City to Receive Funds From Holt Trust

The City of Buffalo will be the recipient of funds from a trust settlement in the near future, according to Ray Holt, who came before the city council to make the announcement and to make a request of the council.

Holt said the funds are from the Wilbur Holt Trust and gave more details.

Although the gifts from the trust could be used by the city and hospital as they see fit, Holt was hopeful the hospital would use the funds for an endowment for the hospital, and that the city would donate a portion of their funds to the Buffalo Charitable Foundation for an endowment that would mean those funds could be used in perpetuity, as opposed to a one-time use.

Councilman Travis Lawrence made a motion concerning how the city would use the funds from the Holt Trust.

Lawrence suggested the council earmark the trust funds to the Buffalo Charitable Foundation, further requesting the foundation use the funds for specific uses.

The council voted to send the entirety of the funds to the Buffalo Charitable Foundation, earmarking 25% each for the Municipal Golf Course and the Buffalo Outdoor Pool, with the remaining 50% as unrestricted funds for permanent endowments for all three.