Receipt of May Village Council Meeting documents – CABA Agreement

On June 9 the following were received: these PDF documents are provided here as supplied by the Village Clerk, they have been reformatted for text readability here by a volunteer.

Fiels of Interest Fund Agreement May 2017

MANISTEE COUNTY COMMUNITY FOUNDATION

FIELD OF INTEREST FUND AGREEMENT

TO ESTABLISH THE

BEAR LAKE VILLAGE BLIGHT ELIMINATION FUND

This is an agreement to establish a Field of Interest Fund to be known as theBEAR LAKE VILLAGE BLIGHT ELIMINATION FUND( Fund·) . This Agreement takes effect  on May 17 2017 and is subject to terms and conditions set forth herein.

Further, this Agreement amends and restates in its entirety that certain agreement , dated August 17 2015 between Jeff Bair Village of Bear Lake and J. Eric Farfsing, Community and Business Alliancw, (“Donors”), and Manistee County Community Foundation (the “Foundation”) which was at that time and no longer an affiliate of the Community Foundation for Muskegon County. Therefore, this Agreement shall govern the entirety of the assets contributed to the Bear Lake Village Blight Elimination Fund.

I. Contribution

I/we hereby irrevocably give the assets described in Schedule A to this Agreement to the Foundation, a charitable organization described in sections 501(c)(3) and 509(a)(1) of the Internal Revenue Code. This is an irrevocable gift, which will be used to establish and maintain a charitable fund of the Foundation, subject to the Foundation’s articles of incorporation, bylaws, and policies and procedures adopted from time to time by the Foundation. The Foundation may also receive additional contributions to add to this Fund, subject to the same terms and conditions of this Agreement.

II. Purpose

Consistent with the charitable purposes of the Foundation, distributions from this Fund will be used to assist the Village of Bear Lake, State of Michigan, with developing and implementing a blight elimination strategy for the Village that will benefit the general community, in accordance with the Permitted Uses contained in Schedule B to this Agreement.

Ill. Distributions

Donors intend the Fund to be non-endowed. Distributions from the fund may be made in any amount not to exceed the balance of the Fund. However, the Fund may be terminated at the sole discretion of the Foundation if the balance falls below the minimum required fund balance in accordance with the Foundation’s policies and procedures, which may be amended from time to time.

IV. Advisory Committee

An Advisory Committee shall make written recommendations for grant distributions from this fund. All recommendations are advisory in nature. The Foundation will independently determine whether recommendations it receives are consistent with the Foundation’s charitable purposes. The Foundation may accept or reject recommendations.

The Donors do not control the use of the Fund. The Foundation shall appoint all AdvisoryCommittee members . The Advisory Committee shall consist of five members including:

• President, Village of Bear Lake

• Clerk, Village of Bear Lake

• Blight Enforcement Officer, Village of Bear Lake

• Planning Commission Representative, Village of Bear Lake {who is not serving in another capacity on the Advisory Committee)

• President, Community and Business Alliance

V. Variance Power

This Fund is a component fund of the Foundation, and its assets are assets of the Foundation. The Fund is subject to the Foundation’s governing instruments including the Foundation’s power to modify any restriction or condition on the distribution of funds for any specified charitable purposes or to specified charitable purposes or to specified organizations if in the sole judgment of the governing body {without the necessity of the approval of any participating trustee, custodian, or agent), such restriction or condition becomes, in effect, unnecessary, incapable of fulfillment, or inconsistent with the charitable needs of the community or area served.

VI. Fees

The Foundation will assess administrative and investment management fees against this Fund in accordance with the Foundation’s published fee schedule, as amended from time to time. The Foundation may also assess the fund to cover any unusual expenses incurred in connection with the contributed assets, including the cost of disposing of them, and in the administration of the Fund.

VII. Administration

The Fund will be administered in accordance with the normal and customary policies of the Foundation.

VIII. Anonymity/Publicity

To recognize and honor our donors, the Foundation’s policy is to include our donors’ names in publicity about the Foundation unless they wish to remain anonymous.

 

 

 

 

 

 

 

 

 

Schedule A – Contributed Property

The establishing gift to the fund in the amount of $1 ,000 .00 was received on August 19, 2015 .

Schedule B – Permitted Uses

Grants shall be awarded according to the terms of the Fund Agreement and the following guidelines.

All Grants shall be awarded only for charitable purposes · and in accordance with all applicable law, as determined in the sole discretion of the Foundation (although nothing herein shall be construed as a representation or warranty by the Foundation as to the legality of any such Grant).

Eligible Fund uses include but are not limited to :

• Expenses involved with enforcing the Village of Bear Lake Blight Ordinance (legal, engineering and other fees) ;

• Providing matching dollars to help the Village secure grants for demolition , as well as paying the entire demolition costs ; and

• Making site improvements within the Village for public benefit purposes and other uses consistent with the purpose of the Fund .

The Fund cannot be used to purchase buildings or properties from private individuals or for any other use that would enrich an individual property owner .

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