Page 165 - CityofColleyvilleFY23AdoptedBudget

Economic Development

FY 2019 FY 2020 FY 2021 FY 2022 FY23
City-Wide Totals ACTUAL ACTUAL ACTUAL ACTUAL PROPOSED FY23 Changes
Economic Development 0.80 0.80 0.80 0.80 0.80

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
speci c, 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 t with the Colleyville character.

Core Ser vices
4.1 – Protect our City’s semi-rural residential character.
4.2 – Encourage compatible commercial growth.
4.3 – Adopt best-practice planning and development processes.
5.1 – Create and sustain an identi able municipal brand.

To successfully accomplish the duties of the of ce, 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. The City has purchased 41 acres within the Northern Gateway at SH26 and John McCain and looks to
partner with private development to attract quality development in Colleyville. Economic development also seeks to attract quality
development to green eld development sites such as the 20-acre Precinct Line Road site, as well as other smaller in ll locations
throughout the commercial areas of Colleyville.

Redevelopment:
In conjunction with City’s SH26 beauti cation efforts, the City is partnering with businesses and property owners to redevelop
older buildings to ensure the improved roadway and commercial corridor match in quality. This is accomplished through grant
programs to assist with enhanced facades, landscaping, signs, and re suppression. The City has also purchased several parcels in
the Southern Gateway area, to proactively assemble separate parcels into a larger tract that can be sold for redevelopment.

Business retention:
Economic Development works with existing business owners to ensure that once in Colleyville, they remain in Colleyville. Staff
seeks feedback from businesses to determine what assistance they may need and how the City can provide help facilitate their
success. Throughout the COVID-19 pandemic, 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. These grant programs have become a staple of the City’s economic
development activities and have continued beyond the pandemic.

Entrepreneurism:
The City seeks to support local entrepreneurs and encourage the growth of new businesses in town. To that end, the City has
opened the Colleyville Business Center. The partnership with the Colleyville Chamber of Commerce and SCORE provides a one-
stop-shop to support businesses at any stage, as well as private of ces and workstations available for rent.

Performance Measures & Vital Statistics

Performance Measures FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022
Colleyville retail occupancy rate 97% 95.2% 93.2% 93.9% 93.2% 93.3%

Colleyville of ce occupancy rate 93% 93% 91.7% 90.5% 87.8% 90.8%

City of Colleyville | Budget Book 2023 Page 165