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The Authority and Municipality will cooperate in establishing priorities and in <br />preparation of the application for a grant. The Authority will prepare and submit to HUD and <br />appropriate reviewing agencies, all necessary applications for a basic grant amount under the <br />CDBG Act and the HOME Act. <br />Tn preparing the grant application and allocating grant funds received, the Authority will <br />consider projects proposed by the Municipality. The Authority reserves the right to propose <br />projects which are both consistent with the mutually established goals, needs and priorities and <br />within its statutory implementation authority. No Municipality shall be required to propose a <br />project. <br />The Authority shall have final responsibility for selecting projects and will distribute to <br />the Municipality such funds as are determined appropriate for the Municipality to use in <br />implementing a project. The Authority may implement projects within the Municipality as are <br />determined appropriate by the Authority. <br />3. TERM <br />The term of this Agreement is for Federal Fiscal Years 2007 - 2049. The Agreement <br />remains in effect until the CDBG and HOME funds and program income received with respect to <br />activities carried out during the initial three year qualification period, and any successive <br />qualification periods, are expended and the funded activities completed. Neither the Authority <br />nar the Municipality may terminate or withdraw from this Agreement during that period. <br />This Agreement will be automatically renewed for participation in successive three year <br />qualification periods, unless the Authority or the Municipality provide written notice it elects not <br />to participate in a new qualification period. By the date specified in HUD's urban county <br />RESTATED JDiNT COOPERAT'IDN AGREEMENT <br />Page 3 of 7 <br />