Last updated 3.12.2025
DRAFT SCHEDULE OF PERFORMANCE – BESPOKE DEVELOPMENT
NOTE: this schedule outlines performance dates starting from May 19th, 2025(assumed entitlement date). All dates in the schedule will change based on the effective entitlement date, when known.
Action/Obligation Responsible
Parties
Timeline for
Performance
Target
Completion*
Exclusive of any buffers
Buffers*
Each buffer commences from
the date of completion of prior
milestone
Default Date
Exceeding this date
constitutes a default
under the terms of this
Agreement
1. Commercial Developer
deposits $2.9M contribution with
the City (Developer Equity
Contribution).
Commercial
Developer
Within 60 days
of Entitlement
Date
*This item
remains under
discussion with
Development
Team.
May 19, 2025 No buffer May 19, 2025
1.5 Mass Excavation and Shoring
Permit Submission
Commercial
Developer and
Residential
Developer
Within 18
months of the
Entitlement Date
Nov. 2026 No buffer November 19,
2026
2. Master Building Permit
Submission (including
foundation, residential
superstructure, and commercial
superstructure permits)
Commercial
Developer and
Residential
Developer
Within 6 months
of Mass
Excavation and
Shoring Permit
Submission
May 2027 Up to 3 months August 19,
2027
Last updated 3.12.2025
Action/Obligation Responsible
Parties
Timeline for
Performance
Target
Completion*
Exclusive of any buffers
Buffers*
Each buffer commences from
the date of completion of prior
milestone
Default Date
Exceeding this date
constitutes a default
under the terms of this
Agreement
3. Commercial Developer
deposits $3M with the City
(Initial Deposit).
Commercial
Developer
Prior to
foundation
Building Permit
issuance
Nov. 2028 No buffer August 19,
2029
4. Issuance of Building Permit
(commercial and parking garage)
and building permit ready-for-
issuance letter (residential). City
commits to expeditious review of
permit submittals. Applicant
commits to timely and complete
resubmittals.
City Within 18
months of
Master Building
Permit
Submission
Nov. 2028 6 months August 19,
2029
5. Commercial Developer to
commence construction of the
Underground Parking Garage
Commercial
Developer
Within 6 months
from issuance of
Building Permit
(commercial and
parking garage)
May 2029 No buffer February 19,
2030
6. Underground Parking Garage
completion and residential pad
turnover
Commercial
Developer
Within 12
months of
underground
garage
construction
commencement
May 2030
Up to 3 months May 19, 2031
Last updated 3.12.2025
Action/Obligation Responsible
Parties
Timeline for
Performance
Target
Completion*
Exclusive of any buffers
Buffers*
Each buffer commences from
the date of completion of prior
milestone
Default Date
Exceeding this date
constitutes a default
under the terms of this
Agreement
7. Commercial Developer makes
contribution of $3.5M to City
(Additional Deposit).
Commercial
Developer
Prior to
Temporary or
Final Certificate
of Occupancy for
first tenant (of
commercial)
*This item
remains under
discussion with
the Development
Team
n/a No buffer n/a
8. Residential submits for federal
tax credits (Typically Feb.)
Residential
Developer
The first
February after 3
months prior to
podium
completion.
Residential
developer may
apply for up to 3
rounds of tax
credit funding
cycles. This must
be preceded by,
and coordinated
with, state
funding sources
(assumes 3
cycles).
Feb. 2031
No buffer February 28,
2036 (or tax
credit deadline,
whichever first)
Last updated 3.12.2025
Action/Obligation Responsible
Parties
Timeline for
Performance
Target
Completion*
Exclusive of any buffers
Buffers*
Each buffer commences from
the date of completion of prior
milestone
Default Date
Exceeding this date
constitutes a default
under the terms of this
Agreement
9. Residential Developer submits
to City final Tenant Selection and
Marketing Plan and Financing
Plan (Conditions Precedent to
Conveyance of Property)
Residential
Developer
One month prior
to closing on all
necessary
financing for
Residential
Development
(#10, below)
Nov. 2031 No buffer November 31,
2036
10. Residential Developer shall
secure and close on all necessary
financing for the Residential
Development (the “Financing
Commitment”).
Residential
Developer
Within 10
months of
successfully
submitting for
tax credits.
Residential
developer may
apply for up to 3
rounds of tax
credit funding
cycles.
Dec. 2031
No buffer December 31,
2036
11. City and Residential
Developer shall execute, and City
shall record, the Residential
Ground Lease, Regulatory
Agreement and Deed of Trust.
City and
Residential
Developer
Concurrently
with the close of
financing for
Residential
Development
(#10, above).
Dec. 2031 No buffer December 31,
2036
Last updated 3.12.2025
Action/Obligation Responsible
Parties
Timeline for
Performance
Target
Completion*
Exclusive of any buffers
Buffers*
Each buffer commences from
the date of completion of prior
milestone
Default Date
Exceeding this date
constitutes a default
under the terms of this
Agreement
12. Residential Developer shall
obtain Building permits for the
Residential Development and
commence construction of the
Residential Improvements.
Developer
Within 30 days
from the close of
Escrow of the
Residential
Financing (#10,
above)
Jan. 2032
No buffer January 31,
2037
13. Residential Developer obtains
Final Building Inspection for
superstructure.
Residential
Developer
Within 24
months
following the
commencement
of construction
Jan. 2034 Up to 9 months September 30,
2039