EXHIBIT C
SCHEDULE OF PERFORMANCE
Assume Effective Entitlement Date of July 1, 2026. All dates in the schedule shall be adjusted based on the Effective Entitlement Date.
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 120 days
of Entitlement
Date
Thursday,
October 29,
2026
No buffer
Thursday,
October 29,
2026
1.5 Mass Excavation and Shoring
Permit Submission
Commercial
Developer and
Residential
Developer
Within 18
months of the
Entitlement Date
Wednesday,
January 29,
2028
No buffer
Wednesday,
January 29,
2028
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
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
Saturday, July
29, 2028 Up to 3 months Friday, October
29, 2028
3. Commercial Developer
deposits $3M with the City
(Initial Deposit).
Commercial
Developer
Prior to
foundation
Building Permit
issuance
See #4 No buffer
See #4
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
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
Tuesday,
January 29,
2030
6 months
Tuesday,
October 29,
2030
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)
Tuesday, July
29, 2031 No buffer April 29, 2032
6. Underground Parking Garage
completion and residential pad
turnover
Commercial
Developer
Within 12
months of
underground
garage
construction
commencement
Thursday, July
29, 2032 Up to 3 months Friday, July 29,
2033
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 office)
To Be
Determined No buffer To Be
Determined
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
8. Residential submits for federal
tax credits (Typically Feb.)
Residential
Developer
The first
February after 3
months prior to
podium
completion.
Monday,
February 28,
2033 (or tax
credit
application
deadline,
whichever first)
No buffer
Tuesday,
February 28,
2034
(or tax credit
application
deadline,
whichever first)
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)
See #10 No buffer See #10
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
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. This must
be preceded by,
and coordinated
with, state
funding sources
(assumes 3
cycles, or five
years maximum).
December 31,
2034
(or tax credit-
required closing
date, whichever
first)
No buffer - refer to
Timeline for
Performance.
December 31,
2038 (or tax
credit-required
closing date,
whichever first)
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).
December 31,
2034 No buffer
December 31,
2038 (or tax
credit-required
closing date,
whichever first)
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)
January 29,
2035 No buffer January 29,
2039
13. Residential Developer obtains
Final Building Inspection for
superstructure.
Residential
Developer
Within 24
months
following the
commencement
of construction
January 29,
2037 Up to 9 months January 29,
2041