Title
Presentation: General Overview of North Land Reserve Property
Body
Issue/Request:
This is a presentation to the City Council pursuant to the City’s Economic Development Incentive Policy, to discuss the financing plan that is being developed through a joint effort between Land Reserve and City staff to fund primary public infrastructure improvements to serve the northern approximately 1000 acres of property in the north part of the City. This is an update for the Council in anticipation of moving forward with agenda items in 2026.
Key Issues:
Long-term land-use planning and infrastructure financing for the northern approximately 1000 acres of LR-owned property in the northern part of the City.
Background:
On March 26, 2024, the City Council heard a presentation from City staff and representatives of Land Reserve, Inc., a Utah corporation (“LR”), regarding the development of approximately 4,203 acres of property within the City (collectively the “Property”). LR is under contract to purchase certain portions of the Property and anticipates purchasing the balance of the Property over time; after purchasing any portion of the Property, LR intends to sell such portions of the Property to third parties for usage and development.
The City Council approved Ordinance No. 9888 on April 9, 2024, which led to the execution of the Memorandum of Understanding between Suburban Land Reserve, Inc., and the City (the “MOU”). The purpose of the MOU is to coordinate for the planning, platting and zoning for development of the Property and the establishment of a financing plan for financing the construction of public infrastructure to serve development of the Property, as well as the attraction and inducement of certain private development to the Property. The Parties also seek to coordinate for the acquisition of portions of the Property for public institutional uses by the City and other governmental entities as the Property develops over time.
In August 2025, the C...
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