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Lehi agency to keep 80% of Thanksgiving Point zone's tax growth for 45 years
A city notice sets the terms of the housing and transit zone agreement: 80% of new property tax growth for up to 45 years, capped at about $122.1 million.
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The terms
Most of the new property tax growth from the Thanksgiving Point Housing and Transit Reinvestment Zone will go to Lehi's redevelopment agency for the next 45 years, according to a city notice posted Oct. 29. [1]
Under an interlocal agreement with Lehi City, the Lehi Redevelopment Agency will receive and keep 80% of the growth in personal and real property taxes from the zone. [1]
The agreement sets a budget of no more than $122,144,769, the notice says. In it, Lehi City consents to the agency receiving and keeping that share of the tax increment, and the agreement also covers the agency levying a property tax on taxable property within its boundaries. [1]
How it got here
The City Council's Oct. 21 meeting had one regular item: Resolution 2026-43, approving the interlocal agreement between the city and its redevelopment agency for the zone. The agenda listed the resolution and the agreement as attachments. [2]
A copy of the agreement is open for public inspection and copying at 131 N. 100 E., Suite 130, from 7:30 a.m. to 5:30 p.m. Monday through Thursday, for at least 30 days after the notice was published. [1]
Sources
- Lehi City: Notice of Interlocal Agreement Between the Lehi Redevelopment Agency and Lehi City, Oct. 29, 2026 lehi-ut.gov
- Lehi City Council meeting agenda, Oct. 21, 2026 (Utah Public Notice Website) utah.gov
This story was written by AI from the report by Lehi City, which has the full story. How we write stories.
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