Lehi's redevelopment agency owed developers $34.6 million in mid-2025
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.
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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 lehi-ut.gov
- Redevelopment Agency of Lehi City · 2020 annual report (Oct. 2021) auditor.utahcounty.gov
- Utah County Auditor · Lehi RDA increment report, year-end 2024 auditor.utahcounty.gov
Reporting by The Utah Ledger from the public records above. AI-assisted; paragraphs link to their sources.