POWER POINTS
CITY COUNCIL
SPECIAL MEETING
SEPTEMBER 22, 2025
September 22, 2025
1 City Council Special Meeting
September 22, 2025
4:00 p.m.
1 2
September 22, 2025
2 City Council Special Meeting
September 22, 2025
PUBLIC COMMENT – MATTERS
NOT ON THE AGENDA
9/23/2025
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September 22, 2025
3 City Council Special Meeting
September 22, 2025
PH1 – SilverRock
Development Agreement 2025-0001
Environmental Assessment 2025-0002
Project
Location Jefferson Street
Avenue 52
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September 22, 2025
4 Background
• SilverRock Resort was acquired by the City’s then
Redevelopment Agency in 2002.
• Project area consists of 525± acres.
• Specific Plan approved in 2006 and Development
Agreement approved in 2014.
• Golf course realignment, temporary clubhouse
facilities, mass grading, and various master site
infrastructure improvements have been completed.
Background
• Construction began on the luxury hotel and amenities, luxury residential units, and a permanent golf clubhouse, but not completed due to the bankruptcy of the former developer. • The City has been actively meeting with multiple investor and developer groups to find a replacement owner and developer of the SilverRock Resort.
• The Reinstated and Amended Development Agreement (ADA) would reinitiate development with a new developer, TBE RE Acquisition Co II LLC., a subsidiary of Turnbridge Equities. 7 8
September 22, 2025
5 Proposal
• Development Agreement
• Reinstate and Amend Development Agreement
approved in 2014
• Economic Report, Option Agreements in support of DA
• CEQA Analysis
• Addendum No. 3 to original 2002 Mitigated Negative
Declaration
Proposed Land Plan
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September 22, 2025
6 Development Agreement
• Phase 1:
• 150± room luxury hotel (Montage location)
• Public golf clubhouse near hotel
• 29 branded residences north of the hotel, with a private clubhouse
• 70 condos & 293 homes east of the hotel, which can be STVRs
• Landscaping, trails, and infrastructure
Development Agreement
• Phase 2:
• Potential purchase of the east and south portions of the site
• Includes private golf course, 253± residential units & 40,000 SF commercial
• Other provisions:
• Financing
• Schedule of performance
• CEQA mitigation measures
• Limiting impacts to golf play during construction
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September 22, 2025
7 Additional Documents
• Economic Report analyzes:
• TOT rebate program for 15 years: $106.6 million
• Fixed purchase price for Phase 2: $17 million
• Net revenue to City over 30 years: $301.9 million
• Option Agreement allows:
• Must be exercised within 5 years of trigger date with the ability to extend annually up to 5 times
• Purchase of golf course & Phase 2 only when hotel is operational • Repurchase by City if developer fails to meet specific requirements of construction of Phase 2
CEQA
• The DA is a project under CEQA.
• An Addendum to EA 2002-453 has been prepared.
• All impacts of the Project have been analyzed, and
have been found to be equal to or less than those
anticipated in the original analysis.
• The current Project will be subject to the same
mitigation measures as the original project.
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September 22, 2025
8 Planning Commission Action
• At its meeting of September 9, 2025, the
Planning Commission unanimously
recommended approval, with one member
absent due to a conflict of interest.
Recommendation
1. Adopt a resolution adopting Environmental Assessment 2025-0002 (Addendum No. to Environmental Assessment 2002-453).
2. Adopt a resolution to conditionally approve the Economic Development Subsidy Report, Transient Occupancy Tax Revenue Sharing Agreement, and Option to Purchase Real Property Agreement which includes a Repurchase Option Agreement, and authorize the City Manager to execute the agreements if specified conditions are met.
3. Move to take up Ordinance No.___ by title and number only and waive further reading.
4. Move to introduce at first reading, Ordinance No.___ to conditionally approve Development Agreement 2025-0001, Reinstated and Amended Development Agreement 2014-1001, to facilitate development of the SilverRock Specific Plan area.
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September 22, 2025
9 SilverRock Resort
City Council Presentation
By: Turnbridge Equities
S e p t e m b e r 2 2 , 2 0 2 5 PRIVILEGED AND CONFIDENTIAL FOR DISCUSSION PURPOSES ONLY 17 18
September 22, 2025
10 Introduction s
Firm Overview
Turnbridge
by the Numbers
Turnbridge, an SEC-registered direct
investment fund manager, is built on a
tenacious passion for real estate
investing, an exhaustive resourcefulness
to sourcing and executing real estate
investments, and a resolute focus on
executing the firm’s strategies every day. T U R N B R I D G E E Q U I T I E S 3
TRADE SECRET / CONFIDENTIAL
INFORMATION
2015
6 $4.1 Billion
53 Investments
$1 Billion
16.4 Million SF
Founded in 2015 by Andrew Joblon.
Six offices nationally.
Investment (total capitalization), since Turnbridge firm inception, spanning all asset classes and multiple geographies.
In Austin, Boston, Nashville, New York, Raleigh-Durham, Washington, DC, Miami, Los Angeles since Firm inception.
