Education
Thanksgiving Point to build $60 Million Science & Technology Center with sphere; Lehi approves bond backstop
Sally Francom
Lehi Free Press
Thanksgiving Point is planning a significant expansion with a new $60 million Science and Technology Center, adding to its collection of facilities, which include the Museum of Natural Curiosity, Butterfly Biosphere, Museum of Ancient Life, Ashton Gardens, and Farm Country. On Tuesday night, during the Lehi City council meeting, the nonprofit organization asked Lehi City to issue a $30 million bond on its behalf to cover half the project’s cost. All bond payments would be made by Thanksgiving Point, with Lehi City serving as the backstop in the event of a potential default.
“This is to help Thanksgiving Point build a really significant addition to what we have at Thanksgiving Point and will serve as a great piece for our community,” said McKay Christensen, Thanksgiving Point CEO, in his presentation to the council.
Thanksgiving Point currently hosts 1,546,614 annual visitors, making it Utah’s fifth-most-visited tourist attraction. The proposed Science and Technology Center is expected to attract 686,000 additional visitors per year. The facility will be built at the Show Barn site, with the new building constructed to the east.
A major feature will be a COSM Screen, described by Evans & Sutherland as a 60x60x80-foot 3D immersive experience, similar to the Las Vegas Sphere and California Adventure’s ‘Soarin’ Over California’ ride. The new building will include meeting space and will serve the general public and school groups during the day.
“Kids will be able to be immersed anywhere in the world, like the Sistine Chapel or the universe, and feel like they’re right there,” said Christensen.
In the evenings, the center will host weddings, sports-watching events and other functions.
The center will also feature four labs focused on Utah’s leading industries: energy, aerospace, fintech and biotech, to provide educational and hands-on experiences for children, particularly 4th to 9th graders.
LRB Financial presented its fiscal impact analysis, estimating the project would generate $403 million over the next 24 years to the city, county, and state, including $54 million in sales tax revenue to Lehi City. The proposed $30 million in tax-exempt bonds would save Thanksgiving Point $6.9 million in interest, compared to other financing methods. Lehi City would own the land and building until the bond is repaid fully, and Thanksgiving Point would create a $4 million reserve for emergency payments to mitigate Lehi City’s risk.
“We’ve approached Utah County and made a request for $9 million, which is essentially the first three bond payments. Utah County has said that it is definitely possible and things look positive,” Christensen said during the meeting. Christensen also noted they are still working with the Utah state legislature, asking for $10 million.
“We love the project and are very supportive of Thanksgiving Point and all they do for recreation and economic impact for our county. As far as financial support, we’re still working through what amount that will be, but we look forward to contributing to the project through tourism tax revenues that are restricted for use by these types of projects,” said Utah County Commissioner Skyler Beltran, when reached for comment Wednesday.
Not all council members supported using Lehi’s credit rating for the bond. “I looked into The Ruth in Pleasant Grove, and they used a conduit bond. Personally, I feel much better with that because we’re not pledging. I really doubt you will default, but you never know. I personally don’t feel comfortable pledging public dollars for a private pursuit,” said Councilwoman Michelle Stallings. The bond counsel noted that a conduit bond would result in several million dollars more in interest charges to Thanksgiving Point.
Councilwoman Heather Newall supported the proposal, saying, “We’re really blessed to have this amenity here in Lehi. I do have concerns that we’re going to back this to get [Thanksgiving Point] the good interest rate. Still, I’d rather have that $7 million in savings funneled back into Thanksgiving Point than a bank’s pocket. I feel pretty comfortable with the backing layers to protect this from ever having to be backed by sales tax.”
“I think to get these kinds of things that improve our residents’ quality of life and property values and living here and having these kinds of attractions for our families and students, I like that we can participate in this without contributing millions of taxpayer money,” added Newall.
“If everything goes as planned, Lehi City, at the end of the term, is out zero dollars, and we helped add a $60 million asset to the city by giving no dollars at all—just our credit rating to help,” said Councilman Chris Condie.
The council voted 4–1 to approve the bond structure, with Stallings dissenting. She clarified her opposition was to the financial arrangement, not to the project itself, which she supports.
The Science and Technology Center is scheduled to open in 2028.
