Page 133 - HurstFY23AnnualBudget

APPROVED BUDGET FISCAL YEAR 2022-2023

✓ 10 new restaurants spread evenly between north and south Hurst have opened
✓ In our first full year of the new ordinance allowing packaged liquor stores, four have
opened with the fifth now under construction, greatly reducing any sales tax leakage to
other cities
✓ Worked with the local Simon Property Group General Manager and national leasing
representative and North East Mall began 2022 at 95% occupied with seven new store
openings and now at nearly 100%
✓ Worked closely with Epic Realty and the redevelopment construction of Sprouts Crossing
Shopping Center was completed and the new addition is now being leased
✓ Worked closely with the new leasing company for the City’s second largest shopping

center, The Shops at North East Mall, and they are experiencing strong leasing results.
Examples include a new Burlington, Rally House, Scrubs and Beyond, Spectrum
Superstore and Sally Beauty.
✓ 532 new families moved to Hurst purchasing existing single-family residences at an
average sales price of $329,745, a 9% increase over the year before
✓ Three new residential projects are now or will soon be under construction including Eden
Town Square, Adkin’s Park and Walker Branch Duplexes
✓ The Hurst Conference Centers rebirth and focused marketing after the pandemic

shutdown on gatherings generated a considerable revenue increase of nearly $1M and it
should finish the year within $300k of its 2019 peak.

FUTURE INTIATIVES

➢ Promote the re-opening of Hurst businesses as we work to re-establish their customer
base and pre-pandemic volumes
➢ Work diligently with landlords, real estate reps and retailers to backfill the space left
vacant as a result of the pandemic
➢ Continue to work closely with Simon Property Group on the highest and best use for the
redevelopment of the North East Mall as we consider possible diversification
➢ Continue to work closely with John Palmer on redevelopment of southeast Hurst/Veteran

Park Village while helping to market the last two larger tracts of vacant land on Hwy 10
➢ Continue the search for developers to redevelop areas like Val Oaks Shopping Center
➢ Work closely with the Hurst Conference Center staff as we work to rebuild the customer
base and event schedule that has been negatively impacted by the pandemic as well as
ensure delayed, needed capitals are completed
➢ Work with landlords and their brokers to see the final few parcels occupied and the
successful completion of the “50-yard line” redevelopment
➢ Look for corporate relocation possibilities like MRO

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