The council approved the agreement Jan. 22 unanimously with council member Mark Alphonso abstaining from the vote due to his active involvement with the Chamber of Commerce.
The overview
The city is leasing out the first floor of the building, consisting of 5,208 square feet in total. The Chamber is subleasing 1,825 square feet, leaving the remaining eight offices and one conference room available for businesses to rent out.
The Chamber will provide staff to maintain the building and operate mailboxes rented out by business owners, including collecting any associated revenue, according to city documents. In return, the city will provide IT services.
“This is a great opportunity for us to be homegrown, homogenized and build up our own economic development,” said Mayor Bobby Lindamood.
According to the city's website, the business center is the city's central point for information and assistance for all businesses and entrepreneurs located in Colleyville. The eight offices and conference room not subleased by the chamber can be rent out by businesses. There is currently a waiting list for those interested in renting space in the new business center, said Assistant City Manager Mark Wood in a presentation during the meeting.
The details
The lease will last five years with the opportunity to renew at the end of the term, Wood said. The city will pay $19.30 per square foot a year with a 4% annual increase and the Chamber will pay $22.50 per square foot a year with a 4% annual increase.
The city expects $113,513 in revenue annually, said Wood. The total annual cost would be $106,236 and the initial one time fee would be $40,000 for furniture fixtures and equipment, Wood said.
The city owns a parking lot next door to the building so doesn’t suspect any significant parking issues, said Assistant City Manager Adrienne Lothery.
The background
The business center was previously located at 5601 Colleyville Boulevard, the old Wachovia building. The city subleased the building from Wells Fargo five years ago for the remainder of their lease term, which ends April 30, Wood said. They also rented out a portion of the building to the Colleyville Chamber under the same agreement they adopted for the new building.
“We have really enjoyed our partnership with the city,” said the Colleyville Chamber 2025 Board Chair Candace Sandifer. “We’ve been so grateful for not only our partnership together but the constant attendance of our city managers and our City Council members and our mayor at our luncheons.”
In the upcoming years the chamber is hoping to set aside enough money to purchase their own building, said Chamber president Hannah Mack at the meeting.
