REDIV - SILVER CLIFFS – PHASE TWO
INVESTOR UPDATE | SEPTEMBER 2025
EXECUTIVE SUMMARY
The Silver Cliffs Phase Two development is advancing with strong momentum across three jurisdictions—Toquerville, Washington County, and Leeds. Each municipality has received preliminary approvals on its respective zone change application, and all are scheduled for Planning Commission and Town Council consideration in October. Recent county meetings have been notably positive, with officials expressing strong support for the project. While timelines experienced a brief one-month delay, the team has remained on track, moving forward with the Master Plan Development Overlay (MPDO) and Planned Development Residential/Commercial filings. The dual-track zoning strategy continues to enhance density opportunities and provide strategic flexibility. Key upcoming milestones include the Joint Utility Committee meeting in October and subsequent Planning Commission and Town Council approvals, positioning the project for bonding execution in late 2025.
RECENT KEY ACCOMPLISHMENTS | PRIMARY FOCUS AREAS | MAJOR MILESTONES
Regulatory Progress
  • Toquerville & County:
  • Active collaboration with staff engineers and planners, creating a partner-oriented process rather than an adversarial one.
  • Zone change applications submitted; Master Planned Development Overlay (MPDO) and Planned Development Residential/Commercial (PDR/PDC) filings are being finalized for submission in the coming weeks.
  • Recent county meetings have produced highly positive feedback, with officials expressing clear support for the project’s direction.
  • Leeds Re-engagement:
  • Following initial concerns regarding potential disconnection, Leeds City has re-established a cooperative stance and is expediting review processes.
  • Key hearings and approvals are targeted for October, as city leadership recognizes the project’s potential community benefits and long-term value. This could still go either way but we’re hopeful of Leeds being cooperative.
Engineering & Technical Advancement
  • Road Engineering Progress: Engineers actively working on optimal road path design through mountain terrain
  • Commons Development Expansion: Unit count successfully doubled from 200 to 404 units, significantly increasing revenue potential and project scope
FINANCIAL & BONDING TIMELINE
Bonding Schedule Maintained
Despite one-month timeline adjustment, bonding remains on track for fall 2025 execution
Loan Considerations Active
Management actively evaluating extension options relative to late November anniversary date to optimize financing costs
Commercial Development Planning
Two 4,800 sq ft restaurant pads designed and planned for pad-ready delivery within approximately one year
CURRENT FOCUS AREAS
Development Agreement Finalization
01
Legal Framework Advancement
Development agreement drafting progressing with county legal teams
02
Zoning Ordinance Modifications
Project team drafting necessary changes to accommodate expanded project scope
03
Administrative Process Preparation
Post-zoning approval processes being structured for efficient execution
PROJECT OUTLOOK
The project continues to demonstrate strong fundamentals with broad stakeholder support across multiple jurisdictions. The successful zoning approval and positive county engagement reflect the viability and community value of the development plan. The expansion of the commons development to 404 units represents a significant value enhancement opportunity that substantially increases revenue potential.
While the one-month timeline adjustment requires careful coordination of bonding and financing elements, the project team remains well-positioned to execute the fall 2025 bonding timeline. The dual-track regulatory approach provides strategic flexibility and risk mitigation while preserving enhanced density opportunities through the county route.
Anticipated investor returns remain consistent with original projections, and the team is well-positioned to move swiftly through the next development phase once final zoning approvals are secured.