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6.B. - Page 68 of 177 <br />EXHIBIT B <br />DEVELOPMENT SCHEDULE <br />This Development Schedule summarizes the schedule for various activities under the Loan <br />Agreement to which this exhibit is attached. The description of items in this Development <br />Schedule is meant to be descriptive only, and shall not be deemed to modify in any way the <br />provisions of the Agreement to which such items relate. Section references herein to the <br />Agreement are intended merely as an aid in relating this Development Schedule to other <br />provisions of the Agreement and shall not be deemed to have any substantive effect. Times for <br />performance are subject to Force Majeure, as further provided in Section 9.3 of the Agreement. <br />Whenever this Development Schedule requires the submission of plans or other <br />documents at a specific time, such plans or other documents, as submitted, shall be complete <br />and adequate for review by the City or other applicable governmental entity within the time set <br />forth herein. Prior to the time set forth for each particular submission, the Developer shall <br />consult with City staff informally as necessary concerning such submission in order to assure <br />that such submission will be complete and in a proper form within the time for submission set <br />forth herein. <br />353 Main Street Apartments <br />Development Schedule <br />Milestone Status Completion Date <br />Planning Commission Approval (Entitlements) <br />Achieved <br />5/22/2018 <br />Submit AHF Application <br />Achieved <br />8/10/2018 <br />100% DD + Preliminary Plan Check Meeting <br />Achieved <br />8/15/2018 <br />25% Construction Drawings (CDs) <br />Achieved <br />8/31/2018 <br />Submit PBV RFP Application <br />Achieved <br />1/11/2019 <br />75% CDs + 1st Plan Check Submittal <br />Achieved <br />9/28/2018 <br />AHF 6.0 / PBP RFP Award <br />Achieved <br />10/20/2018 <br />TCAC Application Submittal <br />Achieved <br />10/12/2018 <br />TCAC Allocation <br />Achieved <br />1/16/2019 <br />Close of Escrow (Land) <br />Achieved <br />4/1/2019 <br />Construction Loan Funding (Close) <br />Achieved <br />10/18/2019 <br />Finalize LPA and receive initial equity contribution <br />Achieved <br />10/18/2019 <br />Construction Start <br />Achieved <br />11/1/2019 <br />Demo. completion date <br />Achieved <br />11/25/2019 <br />Grading completion date <br />Pending <br />6/15/2020 <br />Foundation/ Structural concrete completion date <br />Pending <br />11/30/2020 <br />50% Construction Completion <br />Pending <br />3/15/2021 <br />2nd Equity installment <br />Pending <br />3/15/2021 <br />75% Construction Completion <br />Pending <br />9/30/2021 <br />Construction Completion (estimated) <br />Pending <br />11/30/2021 <br />Temporary Certificate of Occupancy <br />Pending <br />11/15/2021 <br />Placed in Service/Certificate of Occupancy <br />Pending <br />12/15/2021 <br />100% Lease Up (estimated) <br />Pending <br />12/31/2021 <br />1199\09\2727850.8 <br />ATTY/AGR.2020.100/353 Main Street Apartments LP (Page 63 of 143) <br />97 <br />