SCHEDULE OF PERFORMANCE - WALNUT BLUFF
Effective Date is February 15, 2024
ITEM OF PERFORMANCE TIME FOR PERFORMANCE
1. Complete due diligence to determine feasibility
including site specific air quality study (i.e.,
Human Health Risk Assessment).
By January 15, 2025.
2. Establish site control with Signal Hill Petroleum. Within thirty (30) calendar days of completing due diligence/feasibility.
(February 15, 2025)
3. Refine and present to HA and City staff, for
review, the following for each site:
(a) Site Plan. A conceptual development site plan
for each proposed Projects that describes and
depicts: (1) the location and orientation of
proposed buildings; and (2) the architecture of
the proposed buildings; and (3) floor plans
including unit plans.
(b) Financial Pro Forma. A preliminary financial
pro forma for each Project that includes cost
financing (sources and uses), development costs,
income, operating expenses and a cash flow
analysis.
(c) Project Schedule. A proposed time schedule
from commencement to completion of the
Projects.
Within three hundred and sixty-five (365)
calendar days of effective date. (February
15, 2025)
4. Conduct HA Board/City Council/Community
workshop.
Within three hundred and sixty-five (365)
calendar days of effective date, Developer
shall facilitate at least one workshop for the
HA Board, City Council, and community in
a format to be designed in concert with HA
and City staff. (February 15, 2025)
5. Negotiation of Affordable Housing Agreement. Within three hundred and sixty-five (365) calendar days of effective date, or as
required for funding applications,
whichever is first. (February 15, 2025)
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SCHEDULE OF PERFORMANCE - ORANGE BLUFF
Effective Date is February 15, 2024, extended through November 15, 2025
ITEM OF PERFORMANCE TIME FOR PERFORMANCE
6. Conduct due diligence to determine feasibility of
development.
By January 15, 2025.
7. Establish site control with Signal Hill Petroleum. Within thirty (30) calendar days of completing due diligence. (February
15, 2025)
8. Refine and present to HA and City staff, for review, the following for each site:
(a) Site Plan. A conceptual development site plan for
each proposed Projects that describes and depicts: (1)
the location and orientation of proposed buildings;
and (2) the architecture of the proposed buildings;
and (3) floor plans including unit plans
(b) Financial Pro Forma. A preliminary financial pro
forma for each Project that includes cost financing
(sources and uses), development costs, income,
operating expenses and a cash flow analysis
(c) Project Schedule. A proposed time schedule from
commencement to completion of the Projects;
Within one hundred and eighty (180)
calendar days of completing due
diligence. (July 15, 2025)
9. Conduct HA Board/City Council/Community
workshop.
Within sixty (60) calendar days of
submitting the refined development
plan, Developer shall facilitate at least
one workshop for the HA Board, City
Council, and community in a format to
be designed in concert with HA and
City staff. (September 15, 2025)
10. Negotiation of Affordable Housing Agreement. Within ninety (60) calendar days of HA Board/City Council workshop, or as
required for funding applications,
whichever is first. (November 15,
2025)
The undersigned agree to the terms in the modified Schedule of Performance for the Walnut and Orange Bluff projects.
______________________________ ______________________________ Carlo Tomaino Michael Ruane
City Manager President
City of Signal Hill National Community Renaissance
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