Page 10 - City of Bedford FY20 Approved Budget

EXECUTIVE SUMMARY

 Fiscal Year 2018/2019

The City Council continues to support a variety of economic development projects that
utilize one or more economic development incentive programs. These incentive programs
include rebates in varying amounts of sales tax and permit fees. Sales tax figures presented
in these budget documents are net of these rebates to provide an accurate picture of
collections available for operational use.

Economic Development within Bedford is moving forward in a positive and productive
manner. The momentum in commercial and industrial development continues, while
Bedford’s economic cornerstone remains a well-balanced residential and business tax base.

Bedford boasts some of the densest residential developments in the Dallas-Fort Worth
metroplex, at roughly 5,000 people/acre. National retailers like Wal-Mart, Harley-
Davidson, and Movie Tavern are thriving in Bedford. Top chain restaurants, such as Texas
Roadhouse, Saltgrass Steak House, Chili’s, and Chipotle, are also popular in the Bedford
marketplace. Development opportunities remain within the City’s commercial corridors
as infill sites and vacant pads.

The trend in redevelopment of existing properties persists, as evidenced by a former office
building recently transitioned into a successful motorcycle dealership along one of the
City’s busy highway corridors and a former furniture rental store transformed into a
popular brew pub in an older commercial strip.

Bedford’s industrial sites also continue to expand, with the most recent being the
completion of the construction of Polycoat Products’ new 100,000 square foot, $8.3 million
production and distribution facility. This facility complements their 160,000 square-foot
headquarters on Reliance Parkway, opened in 2008.

The medical and healthcare sector remains a key backbone of Bedford’s
economy. Bedford is a major medical and healthcare hub, employing thousands of skilled
workers. Texas Health HEB Hospital alone employs over 1,500 skilled workers and sees
around 100,000 patients a year. The pace of healthcare development in Bedford has not
slowed, with the Hospital investing $7.5M for a Cath Lab Addition and renovations to their
existing footprint. Carter BloodCare, another large Bedford employer, continues
construction on their fleet maintenance facility, and a $20 million, 160,000 square-foot
independent living, assisted living and memory care facility was recently completed along
the Highway 121 corridor.

Commercial and residential real estate continues to be in high demand. Vacancy rates for
retail space have consistently been at all-time lows, while the demand for residential
property remains high. New residential subdivisions are being proposed on lots of one to
two acres in older, established sections of the City.

Bedford’s more mature shopping centers are being revitalized as the City and the shopping

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