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TO: |
Board of Trustees |
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THROUGH: |
Jay Fox, Executive Director |
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FROM: |
Dave Hancock, Chief Capital Services Officer |
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PRESENTER(S): |
Paul Drake, Director of Real Estate and TOD |
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Nick Duerksen, TOD Project Manager |
TITLE:
title
R2023-09-01 Resolution Designating Transit Oriented Development Sites in Lehi and Farmington, Utah
end
AGENDA ITEM TYPE:
Resolution
RECOMMENDATION:
Approve resolution R2023-09-01 authorizing the Lehi and Farmington, Utah as TOD Development Sites
BACKGROUND:
Station Area Plans were approved at both Lehi Station and Farmington Station by the respective cities. On February 15, 2023, the Local Advisory Council approved both Station Area Plans. On April 12, 2023, the plans were adopted by the UTA Board of Trustees.
DISCUSSION:
Board of Trustees Policy No. 5.1 requires that TOD development sites must be selected by the UTA Board of Trustees in order to move forward with a Request for Proposal for development. Ranking based upon System Analysis results demonstrates that Farmington and Lehi Stations are highly qualified for development.
ALTERNATIVES:
Do not develop the site. Each would remain as a park and ride lot. However, such decision would be in conflict with the adopted Station Area Plans and not support state, regional or city objectives.
FISCAL IMPACT:
No fiscal impact initially. Once project moves forward with completion of development phases, the Agency is anticipated to receive a return on investment that will be projected on a phase-by-phase basis. Such projections will be presented to the Board along with associated agreements.
ATTACHMENTS:
Resolution R2023-09-01