Um streamings on.

All right, I'd like to call the meeting to order.

Um, so all council members are in attendance.

Um would like to entertain a friendly motion to um make uh agenda item number three, number two, and number two number three.

So moved second.

Is there discussion?

All those in favor signify by saying aye.

All right, aye.

Pose same sign.

Um Madam Clerk, you want to read the two resolution?

So we're gonna use we're gonna do three B first, resolution 25-297 is a resolution adopting the East Manowa Declaration of Covenants and Conditions and Restrictions for the East Manowa Storm Sewer District.

Motion to approve.

Second is there a discussion.

All those in favor signify by saying aye.

I aye.

Hi, Courtney.

Uh and are we now on well, we can approve the consent agenda real quick.

Yeah, is there a motion to approve the consent agenda?

Motion to approve.

Any discussion?

All those in favor signify by saying aye.

Aye.

Oppose same sign, madam clerk.

Now we have resolution 25-287, a resolution of intent to enter into a maintenance funding agreement with Southwest Iowa nonprofit for collective impact for the riverfront redevitalization rivers edge development.

Is there a motion motion to approve?

Second.

Is it discussion?

Yeah, I I still have a lot of questions.

I guess I looked through this a lot since Monday and multiple.

I mean, we changed it again yesterday.

Changed it based on your suggestion request, right?

Well, we we changed it from an endowment to a funding agreement because of how Iowa law treats endowments.

So it's a semantics didn't change much.

Mimi, could you speak to that a little bit?

Sure.

So we realized um that chapter 540A applies.

I want to make sure.

Can you hear me okay?

Yeah, yep.

Yep.

Okay.

Um under chapter 540A, if it was labeled an endowment, then the city would retain control, and that wasn't the spirit of the MOU.

So we had two options, which was to renegotiate and call it an endowment and have the city retain control or keep the original spirit and rename it a maintenance funding agreement.

So the substance itself didn't change.

Um it's it was originally drafted sort of as a contractual agreement with contractual obligations on both sides and and not really as a charitable endowment um under chapter 540A.

So it's correct that the substance itself didn't change that um it's largely just changing it from an endowment to a maintenance funding agreement and title.

So I went back and listened to the February 8th, 2021 meeting and the February I think 25th, 2021 meeting.

Um in both of those meetings it did talk about um that the endowment fund would be managed by the city's finance department.

Um and Dick did confirm in both meetings that the city can have an endowment fund.

Uh I mean by definition uh and sorry sorry to interrupt if there's a a lag.

Um yeah, by de definition the city would have control of an endowment fund.

And we wouldn't manage it.

We would we would manage it by putting it under the management of somebody else.

We we don't have employees with the expertise to invest in the stock market and um make sure that that maintenance fund gets the proper return it should get.

If the city just does it, we'd put it in uh uh bank and earn whatever not pass book rates because the dollar amounts larger, but it it would be comparable.

So as our management of the city, we and I think the agreement speaks to a couple different uh this Omaha Community Foundation.

Yeah, Omaha Community Southwest Iowa Foundation or a bank with uh investment.

If we left it as an endowment, and the city was in control through Omaha Community Foundation, city city would be in control.

And we'd have them manage for us.

We would have agreements with them as to how we want it managed, but then the all the strings go away with all these other correct.