BOSSIER CITY, LA (KSLA) - The City of Bossier City reached an agreement Tuesday with a real estate firm on the building and funding of infrastructure near a planned 90-plus acre, $150 million commercial and residential development in South Bossier.
The Bossier City Council approved the settlement with U.L. Coleman Company, Sequoia venture No. 2, Ltd., A. Teague Parkway, L.L.C., and Walker Place, L.L.C.
The agreement ends a suit filed in 2008 that centered around the establishment of a curb cut on the Arthur Ray Teague Parkway for access to the proposed development to be located north of Walker Place.
As part of the Cooperative Endeavor Agreement the city will grant a curb cut and a median cut on Teague Parkway among other items including:
• $10.4 million for infrastructure in the mixed use development.
• $1 million to develop a city park on city property north of the CenturyLink Center. U.L. Coleman Company will provide funds for the park's design.
• Construction of an elevated pedestrian/bicycle walkway over the Teague Parkway in the vicinity of the proposed park.
• $6.7 million in damages and costs.
• A transfer of 39.4 acres of city property for use in expanding the mixed use development to more than 90 acres. The property to be transferred is bordered by Walker Place, Barksdale Boulevard, Angelle Drive and CenturyLink Drive.
Coleman Company also has agreed to fund $100,000 to implement regulations to provide standards for future residential and commercial development in the Barksdale Boulevard corridor in South Bossier.