Lehi council to vote today on sharing property tax growth with RDA for Thanksgiving Point housing and transit zone

Decisions at a glance

Agenda, item by item

1. Item 2.1 · Taxes and fees

   Interlocal agreement with the Redevelopment Agency for the Thanksgiving Point Housing and Transit Reinvestment Zone

   Pending · Thanksgiving Point area

   Resolution 2026-43 would approve an agreement between Lehi City and the Lehi City Redevelopment Agency (RDA) for the Thanksgiving Point Housing and Transit Reinvestment Zone, which the state's Housing and Transit Reinvestment Zone Committee approved Nov. 13, 2023. The city would consent to the agency receiving 80 percent of the property tax increment the zone generates, up to a stated maximum of $122,144,769. Collection for each parcel would run 25 years from a trigger year, and could not start until a temporary certificate of occupancy is issued for a building on that parcel. The total collection period is capped at 45 years. The money could reimburse developer costs allowed by state law and cover agency administrative expenses. The agreement names Thanksgiving Station Development Partners, LLC as the expected developer under a separate participation agreement. The agreement takes effect 30 days after the required public notice is published.

   • Payment$122.1 million to Lehi City Redevelopment Agency Maximum share of property tax increment from the Thanksgiving Point zone passed to the agency (80% of increment, 25 years per parcel, 45-year cap). Paid from Property tax increment generated within the zone
   • Resolution: 2026-43
   • City share to agency: 80% of tax increment
   • Maximum: $122,144,769
   • Per-parcel period: 25 years; total period: 45 years
   • Expected developer: Thanksgiving Station Development Partners, LLC

   Follow Thanksgiving Point Housing Transit Reinvestment Zone in the development tracker →