Page 11 - City of Bedford FY21 Budget

EXECUTIVE SUMMARY

 Fiscal Year 2019-2020

The City of Bedford experienced significant economic challenges in FY 2019-2020 with
sales revenue collection shortages due to the COVID-19 Pandemic. The Pandemic began
at the start of the third quarter, shifting economic priorities. Emergency budget planning
was implemented as FY 2019-2020 sales tax revenues would affect not only the City, but
local businesses as well. Fortunately, the City was prepared and in a relatively strong
position.

Despite the Pandemic, economic development in the City is progressing in a positive
manner. Bedford’s economic cornerstone is a well-balanced residential and business tax
base. The momentum in commercial and industrial development slowed temporarily in
response to the crisis, however services provided to the business community continued as
staff adapted digital practices to serve the needs of developers and business owners.

Programs were put in place to assist Bedford businesses. The City website was updated
with business resource information such as local, state and federal loan and grant programs,
sales tax payment assistance information, and dining options for Bedford restaurants
throughout the lockdown. Email blasts were sent with information on the Tarrant County
Grant Programs. Sign restrictions were loosened to allow businesses to advertise. The
social media page, Support Bedford Business, was initiated to share Bedford business
pages with the public. Boxes of surgical masks were provided to all Bedford businesses. A
“Business Spotlight” social media campaign highlighted businesses as they reopened. A
“Shop Local” program encouraged shopping in Bedford, awarding participants with free
shirts and gift cards to Bedford businesses.

The City Council continues to support the business community by utilizing economic
development incentive programs, including sales tax and permit fee rebates. Sales tax
figures presented in this budget document are net of these rebates to provide an accurate
picture of collections available for operational use.

Bedford features some of the densest residential developments in the Dallas-Fort Worth
Metroplex, at roughly 5,000 people/acre. National retailers like Wal-Mart, Northern Tool,
Harley-Davidson, and Movie Tavern thrive in Bedford. Top chain restaurants, such as
Texas Roadhouse, Saltgrass Steak House, Chili’s, and Chipotle, are popular in the Bedford
marketplace, while smaller niche shops and restaurants such as Turning Point Beer,
Moonlight Cakes, and The Colossal Sandwich Shop have large and loyal customer bases.

While some development opportunities remain within the City’s commercial corridors,
throughout FY 2019-2020 many of these sites were being eyed by developers as they move
toward infill sites and vacant pads for expansion. For instance, the land at the intersection
of Harwood Road and TX-121 is being developed into a 7-Eleven convenience store.

Redevelopment of existing properties persists, as evidenced by the long-term interest of
major fast food restaurant, Chick-fil-A. The City and Chick-fil-A continue to work together
to transform the site of a former office building into a Chick-fil-A restaurant with annual

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