Washington Terrace agency moves to refill its Southeast area for a $1.2 million credit union incentive
In September 2025 the redevelopment board voted to use tax increment from its South Pointe project area to reimburse the Southeast area for a $1.2 million incentive paid earlier to Goldenwest Credit Union, replacing a smaller $743,000 plan.
Continuing story: Auditing Washington Terrace
Washington Terrace's redevelopment agency voted in September 2025 to use future property-tax increment from its South Pointe project area to pay back its Southeast project area for $1.2 million in incentives given to Goldenwest Credit Union. [1]
From $743,000 to $1.2 million
At the agency's Sept. 2, 2025 meeting, City Manager Tom Hanson said the board had approved $743,000 to be reinvested into the Southeast area. After reviewing documents with legal counsel, he said, staff determined it was appropriate to capture the full incentive. [1]
"We will capture the 1.2 million that we invested into Golden West Credit Union," Hanson said, according to the minutes. [1]
Board member Cheryl Parkinson moved to rescind the board's June 3, 2025 motion and authorize South Pointe tax increment to reimburse the $1.2 million in incentives. The board approved it 5-0. [1]
The first transfer
On Sept. 16, 2025, the board held a hearing and voted 5-0 on Resolution 25-21, a fiscal 2025-26 budget amendment. Hanson said it reflects a partial reimbursement from South Pointe for the previously paid $1.2 million, with $302,529 moving to the Southeast area. No residents commented. [2]
The agency's audit for the year ended June 30, 2025 lists $817,340 in tax increment collected, all from the Southeast area. [3]
The audit's statistical section lists Goldenwest Credit Union as the city's second-largest property taxpayer in 2024, with $48,274,835 in taxable value, or 5.4% of the city's total. [4]
The $1.2 million is an incentive the agency had already paid; the 2025 votes concern how the agency recovers it internally from another project area's tax increment. They are not a new payment.
Sources
- Washington Terrace Redevelopment Agency · Sept. 2, 2025 minutes
- Washington Terrace Redevelopment Agency · Sept. 16, 2025 minutes (Oct. 7, 2025 packet)
- Washington Terrace City · FY2025 audit, Note 12 Redevelopment Agency
- Washington Terrace City · FY2025 audit, principal property taxpayers
Reporting by The Utah Ledger from the public records above. AI-assisted, checked against those records.