Shared Fund. The City and Council agree to establish a shared fund available to the City and Councils for the purpose of funding important regional projects that address regional performance measures and the goals of ON TO 2050.
Shared Fund. Each Successor Advisor will be able to recommend grants and investments separately or with other Successor Advisors. After the death of all Successor Advisors, the fund balance will be distributed taking into consideration your default recommendation. % Part 2: Designate what percentage of the fund you recommend be distributed to charity or area of interest at your death. Total 100% (Two lines above must add up to 100%.) Please indicate if you would like either the balance ofthe fund to be granted to one or more Qualified Charities. Check one: ⬜ Grant balance to Charitable Beneficiary(ies) Name of Charitable Beneficiary and Percentage: Address City State Zip Organization’s Tax ID Number OR ⬜ Grant balance to Area(s) of Interest: Name of Charitable Beneficiary or Area(s) of Interest (e.g., Children’s Hospitals, cancer research, education in Illinois, historic preservation in Michigan) INITIAL DONATION Please use the Transfer Instructions appendix to describe the type of asset(s) you are contributing and the asset’s location. The minimum initial donation is $50,000. Each block of securities (e.g., 5,000 shares of XYZ company) including those held in other charitable accounts, must have an aggregate estimated fair market value of at least $5,000. Please review the Program Guide for information on the types of assets that can be donated. You may also contact your Northern Trust relationship manager for assistance. ASSET ALLOCATION Please recommend an investment allocation: (choose one below). ⬜ Maximum Growth Pool ⬜ ⬜ Growth with Moderate Income Pool Growth with Income Pool ⬜ ⬜ Income with Moderate Growth Pool Income Pool ⬜ Money Market Pool Note: Unless you indicate otherwise, your donation will be invested entirely in the Money Market Pool.
Shared Fund. Historically, it has been difficult for individual councils to fund large, regionally important projects due to the size of individual funding allocations and policies to limit or cap awards to individual sponsors or projects. Some councils have at times saved their annual allocation for several years in order to implement these projects, leaving funding unspent while they save. These projects are important to the entire region and the funding burden should not necessarily fall on a single council, but should be shared to facilitate timely implementation. As such, a Shared Fund would be established for funding larger projects supported by the suburban councils or the City of Chicago that address regional performance measures and help advance local and regional priorities. The Shared Fund would be established using a set-aside of the region’s annual allotment of STP funding. Beginning in FFY 2020, the set-aside would be 7.5%, increasing to 10% in FFY 2021, 12.5% in FFY 2022, and to 15% in FFY 2023 and all subsequent years. The fund would also be seeded with excess unobligated federal funding, also known as carryover, to be made available by IDOT for programming and obligation by project sponsors in the region. A total of $75 million will be made available: $30 million in FFY 2020, $25 million in FFY 2021, and $20 million in FFY 2022. It is envisioned that additional funds would be added to the shared fund annually as a result of active program management policies discussed later in this memo, keeping the Shared Fund around $40 million annually. A Shared Fund Project Selection Committee composed of representatives from the Council of Mayors Executive Committee, the City of Chicago, IDOT, FHWA, the counties, the Regional Transportation Authority (RTA) and CMAP staff would be established. To preserve the strong municipal participation in decision-making, the Councils and City of Chicago would each have three votes, CMAP staff would have one vote, and the other represented agencies would be advisory members. The Shared Fund Project Selection Committee would have the authority to review applications and recommend projects to the MPO Policy Committee, to develop a project selection methodology for the Shared Fund, to update performance measures described below, to develop parameters for providing assistance to disadvantaged communities, including defining eligible communities, and to develop an active program management system applying to both the Shared Fund and...