Fund I C Fund II Invested Equity and Co-Invest committed to-date.
Portfolio since inception (21.9 million SF fully developed). 0 1 F I R M O V E R V I E W
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September 22, 2025
11 Project Overview
Select Community Benefits
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T U R N B R I D G E E Q U I T I E S TRADE SECRET / CONFIDENTIAL
INFORMATION
Construction-related Jobs
• 2,500 – 3,000 construction-related jobs (estimate)
Permanent Jobs
• 445 full-time equivalent jobs (estimate)
Golf Clubhouse
• Brand new, ground-up public golf clubhouse for the existing SilverRock Golf Course
Golf Course Improvements
• Millions of dollars in improvements to existing SilverRock Golf Course
TOT Revenue
• $8.5m annually (estimate at stabilization)
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September 22, 2025
12 SilverRock
Resort
Programming
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TRADE SECRET / CONFIDENTIAL INFORMATION
0 3 P R O J E C T O V E R V I E W
Luxury hotel
Guest rooms
Residential lots (Phase 1A C 1B)
Condo units
Banquet / Conference Facility (approx.)
Spa (approx.)
Public Golf Clubhouse (approx.)
140
1 150
25,000sf
21,000sf
16,000sf
122
70 Acres (Phase 1; +200 acres in Phase 2)
T U R N B R I D G E E Q U I T I E S SilverRock
Specific Plan
Area
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TRADE SECRET / CONFIDENTIAL INFORMATION
0 3 P R O J E C T O V E R V I E W
T U R N B R I D G E E Q U I T I E S
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September 22, 2025
13 0 3 P R O J E C T O V E R V I E W
Phase 1A
Phase 1B
SilverRock
Site Plan
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TRADE SECRET / CONFIDENTIAL INFORMATION
• Phase 1: approx 140 acres
T U R N B R I D G E E Q U I T I E S
TRADE SECRET / CONFIDENTIAL INFORMATION G
0 3 P R O J E C T O V E R V I E W
SilverRock
Site Plan
• PA1: Existing Golf Course
(City-owned)
T U R N B R I D G E E Q U I T I E S
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September 22, 2025
14 0 3 P R O J E C T O V E R V I E W
SilverRock
Site Plan
• PA1: Existing Golf Course
(City-owned)
Phase 1A
• PA2: 2G luxury branded
single family residential
lots 27
TRADE SECRET / CONFIDENTIAL INFORMATION T U R N B R I D G E E Q U I T I E S 0 3 P R O J E C T O V E R V I E W SilverRock
Site Plan
28 TRADE SECRET / CONFIDENTIAL INFORMATION
• PA1: Existing Golf Course
(City-owned)
Phase 1A
• PA2: 2G luxury branded
single family lots
• PA3s5: Luxury Hotel
(150 rooms)
T U R N B R I D G E E Q U I T I E S
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September 22, 2025
15 0 3 P R O J E C T O V E R V I E W
SilverRock
Site Plan
• PA1: Existing Golf Course
(City-owned)
Phase 1A
• PA2: 2G luxury branded
single family lots
• PA3s5: Luxury Hotel (150
rooms) • PA4: Public Golf Clubhouse 29
TRADE SECRET / CONFIDENTIAL INFORMATION T U R N B R I D G E E Q U I T I E S 0 3 P R O J E C T O V E R V I E W SilverRock
Site Plan
30 TRADE SECRET / CONFIDENTIAL INFORMATION
• PA1: Existing Golf Course
(City-owned)
Phase 1A
• PA2: 2G luxury branded
single family lots
• PA3s5: Luxury Hotel (150
rooms) • PA4: Public Golf Clubhouse
• PA6: 70 luxury branded
condominiums T U R N B R I D G E E Q U I T I E S
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September 22, 2025
16 0 3 P R O J E C T O V E R V I E W
SilverRock
Site Plan
31 TRADE SECRET / CONFIDENTIAL INFORMATION
• PA1: Existing Golf Course
(City-owned)
Phase 1A
• PA2: 2G luxury branded
single family lots
• PA3s5: Luxury Hotel (150
rooms) • PA4: Public Golf Clubhouse
• PA6: 70 luxury branded
condominiums
Phase 1B
• PA7: G3 luxury branded
single family residential lots T U R N B R I D G E E Q U I T I E S 0 3 P R O J E C T O V E R V I E W SilverRock
Site Plan
• PA1: Existing Golf Course
(City-owned)
Phase 1A
• PA2: 2G luxury branded
single family lots
• PA3s5: Luxury Hotel (150
rooms) • PA4: Public Golf Clubhouse
• PA6: 70 luxury branded
condominiums
Phase 1B
• PA7: G3 luxury branded
single family lots
Phase 2
• PA8: TBD (City-owned) 32
TRADE SECRET / CONFIDENTIAL INFORMATION T U R N B R I D G E E Q U I T I E S 31 32
September 22, 2025
17 SilverRock
Site Plan
33 TRADE SECRET / CONFIDENTIAL INFORMATION
0 3 P R O J E C T O V E R V I E W
T U R N B R I D G E E Q U I T I E S
Questions?
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