RED V - MEIBOS LAND ENTITLEMENTS PROJECT

RED V - MEIBOS LAND ENTITLEMENTS PROJECT
INVESTOR UPDATE | SEPTEMBER 2025
EXECUTIVE SUMMARY
The Meibos entitlements project continues to advance steadily with significant progress on key regulatory approvals and infrastructure planning. The development team is on track to complete all entitlement work by year-end, representing substantial achievement of project milestones. 
Our potential project exit remains contingent on completion of a Weber County lift station, which has commenced construction. All necessary sewer approvals have been secured from Weber County for our project and the larger County lift station, clearing a critical development pathway. This dependency has moved our earliest anticipated exit into Q1 of 2026. 
The project continues to maintain strong interest from both local and national builders, positioning Meibos favorably for a successful exit once infrastructure requirements are met.
KEY ACCOMPLISHMENTS
RECENT
Rezoning progress accelerated
Successfully passed planning commission review, advancing to final county commissioners approval stage.
Sewer lift station project initiated
Infrastructure project breaking ground this week.
Due diligence package advancement
All updated will-serve letters being completed to finalize documentation requirements.
Development agreement prepared
Draft documentation ready for final approval process upon rezoning completion.
PRIMARY FOCUS AREAS
CURRENT
Complete county commissioners approval
Final step in rezoning process with commissioners meeting every two weeks.
Finalize will-serve letters
Expected completion within the next week to satisfy due diligence requirements.
Support sewer lift station construction
9-month construction timeline beginning immediately with June 2026 completion target.
Prepare for paper lot readiness
Positioning project documentation for December sale preparation.
MAJOR MILESTONES
NEXT
01
Complete rezoning approval process
Final county commissioners approval expected before the end of November.
02
Achieve paper lot sale readiness
Project documentation and approvals positioned for December completion.
03
Complete sewer infrastructure
Lift station construction completion enabling full lot delivery by June 2026.
04
Execute successful lot sale
Strong builder interest positions project for optimal exit strategy execution.
LOOKING FORWARD
The development team is positioning for successful entitlements and paper lot completion by December 2025. Dependencies on the County lift station have pushed our potential exit into Q1 of 2026. With the rezoning process in its final stages and infrastructure timeline clearly defined, the Meibos project remains on track to deliver strong returns to investors. Builder interest continues to be robust, providing confidence in the project's market positioning.
This update reflects project status as of September 25, 2025. For specific questions or additional information, please contact the project management team.