Lehi council's only agenda item Oct. 21 was sharing Thanksgiving Point zone property tax growth with the RDA; result not yet reported

Decisions at a glance

Agenda, item by item

1. Item 2.1 · Taxes and fees

   Interlocal agreement with the Redevelopment Agency for the Thanksgiving Point Housing and Transit Reinvestment Zone

   Pending · Thanksgiving Point area

   Resolution 2026-63 would approve an agreement between Lehi City and the Lehi City Redevelopment Agency (RDA) for the Thanksgiving Point Housing and Transit Reinvestment Zone, which the state's Housing and Transit Reinvestment Zone Committee approved Nov. 13, 2023. The city would consent to the agency receiving 80 percent of the property tax increment the zone generates, up to $122,144,769. Collection for each parcel would run 25 full calendar years from a trigger year, could not begin until a temporary certificate of occupancy is issued for a building on that parcel, and no parcel could be triggered more than once. The total collection period is capped at 45 years. The agency could use the money to reimburse developer costs allowed by state law and to cover its own administrative and legal expenses, and could sign a participation agreement with Thanksgiving Station Development Partners, LLC. The resolution says the agreement matches the state approval, obligates only increment actually collected and distributed by the county, and does not pledge the city's General Fund. It takes effect 30 days after the required public notice is first published. Mayor Paul Binns signs for the city and as chair of the RDA.

   • Proposed incentive cap$122.1 million to Lehi City Redevelopment Agency Proposed ceiling on the property tax increment the agency could receive from the zone (80% of increment, 25 years per parcel, 45-year cap); a limit in a proposed agreement, not money paid. Paid from Property tax increment generated within the zone
   • Resolution: 2026-63
   • City share to agency: 80% of tax increment
   • Maximum: $122,144,769
   • Per-parcel period: 25 years; total period: 45 years
   • Expected developer: Thanksgiving Station Development Partners, LLC
   • State approval of zone: Nov. 13, 2023

   Follow Thanksgiving Point Housing Transit Reinvestment Zone in the development tracker →