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HomeMy WebLinkAboutDocumentation_Regular_Tab 13_12/11/2014 VILLAGE CLERK'S OFFICE AGENDA ITEM TRANSMITTAL FORM Meeting Date: Meeting Type: Regular Ordinance #: 25-14 (as amended following 12/11/14 first reading) Consent Agenda: No Resolution #: N/A Originating Department: Pension Attorney ORDINANCE 25-14, SECOND READING, AMENDING THE VILLAGE C(�DE OF ORDINANCES AT CHAPTER 2. ADMINISTRATION. ARTICLE III. OFFICERS, EMPLOYEES AND DEPARTMENTS. BY AMENDING THE PUBLIC SAFETY OFFICERS' PENSION PLAN TO AMEND THE FINANCE AND FUND MANAGEMENT PROVISION REGARDING INVESTMENTS IN REAL ESTATE — Pension Attomey Bonnie Jensen � . . •. Account #: Amount of this item: Current Budgeted Amount Available: Amount Remaining after item: N/A Budget Transfer Required: No Appropriate Fund Balance: No � • � •' . . ,...� , , Department Head Submitted by Legal ^. Q�S;� Finance Director ��.t, - _ �',� 4v ,� e �( �� �� . s ��-r— Reviewed for Financial Sufficiency ❑ z�,,.�-� •�� � o�� �zSL- �,,� (�� ,���-- �• No Financial Impact ❑ �` ��Z.�.- Attorney: (for legal sufficiency) i age anager: . ,----_____. _ _ _---_�, Submit for Council Discussion: [f Approve Item: ❑ Deny Item: � � • • - . . - .. - . -. .- - . .- .- . ..- . . -.. ... - . - - - . Form Amended: 7/12/12 ORDINANCE NO. 25-14 AN ORDINANCE OF THE VII.LAGE COUNCII. OF THE VII.LAGE OF TEQUESTA, FLORIDA, AMENDING THE VII.LAGE CODE OF ORDINANCES AT CHAPTER 2. ADMINISTRATION. ARTICLE III. OFFICERS, EMPLOYEES AND DEPARTMENTS. BY AMENDING THE PUBLIC SAFETY OFFICERS' PENSION PLAN TO AMEND THE FINANCE AND FUND MANAGEMENT PROVISION REGARDING INVESTMENTS IN REAL ESTATE; PROVIDING THAT EACH AND EVERY OTHER SECTION AND SUBSECTION OF CHAPTER 2. ADNIINISTRATION. SHALL REMAIN IN FULL FORCE AND EFFECT AS PREVIOUSLY ADOPTED; PROVIDING A CONFLICTS CLAUSE, A SEVERABILITY CLAUSE AND AUTHORITY TO CODIFY; PROVIDING AN EFFECTIVE DATE; AND FOR OTHER PURPOSES. WHEREAS, the Boazd of Trustees of the Public Safety Officers' Pension Plan desired to expand the permissible inveshnents in the Plan; and WHEREAS, the Village Council of the Village of Tequesta desires to amend the Public Safety Employee Pension Plan to reflect the provision of these benefits. NOW, THEREFORE, BE IT ORDAIlVED BY TI� VII.,LAGE COUNCIL OF TI-� VILLAGE OF TEQUESTA, FLORIDA, THAT: Section 1: Chapter 2. Adm.inistra.tion. of the Code of Ordinances of the Village of Tequesta is hereby amended at Article III. Officers, Employees and Departments, Section 2-61. Pension Trust Funds. by amending Exhibit B(Public Safety Officers' Pension Trust Fund) to provide, for expansion of the permissible investments in real estate to open-ended real estate limited partnerships and trusts and to maintain the restriction from investments in real estate in closed end limited par�erslups and trusts; providing that Exhibit B(Public Safety Officers' Pension Trust Fund) of Sec. 2-61. shall hereafter read as follows: [Exhibit B is amended as follows:] EXHIBIT "B" VILLAGE OF TEQUESTA PUBLIC SAFETY OFFICERS' PENSION TRUST FUND Section 5. Fin�nce And Fund Managemenk Establishment and Operation of Fund. � � � Page 1 of 2 7. The Board of Tnistees shall have the following investment powers and authority: � � � M. A Board shall not invest more than ten perceat (10%) at cost of its assets in real property or real estate and there shall be no real estate investment in a closed-ended limited partnership or a closed-ended trust. In addition. anv