JORDANELLE, Wasatch County — Phyllis Christensen can remember quiet days on her father's farm as a young girl in the 1930s.

Within yards of where the family's home once rested, a 300-foot-high earthen dam now stands.

Her father, Bill Jordan, a sheep rancher, branded his livestock with the letter "L," a letter along with the family's name that would find itself attached to one of Utah's most scenic reservoirs — Jordanelle.

Gone are the modest ranches and farm homes where early settlers once eked out a living.

Today, Jordanelle is becoming Utah's playground for the rich.

For Wasatch County, with a population of little more than 15,000 people, the potential windfall from tax revenues is like winning the lottery.

With half-acre lots in some areas selling for more than $1 million, the expected tax revenues to schools, parks, law enforcement and county coffers are enormous. And since most of Jordanelle will cater to part-time residents who have bought second homes, impacts that normally accompany new growth, like pricey new schools, will be minimal.

"The big plus for Jordanelle, I think, is for the school district," said LaRen Provost, chairman of the Wasatch County Commission. "They will pay a big school tax and probably see very few students from there."

Although no projections are available as to what Wasatch County School District will reap in tax revenues, local government has run its own analysis.

If the projections are right, the surpluses for county government are staggering.

From the first six resorts now planned or being built, a projected windfall of approximately $38 million in net tax revenues is projected to find its way into Wasatch County's general fund on an annual basis at build-out, 20 to 30 years away, according to Al Mickelsen, Wasatch County planner.

Janice Perry Gully, Utah State Tax Commission spokeswoman, said because Jordanelle's enclaves are considered new growth, the county is entitled to keep every penny.

For a county currently operating with a budget of less than $9 million, Jordanelle is indeed a crown jewel for local government officials.

Big revenues. Few public services.

The profits are already rolling in.

At Deer Crest, an exclusive ski-in, ski-out neighborhood on the reservoir's west side, 25 homes — valued at $7 million to $10 million each — have been built or already under construction.

"There are two homes that just sold. One just closed for under $10 million, which would be one of the highest sales prices ever for a home in Utah," said Suzanne Harris, director of sales for Deer Crest Properties LLC.