Page 245 - NRH FY20 Approved Budget

DEPARTMENT / DIVISION FUND
ECONOMIC DEVELOPMENT – ADMINISTRATION GENERAL AND PROMOTIONAL FUNDS
PROGRAM NAME
ECONOMIC DEVELOPMENT

DESCRIPTION / MISSION
The Economic Development department strives to constantly protect and grow the economic well-being of North Richland Hills.
The department does this by attracting high quality business development and employment opportunities, facilitating the success of
existing businesses, protecting and increasing property values, and revitalizing aging areas of the City. The department promotes
balanced development, puts forward a pro-active business image and differentiates North Richland Hills as a progressive and
diversified community. The three overriding strategies for the Economic Development Department are: redeveloping and reusing
vacant and underutilized properties; promoting a positive business climate; and developing and promoting an attractive, diversified
and thriving community.

GOALS
• To develop City Point area. (Quality Development and Revitalization)
• To create and implement a Strategic Plan for key transportation corridors. (Quality Development and Revitalization)
• To develop transportation options around local rail stations. (Efficient and Effective Transportation System)
• To maintain a stable tax rate and predictable income stream. (Financial Stability)
• To increase regional branding and marking activities that promote our positive city image. (Positive City Image)
• To embrace Demographic Changes to Maintain Sense of Community. (A Sense of Community)
• To encourage community support of local businesses. (A Sense of Community)
• To attract businesses and higher wage, high-skill primary jobs that positively contribute to our community. (Targeted Economic
Development)
• To promote diversity in economic development. (Targeted Economic Development)
• To maximize use of underutilized real estate and business locations through strategic land planning and management. (Targeted
Economic Development)
• To retain and grow our current businesses. (Targeted Economic Development)
• To continue to be involved in setting direction for the region. (Local and Regional Leadership)

OBJECTIVES
• Continue to facilitate development opportunities in the City Point area,
• Target commercial areas where the City is revitalizing infrastructure.
• Update the Economic Development Strategic Plan as part of the City’s Strategic Plan update for key transportation corridors.
• Explore financial, economic and development alternatives to support commercial business within the TODs.
• Monitor existing local business performance to ensure stable tax revenues.
• Monitor state and federal legislation to protect existing revenue streams.
• Promote NRH in regional tourism, real estate, development and business publications.
• Maintain and enhance the City’s Economic Development website for the broker/developer/investor/user communities.
• Be a City and community resource for demographic information and analysis.
• Continue to facilitate property acquisitions, dispositions, leases, renewals and incentives that increase taxable revenue.
• Continue to utilize GIS analytics to review and update targeted businesses for our community.
• Continue participation in local, regional and national trade organizations to attract/retain businesses.
• Ensure undeveloped and vacant commercial property is marketed within the developer and broker community.
• Continue to implement the BIG program’s financial assistance for façade and signage improvements.
• Leverage technology to maximize business recruitment, retention, development and redevelopment efforts.
• Continue to utilize SCORE, the Small Bus. Dev. Ctr (SBDC) and SBA for counseling and loan assistance.
• Continue to Chair the Northeast Leadership Forum (NLF) Economic Development Committee.
• Continue to serve on the Board of the North Central Texas Economic Development District.
2017-18 2018-19 2019-20
PERFORMANCE MEASURES ACTUAL REVISED ESTIMATED
Goal: Quality Development and Revitalization
# Of new Single Family residential units 221 230 220
Total population 68,900 70,148 71,500
Labor force 39,500 39,892 41,000
Taxable residential property value $3,316,546,209 $3,612,169,697 $3,792,000,000
Single family appraised property value $222,586.00 $237,232.00 $245,000.00
Taxable residential property value (increase/decrease) +14.0% +8.9% +5.0%

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