Lehi's redevelopment agency owed developers $34.6 million in mid-2025 for Adobe, outlet mall and office projects
Three noninterest notes, payable only from tax increment, cover the Adobe campus, the Outlets at Traverse Mountain and the West Timpanogos office park. Lehi paid down $1.56 million in fiscal 2025.
Continuing story: Auditing Lehi
Lehi's redevelopment agency owed $34,559,207 to developers on June 30, 2025, through tax increment notes in three project areas, according to the city's fiscal 2025 financial report. [1]
The balance was $36,121,828 a year earlier, and the agency paid $1,562,621 of principal during fiscal 2025. [1]
The notes carry no interest and are paid only from the tax increment each area generates; if that increment falls short, "the City will not be required to pay the remaining balance," the report says. [1]
The three areas
West Timpanogos: $16,476,242 outstanding on a $19,557,363 note, pledged through 2035, with $395,872 in increment in fiscal 2025. [1]
The agency's 2020 annual report says that area was created to provide an incentive to Traverse Mountain Commercial Venture for Class A office space, and the financial report says the agency passes 97% of its increment to the developer and keeps 3% for administration. [2][1]
Traverse Mountain: $10,451,021 outstanding on a $13,612,053 note, pledged through 2032, with $244,576 in increment in fiscal 2025. [1]
That area was created to provide an incentive to the Traverse Mountain Outlet Mall, and Alpine School District does not participate in it, the 2020 report says. [2]
Alpine Highway West: $7,631,944 outstanding on a $17,478,052 note, pledged through 2034, with $1,262,857 in increment in fiscal 2025. [1]
The 2020 report says that area was created to provide an incentive to Adobe. [2]
Who contributes
Utah County's tax year 2024 report shows the agency receiving 75% of the increment from Utah County, Alpine School District, Lehi City and three water districts in Alpine Highway West. [3]
In West Timpanogos the report shows 50% of the increment from the county, the city and two water districts and 15% from the school district; in Traverse Mountain it shows 100% from the city and 75% from the county and three water districts. [3]
The city's financial report counted $1.51 million in property taxes abated through its redevelopment areas in fiscal 2025. [1]
Lehi's redevelopment agency also created the Meadow Pointe area in 2020, the Morning Vista area in March 2025 and the Skye View area in August 2025, according to the report. [1]
Sources
- Lehi City · FY2025 annual comprehensive financial report
- Redevelopment Agency of Lehi City · 2020 annual report (Oct. 2021)
- Utah County Auditor · Lehi RDA increment report, year-end 2024
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.