investments in real estate in oaen ended limited aarinershias ar oaen ended trusts are limited to those ouen ended core real estate �roduc� which meet the criteria for the NCREIF ODCE. Se 'on 2: Each and every other Section and Subsection of Chapter 2. Administration. shall remain in full force and ei�ect as previously adopted. S'on 3: All ordinances or parts of ordinances in conflict be and the same aze hereby repealed. Section 4: Should any section or provision of this Ordinance or any portion thereof, any paragraph, sentence or word be declared by a court of competent jurisdiction to be invalid, such decision shall not affect the validity of the remainder of this Ordinance. Section 5: Specific authority is hereby granted to codify this Ordinance. Section 6: This Ordinance shall take effect immediately upon passage. Page 2 of 2 (YIcVU°illiams, Lor� From: Bonni Jensen [b�nni�rob�rtdklausner.comj 5ent� Tuesday, Now�mber 18, 2014 5:12 PIIA 1'0: keith(d3�rd-I�gal.c�m Cc: ffVlllichael Rhod�; f�AcV4/iilli�rns, Lori; Couur�o, 1ldllicha�l; R�rt@youngfs.�m; Giblin, Raymond; bsjt�arr�; Dbde f��rtir�ez; °fyler Grurv�bles SubJ�te Tequ�sfia GE and PSO Pension Funds - Amendment for Real Estate Investments Attachmenta: ORD -94� GE pension - investments.doc� ORD = 14 Firefighter pension - inv�stments.docx; ncreif index criteri.pdf; NGREIF Dat� a�nd_Products Guide.pdf Keith, �s a follouv up to the ia�t �Ilage Comenission meeting, attached is a revised Ordinance amending the Pension Plans' investment provisions to limit the real e�te investment to those real estate investments that meet the criteria to be a part of the iVCREIF ODCEe Attached is the criteria for the NCREIF ODCE Index and a Gulde explaining the eriteria. In sunnrnary, �he crite�fa are: 1e Open end fund product fo� 6nstitutiortal investor�, 2. Marketed as open endede 3. Must be core reai estate meeting the fol�owing criterda: aa at least 80'� investeti in real estate arad no more than 20'/ in cash or cash equivalents b. at least 80� of market aaiu� of real estate net assets Bn private equity real estate properties e. at least 95% of ma�lcet vaiue of real estate net assets in US market� d. at least 80% of market value of real estate net assets lnvested in office, industrial, apartment, and retail properly types e, at least �0% of ra�arket value of reai estate net assets invested in opera�ing properties [no more fihan 20'� o�E such assets invested in, but not limited to, (pre}developev�ent/redevelopment or �nitlal leasing/lease-up cycles] f. no rnore than 4�R� leverage �. roo rnore than 65% (± for market forces) of market value �f real estate net assets in one property type or on� re�ion as defined by the NCREIF Property Index ��(VPI°' 4. Th� fund ra�ru�fi have annual audits, quarterly valuatioras arad ttme wrei�hted returns. Please contact me if yo�a have any questions. To make sure $hat yotar erraail is haeadled in a tirraely rnanner, please copy BSJT�am�.�rc�b�rfi�klausn�r.c�m. �onni S. Jensen KlausneP, Kauf�vaan, Jensen � Levinson 4�00 Executive CenteP Dride, 38207 West Palm �each, FloPida 33401 Telep6a one: 561-��6-6550 b�nr�i�rcab�r�dE�lau�ner.rUm ���� .. . .�: 'I �.�, y k 4 #.. ' r, �?