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City of Everett/Cocoon House <br /> 2018 M&O 2060 Agreement <br /> B. The Project <br /> The Grant is provided to the Grantee for the undertaking and performance of the <br /> Project. The Grant may be amended from time to time in any manner described <br /> elsewhere in this HTF Agreement, so long as the same remains consistent with <br /> maintenance and operations of the Cocoon Complex transitional housing facility <br /> operated by the Grantee, as now or hereafter amended. <br /> C. Project Budget <br /> Salaries and benefits $37,500.00 <br /> Total $37,500.00 <br /> D. Public Information <br /> In all news releases and other public notices related to the Project funded under <br /> this HTF Agreement, the Grantee shall include information identifying the source <br /> of funds as the City of Everett 2060 Housing Trust Fund. <br /> E. Resident Population of the Project <br /> The shelter shall be operated as a transitional housing facility available exclusively <br /> to occupants whose gross annual household income (at the time of initial <br /> occupancy) is not more that fifty percent (50%) of the annual median income for <br /> the Seattle-Bellevue-Everett metropolitan statistical area, adjusted for household <br /> size, as estimated from time to time by the U.S. Department of Housing & Urban <br /> Development (HUD). If at any future time HUD ceases issuing said median <br /> household estimates, the income under this Agreement shall be as determined by <br /> the City. <br /> Further, the Grantee shall verify the income of tenants of Assisted Units only in <br /> accordance with methods prescribed by or agreed to by the City. <br /> II. TERM OF AGREEMENT <br /> Services of the Subgrantee shall start on the 1st day of July 2018 and end on the 30th day <br /> of June 2019. The term of this Agreement and the provisions herein shall be extended to <br /> cover any additional time period during which the Subgrantee remains in control of 2060 <br /> funds or other assets. The City may, at its discretion, extend the term of this Agreement to <br /> allow for the expenditure of unexpended funds. This Agreement may be terminated by the <br /> City prior to its expiration date. <br /> Following expiration or termination of this Agreement,the Grantee's obligations to the City <br /> shall remain in full force and effect until all requirements of this Agreement are completed. <br /> 2 <br />