Page 32 - N. Richland Hills General Budget

BUDGET OVERVIEW

COUNCIL GOAL 7:

TARGETED ECONOMIC DEVELOPMENT

Strive to maintain and build our vibrant and
diverse economic base.

Objectives:

• Attract businesses and higher wage, high-skill primary jobs that positively contribute
to our community

• Promote diversity in economic development

• Maximize use of underutilized real estate and business locations through strategic
land planning and management

• Retain and grow our current businesses

Accomplishments:

• Finalized plans for redevelopment of the former North Hills Mall property into City Point, a
$187 million mixed use community, including 70,000 square feet of commercial space, an
upscale hotel alongside residential options that will increase the city's population by ~ 2,500
within a 60 acre development.

• Successfully recruited the city's only steakhouse, Sweetie Pie's Ribeyes, a sister business
to Babe's Chicken Dinner House. The 8,000 square foot facility is the 2nd location (original
in Decatur), delivering the same unique experience as Babe's. The restaurant is
anticipated to open late 2020.

• Facilitated 40 office leases representing 101,948 square feet of office space, lowering the
vacancy rate by 1%, to 12%. Of the leases, 11 represent the addition of 226 professional
jobs.

• Facilitated 42 retail leases representing 296,764 square feet of space, with a net absorption
of 66,162 square feet.

• One of 53 Texas communities to receive the Economic Excellence Recognition from the
Texas Economic Development Council. The 10th year in a row for North Richland Hills.

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