��'..,i � �� � a ����.' ��' ! �a t , �� 10059 I�orthvuest 1st Court 1 • Plantation, Florida 33324 Telephone: 954-916-1202 F a cs i m i l e: 954-916-1232 CONFIDENTIALITY NOTICE: This communication is confidential, may be privileged and is meant only for the intended recipient. If you are not the intended recipient, please notify the sender ASAP and delete this message from your system. IRS CIRCULAR 230 NOTICE: To the extent that this message or any attachment concerns tax matters, it is not intended to be used and cannot be used by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 2 { . -W N� - s �`'�. _'r�c�_ri. s �:.� � � � - r . } � ,�. _ � � ,'� ,'�.,�,���4,��� � _ �`�, �. �"� `-.�; `�- J a _-Je=.t:'l.':-� • r-.f, " _ - ' L. - - _ :x � B � � 0 1 The Fund Index Data Coritributing Manager (FIDGM) must be an invesbnerrt managemertt comparry offering an open-end fund product that is operated for instltudonal inveti�tors and avaTiable to US. Deflned Benefit Plans. 2 The fund must be marketed as an open-end fund. ff at amr tlme a fund cJoses to nerv contrlbutions and redernptions, NCtiEIF Staff wdll have the discretion tn discorrttnue the fund in the Index (hlstarical data wiN remain in the Indez). All exdustoas and deletions wrlll be reported ta the Baard of Rirectors wfth adherenee to the P1QiElF dala masWng crfteria to allrnro far revtew. 3 Subject to meeting Ir�ex criterla, the fvnd wrlll be Induded for the flrst full period of operatians. Inttial and ending parHal quarters of the fund will not be induded. 4 The fund must market itself as a dhrersified core fmiPStrnerrt strategy, primarily investlrtg In pr(vate equity real estate, as followrs: Real Estate — at least 8046 of market value of �t assets � Invested in real es�te [no more than Z036 of such assets irtvested in cash artd/or cash equivaler�] �nvestrne� — at least 8096 of market value of real estate net asse�s ln private equtry real estate properties [no more than 2�Y of such assets invested in, but rrot Ilmited to, property debt, public campamr equlty/de6t or private wmpany (aperatJng business) equtiy/debt] Domein — least 955a of market value of real estete net assets tn US marke� Praperty Types— at leas4 80� of martc�t value of real es�ate net assets invested In offi�, Industrfal, apamn�nt, and retail praperty types Life tyde — at (east SU� af market velue af real es�ate net assets Irnested in operatir�g properties [no mare than 2076 of such asse�s invested In, but not Iimtted to, (pre)developmerrt/reclevelopmerrt or initial leasing/lease-up crdes) Le�►erage-- no more than 40',b levera�e. Leverage ts defined as the ratio of f.otal debt, �ossed-up for ov�mership share of off-balance slieet debt, to the fund's total assets, also which are �rrossed-up for such off-balance sheet debt D➢versiflwtlon — no more than 6595 (t for market farces) af market value of real estate net es�t5 tn one property type or one region as deftned 6y the NCREIF Property Index ( 5 The fund must canply wtth the NCREIF Real Estatie Informatinn Standards; induding annual audits, quarterly valuadons and time- wreighted r�ttums, Further, the fund must submlt i�ormatlon in acwrdsrne with the NCREIF Fund Data Collecdon and Reporting Manual (timely, accurate and industry compltarrt detd Fs requir�). 