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City of Everett/Cocoon House <br /> 2018 M&O 2060 Agreement <br /> City of Everett <br /> 2060 Housing Trust Fund Agreement <br /> This 2060 Housing Trust Fund Agreement (the "HTF Agreement" or the "Agreement") by and <br /> between Cocoon House(hereinafter"the Grantee") and the City of Everett(hereinafter"the City") <br /> maintenance and operations of a homeless youth shelter (hereinafter "the Project"). <br /> RECITALS: <br /> A. The Grantee is a non-profit corporation organized and existing under the laws of the State of <br /> Washington. <br /> B. The City is a municipal corporation of the State of Washington. <br /> C. The City has available in its 2060 Housing Trust Fund certain money to be used to support <br /> housing projects or units within housing projects that are affordable to Very Low-Income <br /> persons. "Very Low-Income" means gross annual household income (at the time of initial <br /> occupancy) is not more than fifty percent (50%) of the annual median income for the Seattle- <br /> Bellevue-Everett metropolitan statistical area, adjusted for household size, as estimated from <br /> time to time by the U.S. Department of Housing & Urban Development (HUD). <br /> D. The Grantee desires to use 2060 funds for maintenance and operations for Cocoon Complex <br /> its transitional housing facility located at 2929 Pine Street, Everett,WA to provide housing and <br /> support services for very low-income, and homeless persons. The Grantee and the City desire <br /> that the Cocoon Complex be used for the provision of transitional housing to homeless and <br /> very low-income youth. <br /> E. By Resolution No. 7118, the City Council of the City of Everett authorized funding from the <br /> 2060 Housing Trust Fund for the Project, in an amount not to exceed $37,500.00. <br /> NOW, THEREFORE, in consideration of their mutual promises herein contained, the parties <br /> hereto agree as follows: <br /> I. GRANT TERMS <br /> A. The Grant <br /> The Grantee is hereby provided a grant in the amount of $37,500.00 (the Grant). <br /> This grant shall be considered a grant. The Grantee will receive payment on a <br /> reimbursement basis for eligible maintenance and operation expenditures for the <br /> homeless family shelter operated by the Grantee. <br /> 1 <br />