In a recent Lehi City Council meeting, significant financial decisions were made regarding the dissolution of two economic development project areas, which are expected to have lasting impacts on the community's revenue and growth.

The council voted to dissolve the Thanksgiving Park Economic Development Area (EDA), which has seen a remarkable increase in assessed property value from approximately $7 million to over $220 million since its inception in 2010. This growth has generated substantial tax revenue, with the school district alone receiving around $7 million over the years. The city anticipates receiving about $42,000 annually from this area moving forward, as all tax revenue will now flow directly to the taxing entities, including the city, county, and school district.

Council members highlighted the success of the EDA in attracting high-tech companies and developments, noting that the initial risk taken by developers has paid off significantly. The area, once vacant land, has transformed into a hub for businesses, including notable companies like Ancestry and MX.

In addition to the Thanksgiving Park EDA, the council also discussed the dissolution of the SR92 Digital Drive Community Reimbursement Project Area, which was primarily sales tax-driven. This project was tied to the Ken Garf Porsche Audi dealership, which is relocating. The council expects to receive approximately $38,000 annually from the remaining Audi dealership, while the Porsche dealership's sales tax revenue will now be generated in a different area.

These decisions reflect the city’s ongoing efforts to streamline its economic development initiatives and ensure that tax revenues are effectively utilized to benefit the community. As Lehi City continues to grow, the council remains focused on fostering an environment that attracts new businesses and enhances the quality of life for its residents.