6 The Pol(cy of ODCE is that turnover in the Ir�ex should be limited and avofded when posslble. If arry criteria as specifled in ODCE pollry number 4 are violated during a quarter, a NGREIF Executtve Staff member will disa�ss the circumstarues (temporary vs, permanarrt change) with the fund's pottfolto manager. After four consecutive quarters of criteria violatton, the NCREIf Executive StafF vaill have respansiblitty to decide whetlier or nat to exclude the fund from the Index. That sald, If the vlolatian ts a result of a permanerrt fund management or strate�y change, the NCREIF Executive 5taff wtll have the abittty to wraive the four consecuUva quarter requiremerrt and begtn excluslon procedures from the index at any tlme. In all cases a removal dacislon wlll be made by the NCRqF Executive Staff after cansultation vuith the (VCREIF E�oeeu�tive IVlana�emerrt CommFttee. As soon as a Fund vlalatQS ODCE polity number 4, the NCREIF Executive Staff will notify the designated repr�entatibe of the fund to discuss the non-compl(ance issue and reiterai� thafi compllancQ ls requFred to stay in the Inrlex. FF the PlCREIF executive stafFdeddes to remave a vlalating fund from ODCE, NCREIF wtll glv� the fund at least one full quarter notlflcatlon of the pending exclusion (wlled the NCREIF Excluslon Natice). Once a NCREIF Exclusion Notice has 6een Issued, the fund has untll the end oF that next quarter to achieve �mpltance and must furtfier remain in campUance for at least the followfig four cansacuttve quarters to difFuse the issued �clusian notice. If not, the fund may be removed from the index calculatlons in the quarter followin� the IdCREIF Exclusion f�otice's removal date or in any of the fallowring four quarters if rroncompNan� retums, as dlrect¢d by the NCREIF exeartive staff. Removal decisions with an explanatlon for removal v+riill be communicsted to the NCREIF Board of Directars with adherence to the NCREIF data masking crlteria, to ailow for revierro and consideration of approprlete dtsclosure wttth reports. R�indu�an Criteria: The NGREIF F.xecutive Staff r�ill have the responslbllFty to decide to aflovu a fund that hes been remaved from ODCE to reenter the indea if the fund has mmplied wH;h the O�E limlex policy number 4 inclusion criterie for a minimum of four consecutive quarters, demonstreting ifie fund's abtlity to maintain compliance going forvuard, if future Iike-violations occur, and the NCREIF F�cecutive Staff determines that the fund is not comp[airrt with the spirit of the Irtdex criteria, exclustan prazedures from the index c�n 6e 6rought fort� at any time. 7 FIDLM must supply preliminary snapshof data uuithln 5 to 11 business days fallrnWng quarter-end as wrell es flnal quarteriy daq to NCRqF by the 25th day of the month fellowing quarter-e�, thereby apoaving NCREIF appropriate tlme to rexisav, alculate and analyte the resuFYs prior Ya releasing the flnal Index at the end of the mortith afCer quarter-end. (dCR�IF wiil require appra�ral/sign-aff of ind(vidual fund data prior to publication. If data ts nat submitted on time, then NCREIF uvill recommend to the IVCREIF Board whether to delay ar release the Index. FIDCIVI also must pravide NCREIF wiith flash, quarterly and annual reports of each fund, wh� available. The pre(erred format is electronic; however, hard copies wiA be eaepted. General Irtdex informatton in the aggregate vuill be available through NCREIF's website, uvww.ncreif.org. IndMidual fund-level iriformation will not be made avallable to the pubpc Page 9 . ;.-_, , f - , . ��Y. T' � . . . .. . � t � ' �$'. �..,. . ... , ,... 5 ^ s � t ,'. ` I�� -. . . . .r� �v„ � _ � ,., , ,. :3.M. . ...--. . •.' : - F '. � - - — _ �.. . �� ._ c �' �;5?'. f � ' �S�'�., ; : �? � . _ .. • ! � % ' t ,r �. .._ ;�/� ' , ,. ��' ,,�`� ,• , - ,,�, _ � . , , _� _ . .. ��' � , :,_�_ � r ' , r : . �. �(�r ' `- � r �; K � • . .�;': � � � �L � � � / � T � . 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