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C. CONSTRUCTION OF IMPROVEMENTS <br />1. Management Plan. Developer shall submit its proposed No later than (30) business days <br />Management Plan to City for review and approval. before construction close. <br />2. Approval of Management Plan. City shall review and approve, Within fourteen (14) days of <br />approve with conditions, or disapprove the Management Plan. receipt of submittal from <br />Developer. <br />Revision to Management Plan. Developer shall revise Within fourteen (14) days of <br />Management Plan if conditionally approved or disapproved by receipt of disapproved <br />City. Management Plan from City. <br />4. Approval of Revised Management Plan. City shall review and Within fourteen (14) days of <br />approve, approve with conditions, or disapprove revised receipt of a complete submittal <br />Management Plan. of revised Management Plan <br />from Developer, but not later <br />than 120 days prior to project <br />completion. <br />5. Commencement of Construction of the Improvements. No later than January 1, 2019 <br />Developer shall cause the Construction of the Improvements to <br />be commenced by Contractor. <br />6. Completion of Construction of the Improvements. Developer On or before November 1, 2020 (subject to <br />shall complete all work of the Construction of the extension by City based upon substantial <br />Improvements. <br />25L-93 <br />progress toward completion of construction by <br />Developer). <br />EXHIBIT 3 <br />B. PROJECT FINANCING <br />1. Receipt of All Funding Commitments Necessary to Complete <br />Not later than thirty (30) days <br />Construction of the Improvements. Developer shall use its best <br />before Construction Close. <br />and good faith efforts to secure irrevocable funding <br />commitments from TCAC, Senior Lender, and other available <br />funding sources which when combined with the Loans shall <br />equal no less than the total cost to construct the Improvements, <br />as set forth in the approved Project Budget. Developer shall <br />submit such commitments to City for review. <br />2. Approval of Developer's Evidence of Financing. City must <br />Not later than twenty (20) <br />approve Developer's evidence of financing as required by <br />business days after receipt of a <br />the Agreement. <br />complete submittal from <br />Developer <br />C. CONSTRUCTION OF IMPROVEMENTS <br />1. Management Plan. Developer shall submit its proposed No later than (30) business days <br />Management Plan to City for review and approval. before construction close. <br />2. Approval of Management Plan. City shall review and approve, Within fourteen (14) days of <br />approve with conditions, or disapprove the Management Plan. receipt of submittal from <br />Developer. <br />Revision to Management Plan. Developer shall revise Within fourteen (14) days of <br />Management Plan if conditionally approved or disapproved by receipt of disapproved <br />City. Management Plan from City. <br />4. Approval of Revised Management Plan. City shall review and Within fourteen (14) days of <br />approve, approve with conditions, or disapprove revised receipt of a complete submittal <br />Management Plan. of revised Management Plan <br />from Developer, but not later <br />than 120 days prior to project <br />completion. <br />5. Commencement of Construction of the Improvements. No later than January 1, 2019 <br />Developer shall cause the Construction of the Improvements to <br />be commenced by Contractor. <br />6. Completion of Construction of the Improvements. Developer On or before November 1, 2020 (subject to <br />shall complete all work of the Construction of the extension by City based upon substantial <br />Improvements. <br />25L-93 <br />progress toward completion of construction by <br />Developer). <br />