About the GO Bond
In 2024, a $30 million General Obligation bond was approved to fund this initial investment.
The City has chosen Onyx Development and Thrive Development as its preferred collaborators for this important initiative. These development partners will focus on delivering market-driven, revenue-generating aspects of the project, which will encompass retail businesses, local dining establishments, and some residential options. To incorporate community-oriented features and retain control over the vision for the town center's development, Cottonwood Heights is making a proactive investment to assist in funding public improvements. This public investment will support elements such as:
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Public open spaces
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Pedestrian enhancements
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Infrastructure
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Public parking
Additionally, it will allow the city to create identity-building elements, including public art and landscaping.
How will the bond funding be utilized?
Money from the bond would be used to fund the public elements of the project and pay off the city's existing loan on the property. This has several potential impacts on city finances.
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Paying off the current loan will save about $1.2 million annually in the city's General Fund, freeing it up to be used for other city needs/projects.
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By retaining ownership of the property, the city can generate new revenue from land leases to a development partner - about $2 million per year upon project completion - as well as new sales and property taxes.
The bonds financial impact
The estimated property tax increase is expected to be $11.24 per month for the average primary residence in Cottonwood Heights valued at $770,100 and $20.44 per month for a business or secondary residence of the same value. See the FAQ for more details.
Additional Bond Information
Click to view the City's official statement in favor of the bond as required by Utah State Code.