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Consideration of an Assignment of the Panorama Master Development Agreement Owner’s Rights and Responsibilities from Riverside Development, LLC to Toll Southwest, LLC.
This approval allows a new developer to take over the Panorama Master Development, continuing the planned growth and construction in that area of the city.
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The City Council approved the transfer of the Panorama Master Development Agreement from Riverside Development, LLC to Toll Southwest, LLC. This is a procedural step for a large development project.
The city is planning for future fiscal years, expecting general fund growth but flat property tax. They are managing $77.7 million in bonded debt and considering future bonding for public facilities. The FY25 audit showed no findings, indicating good financial health.
Council will review a grant agreement to fund public infrastructure that supports the creation of new owner-occupied, attainable housing in Herriman.
Discussions covered future budgets for Community Development and Renewal Areas (CDAs), administrative services, and legislative functions. This includes tax increment financing for development, affordable housing funds, potential funding for a federal lobbyist, senior bus service costs, and a review of city employee compensation, all directly affecting city finances and services.
Herriman's population grew by 2.5% in 2025, and sales tax revenue also increased. While fewer homes were completed last year, a rise in building permits suggests more construction is on the way, indicating continued growth for the city.
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