2008/07/23 Council Agenda Packet

O of funds as the City of Everett 2060 Housing Trust Fund. The Agency also shall erect a sign to City specifications at the construction site for the Project, identifying the source of funds. Il. RESIDENT POPULATION OF THE PROJECT; RENT From the date of this Agreement and continuing until July 30, 2033 except as otherwise herein provided, the Project shall be operated exclusively as low-income housing for Very Low-Income persons. All of the dwelling units on the Property shall be available to tenants whose gross annual household income (at the time of initial occupancy) is not more that fifty percent (50%) of the annual median income for the Seattle-Bellevue- Everett metropolitan statistical area, adjusted for household size, as estimated from time to time by the U.S. Department of Housing & Urban Development (HUD). If at any future time HUD ceases issuing said median household estimates, the income under this Agreement shall be as determined by the City. The Agency shall verify Project residents' income only in accordance with methods prescribed by or agreed to by the City. The Agency shall charge a monthly rent (including utility allowances) to tenants for housing in the Premises that shall not exceed one-twelfth of thirty percent (30%) of the target population income standard established by this Section II. III. TERM OF AGREEMENT The term of this 2060 HTF Agreement begins on the date of the Agreement and expires July 30, 2033. This Agreement may be terminated by the City prior to its expiration date as provided in Section XVIII hereof. Following expiration or termination of this Agreement, the Agency's obligations to the City shall remain in full force and effect until all closeout requirements are completed. Closeout requirements comprise all actions required to demonstrate to the City's satisfaction that all terms and conditions of the Agreement have been fulfilled, including, but not limited to, repayment of the Loan; certificate of occupancy; inspection of the final Project; and letters from other funders evidencing their satisfaction with the Project and stating that there are no outstanding issues which would cause their withholding of funds. IV. PAYMENT AND DISBURSEMENTS Disbursements by the City pursuant to this 2060 HTF Agreement shall be on a reimbursement basis covering actual expenditures by the Agency or obligations of the Agency currently due and owing, but not paid. No payment shall be made for any services, work, supplies or materials except for services, work, supplies or materials within the scope of a category set forth in the Project Budget in Exhibit F of this 2060 HTF Agreement, and all funds received by the Agency pursuant to this 2060 HTF Agreement must be used for services, work, supplies or materials identified in Exhibit A hereto. To receive disbursements the Agency shall submit to the City a Request for Reimbursement/Actual Expenditure Report supported by copies of vouchers, invoices, salary and wage summaries, or other documentation. Y Page 3 of 13