Page 97 - Hurst FY20 Approved Budget

of the City’s most exciting redevelopment opportunities ever. To date, sixteen new restaurants
have been established at this prominent intersection. Five were added in 2018-19 including Taco
Cabana, Jack in the Box, Corner Bakery, Tropical Smoothie Café, Guanataco and Tiffs Treats.
Others located there include Dairy Queen, Slim Chickens, Golden Chick, Pei Wei, Potbelly
Sandwich Shop, In N Out Burger, Subway, Starbucks Coffee House, Outback Steakhouse
Restaurant, and Abuelo’s. The new Hilton Garden Inn opened just off this intersection as well with
their new 140 room hotel and Candlewood Suites is under construction close by as well with the
City’s first extended stay hotel.

For fiscal year 2018-2019, 102 new businesses opened in Hurst over a 12-month period
occupying 282,000 square feet and driving occupancy to a high of 94.5%. $28M in new
commercial construction was completed. 6.3M.S.F. of the total retail inventory of space which
equates to 6.6M.S.F. is occupied.

Hurst Crossing, a new shopping center opened in 2017 and has a new Chick-fil-A, Care Now with
a Natural Grocers, Rusty Tacos and Ono Poke. Four new shopping centers including Hurst
Crossing have opened in 2017-18 including ones at Hwy 26 and Antwerp, a new 9,000 s.f.
shopping center next to In-n–Out Burger along Hwy 121/183 and the Corner Bakery shopping
center on Precinct Line in front of Super Target.

The City continues its focus on redevelopment and two shopping centers are being redeveloped
along Hwy 26. Sprouts Crossing owners have purchased the neighboring shopping center and
are redeveloping the 150k.s.f. center where the two will become one larger center with 15,000 s.f.
of new space being added and the existing Sprouts Crossing being upgraded. Mayfair Village has
added a new big box retailer with their opening of Planet Fitness and will do a cosmetic upgrade
to the exterior of their center.

North East Mall continues to be one of the premier malls in the metroplex and state with eight
new stores over last 12 months. They include Q Fashions, Keeks, Miss A ,JJ’s Tacos, Austin 5,
The Old Boot Factory, Wave and Gianni’s. It remains nearly 100% occupied.

High occupancy figures in the City’s large-scale retail corridor support the fact that Hurst is truly
a desirable location for major retailers. The City entered into a sales tax sharing agreement with
Simon Properties as an incentive to redevelop North East Mall and The Shops at North East Mall.
The Shops agreement was paid in full in 2008-2009 allowing the City to begin collecting full sales
tax amounts generated by the Shops in 2009-2010. In 2010-2011, the tax sharing percentage
related to North East Mall dropped by five percent (9.4%). This resulted in additional sales tax
revenue of approximately $80,568. The additional revenue will help fund new budget issues faced
by the City. For example, Hurst will continue dedicating additional resources to the funding of
health care and post-employment benefits. The City does not budget for full collection of sales
taxes. The budgeted reserve of $1,000,000 and conservative collections estimate place the net
2019-2020 General Fund sales tax budget in a
position to absorb economic losses without a
TOTAL GENERAL FUND TAX REVENUE
reduction in service levels. Total General Fund
Tax Revenue 30
Franchise Taxes are collected primarily from utilities
and are fees charged for the privilege of continued 40
use of public property and municipal rights of way. A
4% fee on the gross receipts of public utilities will 30 20
continue to be collected in 2019-2020. The 20
sanitation system collection service pays 10% of total 10
customer billings for garbage and recycling 10
collections. Franchise revenues account for 7% of 0
General Fund revenues and are projected to 2015 2016 2017 2018 2019
increase from the prior year’s budget. The Texas EST. PROJ.
2015 2016 2017 2018 Est. 2019 Proj.
81