5730 EVERGREEN WAY 2016-01-01 MF Import

a � � CTAFF, R�RT Housing Hope Village is now under consavction. 'Ihe Ciry Coimcil approved fi�ndun8 to help construct the new uansitional housing for low income families as a part of the 1995 Communiry Development Block Grant application as amended. The location of the project is at 5730 Evergreen Way. The project consisu of: 19 residential units,pazking,offices,a day care space and play ground azeas. The Commt�:ury Development Block Grent is for 5100,200.00 and is for constru�ction costs. The total direct construction budget is 52,481,000.00. The total budget is: Land acquisition: S42G,000.00 � Residential construction: 51,420,000.00 Commercial construction: E1,061,000.00 Remaining contingency: 5100,000.00 Taxes 5242,000.00 �'--nc+ne �oft��d indirect coctr $797.000.00 Total: 54,040,0OO.Ofi �1C�1�Y�� 1. The term of the loan is 30 years with no interest and principal payment in fiill in thirty years. 2. Fverett's financial position for iYs loans stand behind Cascade Bank's $8v�,000.00 and the State of Washington's $450.000.00. 3. Everett's total commitment to the project is $233,200.00 or SJ6%of the total i proiect cost from three yeazs of funding; 1993, 1994, and 1995 Communiry Development Block Grant. 4. The sig�provision will allow a sign that is within the size allowed by the Everett I Zoning Code. Cuaently signs are fimited by conhact to an address sign and a , small plaque for recognition of efforts in putting the project together. ; 5. The standazd contract form is being used for Community Lev�fopment Block � Grant funding. This is a contract that HUD has approved for our use and has been j review by che legal Department. The standard language in Exhibit B is provided i in the Counci� ilffice and is not in the Comicil packet. i � 91 ; � � �a