1988, this letter will serve as a formal request for a preliminary distribution from the Holz estate to the City of Lodi in the amount of $2 million.