Lehi's Thanksgiving Station housing zone: approved by the state in 2023, its $122.1 million agreements were back on the agenda in October

A state committee approved Lehi's proposal for a housing and transit reinvestment zone around the FrontRunner Lehi station in November 2023, and the agreements that would put it into effect were on Lehi's redevelopment agency agendas in July and October 2026. ^[2][4][6]

The 2023 approval

On Nov. 13, 2023, the Housing and Transit Reinvestment Zone Committee approved the project "located within 1/3 mile of the Frontrunner Lehi Station for the duration of 25 years per parcel," "for a maximum of up to 45 years, for a maximum capture of 80% property tax increment," according to its minutes. ^[2]

The motion added "the requirement of 12% of affordable housing of at least 80% of AMI." Sen. Wayne Harper moved it, Rep. Mike Schultz seconded it, and it passed unanimously. ^[2]

The proposal called for 1,800 multifamily units on 53.4 acres, including 216 affordable units, along with 770,000 square feet of Class A office space, 80,000 square feet of retail and restaurants and a 70,000-square-foot climbing gym. ^[2]

Marlin Eldred, Lehi's economic development director, presented a combined total of $237 million and "$122M of tax increment," and said that "even with full HTRZ participation, the developers will still need to cover a $115M investment gap," the minutes say. ^[2]

The state's review

Zions Public Finance, reviewing the proposal for the Governor's Office of Economic Opportunity in July 2023, estimated the financing gap at $222,693,792 to $233,484,448; the application put it at $237,091,315. ^[1]

The review estimated about $116 million in property tax revenue from 80% of the increment for up to 45 years, with 25 years per parcel, "still leaving the project with a significant funding gap." ^[1]

The 2026 agreements

Lehi's Planning Commission agenda for Dec. 4, 2025, listed Stack's requests for review of the Thanksgiving Station development agreement, for about 26 acres, and the Stack Soccer Field property development agreement, for 3.64 acres. ^[3]

The agency's July 14, 2026 agenda listed Resolution R2026-06, a participation agreement with Stack Soccer Field LLC; R2026-07, a participation agreement with Thanksgiving Point Station Development Partners LLC; and R2026-08, an interlocal agreement between the city and the agency for the zone. ^[4]

The Stack Soccer Field agreement in that packet is a redline with blank signature lines, and several sections appear in two versions. ^[5]

The draft refers to 80% of the tax increment generated in the zone, 25 full calendar years per parcel and a 45-year maximum, and to a total of $122,144,769. ^[5]

It would cap reimbursement at $40,573 per home and $55,662 per affordable home, require at least 12% of homes to be affordable, and let the agency suspend payments for a parcel in default. ^[5]

The same three resolutions were on the agency's Oct. 13, 2026 agenda. In that packet the participation agreements and the interlocal agreement appear only as title sheets, and every signature block is blank. ^[6]

The attached public notice says the interlocal agreement "is for personal and real property tax at 80%" "for a total of 45 years not to exceed a budget amount of $122,144,769.00." ^[6]

The October resolutions describe the soccer field site as about 3.64 acres and the Thanksgiving Point Station Development Partners site as about 30.72 acres. ^[6]

The City Council's amended agenda for Oct. 13 also listed the interlocal agreement. ^[7]

The records reviewed do not show what either body decided in July or October. ^[4][6][7]

Also on the Oct. 13 agenda

The agency's Oct. 13 packet also contains an unsigned economic development agreement with Garff Properties-Meadow Pointe LLC, whose resolution number and legal description are still placeholders. ^[6]

Under it the agency would pay the city "up to $1,500,000 of impact fees in aggregate" for new dealerships built after the agreement takes effect, until that cap is reached or Dec. 31, 2039. ^[6]

The draft says an earlier $445,239.95 reimbursement for the Jaguar Land Rover and Porsche dealerships, under a June 14, 2011 development agreement, "fully satisfies the amount to be credited to Developer." ^[6]