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Colleyville council waives 75% of impact fees to support redevelopment of former Hodges Automotive site
Summary
City council approved a development incentive for Shoal Creek Capital Partners to redevelop the 4.3-acre Hodges Automotive site at 6521 Colleyville Boulevard, waiving 75% of impact fees (about $422,000) after a staff presentation on projected tax and sales revenue gains.
Colleyville City Council on April 15 approved a resolution authorizing an economic development incentive agreement with Shoal Creek Capital Partners, LLC to redevelop the former Hodges Automotive site at 6521 Colleyville Boulevard.
City Manager Jared Duque told the council the developer plans about 84,000 square feet of new construction on the 4.3-acre property with an estimated total value near $13 million. Duque said the incentive would waive 75% of the project's impact fees — roughly $422,000 — and that the developer must meet four benchmarks,…
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