Page 76 - FY2020Colleyville

5-Year + Outlook
In order to maintain a state of the art venue that attracts business and social events, it
is necessary to upgrade, and as needed, renovate our asset. The Colleyville Center is
entering its 22nd year of operation and the facility is showing its age, requiring capital
improvements. The following improvements will need to be addressed within the next 10
years to ensure the marketability and longevity of the Center as an upscale rental facility.

 Additional conference space
 Additional storage space for tables, chairs and audio video equipment
 Kitchen equipment upgrades to accommodate catering activities
 Outdoor restroom facilities for outdoor City events
 Roof replacement
 Restroom Upgrades

The Colleyville Center’s unique value to the community as an amenity and to local businesses
as an economic generator will continue to mature. The majority of the week day rentals
continue to be residents and non-profit groups utilizing the Center for meetings. Although
they are the primary users of the facility, only 16% of current revenue is generated by these
groups. Resident venue fees will remain unchanged and continue to remain deeply discounted
in 2020 at 20% providing an additional marketing incentive for resident usage. Market

competition for social events will continue to increase with additional upscale venues
launching in DFW market.

Targeted marketing efforts will continue to both non-resident and business segments. With
54% of current revenue generated by the non-local weekend rentals, the Center will
concentrate on the non-resident segment for both revenue growth and to fuel use of services
provided by local Colleyville businesses. Weekend weddings and multi-day business seminars
continue to provide the largest opportunity. Additional marketing funding for social media will
be necessary to reach out to these segments and expand the DFW community use of the
Center in addition to our residents.

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