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5 <br />(vii) EGM shall provide updates to the City on Project progress at least quarterly or <br />as requested by the City. <br />(viii) EGM shall provide at minimum an annual report to the City as determined by <br />the City and County, once the Project is operational and more often if <br />requested by the City. <br />(ix) EGM must have the Project participate in the Snohomish County Homeless <br />Management Information system (HMIS), unless EGM requests in writing and <br />the County approves in writing for EGM to opt out of participation in the HMIS. <br />(x) EGM must make the Project, once completed and operational, available to <br />eligible County residents on the same terms as to residents of the City , but <br />with City residents having priority for bed placement. <br />If the Property is not used in accordance with the Use Restriction Covenant, the City, <br />after City-County consultation and County approval in writing, will seek enforcement <br />of the Use Restriction Covenant. <br />(c) Subordination Agreement. The City will not subordinate the Loan Agreement, Deed <br />of Trust, or the Use Restriction Covenant to any other Property lender without the <br />prior written approval of the County. <br />7. Budget and Compensation. The County shall provide up to Four Million Dollars <br />($4,000,000) for the Project: <br />(a) The County will provide funds upon submission of Attachment 3 signed by EGM. <br />Funds will only be provided by the County for costs the County approves under <br />Section 6(a) above. All costs must be incurred from June 1, 2024, through December <br />31, 2026, after this Agreement is effective per Section 2 of this Agreement. The date <br />may be extended with prior written approval by the County. <br />(b) Program Income (PI) proportional to the funding invested that is generating PI shall <br />be returned by City into the Project. The City shall remit any captured program <br />income to the County. <br />(c) With prior request from the City and approval from the County, the City may submit <br />an invoice for cash advance(s). Such an advance, if approved, must be based on <br />good faith projection of the cash needs of the City to reimburse EGM for Project <br />costs that the County has approved under Section 6(a). The advance funds shall only <br />be used to reimburse expenses approved by the County under Section 6(a). <br />(d) No later than January 10, 2027, unless extended in writing by the County, the City <br />shall submit a final expenditure report that reconciles total expenditures for the <br />Agreement period ending December 31, 2026, with the total amount paid to the City <br />including any advance payments, and any variance will be resolved through <br />additional reimbursement to the City or repayment to the County.