Colleyville City Council approved the purchase of a 10,180-square-foot tract of land in The Village at Colleyville, a mixed-use development, at its June 18 meeting.
The land is adjacent to the community plaza that is currently under construction in front of City Hall and the library. Parking spaces were lost to make way for the construction.
“The intent is to add those spaces, plus additional ones, back into The Village’s overall parking,” Assistant City Manager Mark Wood said at the meeting. “We’ve received frequent calls and comments from business owners within The Village that additional parking is needed, so this is an effort to help satisfy that need within The Village.”
Acquiring the land will cost up to $180,000 plus associated closing costs. The money will come from the city’s tax increment financing fund, Wood said.
The TIF fund is reserved for capital improvement projects that drive economic development and was established about 20 years ago. Colleyville is also using the TIF fund to pay for the plaza.
City staff is in the process of preparing design and engineering contracts, which will go to bid at a later date, Assistant City Manager Adrienne Lothery said. It is the city’s goal for the parking spaces to be ready along with the community plaza later this year.