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APPROVED BUDGET FISCAL YEAR 2022-2023

CITY OF HURST

GENERAL FUND ADMINISTRATION 0233 ECONOMIC
DEVLEOPMENT

MISSION STATEMENT

The Economic Development Division uses innovative and business friendly strategies to attract,
retain and promote existing and new commercial development within the city in an effort to
ensure Hurst remains a vibrant community.

DIVISION DESCRIPTION

The Economic Development Division is responsible for attracting new businesses to the city,
working with existing retailers and landlords in an effort to retain existing businesses while
representing the city with different community organizations and business support groups to
enhance economic vitality.

PRIOR YEAR RESULTS & ACCOMPLISHMENTS

✓ New business activity was brisk with the lessening of the pandemic impact as 115 new or
newly expanded businesses occupying 408,000 Sq. ft. opened in Hurst over the last 12
months
✓ 6.3 million sq. ft. of the 6.6 million sq. ft. in total retail inventory is now occupied or 95.8%

✓ $24,328,000 in new commercial construction occurred over the year
th
✓ New lease deals with three new big box retailers are complete and they will open 4
quarter including Burlington, Aaron’s and Ollie’s
✓ Following the strategies laid out in the Hurst Sustainable Neighborhoods Plan, seven
Catalytic areas in SE Hurst were identified and six are already complete or have activity.
In just this year alone, Provision at Patriot Place was completed and opened, Gala at
Central Park was completed and opened and Val Oaks Shopping Center and the Masonic
Lodge were purchased by the City in anticipation of redevelopment.
✓ The opening of three new 94-unit apartments complexes helped the City show its first
real growth in many years now surpassing 40,000 population with the new 2020 Census.
✓ Worked with existing businesses on Federal Stimulus Fund opportunities offered during

this last year of COVID-19 and all have remained open, other than those that were part
of national bankruptcies
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✓ Even with the opening of the City’s 7 hotel in 2021, Candlewood Suites, occupancy levels
are averaging near their pre-pandemic peak of 2019 and sales tax revenue has increased
45% y-t-d

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