Page 94 - Colleyville FY21 Budget

Economic Development

FY 2021 Department Business Plan

Department Description

Economic Development serves the citizens, businesses, and commercial property owners of
Colleyville, as well as prospective new retailers, restaurants, corporate tenants, developers,
brokers, and other stakeholders. Economic Development is community specific, and for
Colleyville, seeks to increase quality of life by increasing sales tax revenue, facilitate quality
redevelopment of commercial corridors, increase commercial property tax value, add jobs to
increase daytime population, and work with the private sector to take a proactive approach
to commercial development to facilitate projects that fit with the Colleyville character.

Core Services

To successfully accomplish the duties of the office, Economic Development is responsible for
the following core services:

Business attraction:

Economic Development seeks to attract quality businesses to the City to provide retail
opportunities, which generate sales tax to help pay for city services. Economic development
also seeks to attract quality development to greenfield development sites such as the 60-acre
Northern Gateway at John McCain and SH26 and the 20-acre Precinct Line Road site, as well
as other smaller infill locations throughout the commercial areas of Colleyville.

Redevelopment:

In conjunction with the completed SH26 transformation, the City is partnering with businesses
and property owners to redevelop older buildings to ensure the beautiful roadway and
commercial corridor match in quality. The City commissioned a study of the Southern Gateway
portion of SH26 (Brown Trail to southern limits) to help in the redevelopment activity.

Business retention:

Economic Development works with existing business owners to ensure that once in Colleyville,
they remain in Colleyville. Staff meets regularly with businesses to determine what assistance
they may need and that the City can provide to help facilitate their success. With COVID-19
suppressing economic activity, the City provided programs to ensure businesses had revenue
coming in. These included $35 gift cards to residents to be used at Colleyville businesses,
marketing and promotion grants, and an advertising grant program coupled with businesses
giving to local charities. The city has also worked with businesses on expansion of their
existing structure to facilitate additional sales and workforce.

92