Presentation to West Area Council. Robert Sturns Economic Development Director City of Fort Worth

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1 Presentation to West Area Council Robert Sturns Economic Development Director City of Fort Worth

2 West Area Activity

space $17 Million Capital Investment Retain at least 100 full time jobs, and create 30 new

3 Parker Products Competed against Durant, Oklahoma Fort Worth selected for a newly constructed 85,000 SF facility that will include warehouse, corporate office, R&D, and manufacturing space $17 Million Capital Investment Retain at least 100 full time jobs, and create 30 new full time jobs by December 31, 2018 New factory will triple the company s total production capacity

Walsh 7,267-acres, will eventually feature as

2017 587 homes across 1,700 acres Projected

4 Walsh 7,267-acres, will eventually feature as many as 15,000 homes 1 st phase opened April homes across 1,700 acres Projected build-out cost of $1.6 billion over 12 to 15 years Walsh Elementary opened Fall 2017 Two-story 100,000-square foot campus, built on 14 acres

325 unit luxury apartment community Features restaurants such as Salsa Limon, Heim BBQ, and

5 River District Centrally located in Fort Worth s west side along the Trinity River. Housing (both for sale and for lease) at multiple price points Elan River District opened in unit luxury apartment community Features restaurants such as Salsa Limon, Heim BBQ, and Lettuce Cook Gourmet plus retailers like a community art studio and florist Outdoor and indoor entertainment options 5

space and infrastructure improvements, $41.5 Million Completion deadline December 31, 2020.

6 Crystal Springs Economic Development Program Agreement for annual grants of up to 85% of the City's $0.01 sales tax earned on the site Phase One: 62,500 square feet of commercial/retail space At least 250 apartments public open space and infrastructure improvements, $41.5 Million Completion deadline December 31, Phase II: Additional investment of $45 Million At least 28,000 square feet of commercial or 350 multifamily units Completion deadline December 31, 2023 Minimum of 100 full time equivalent positions 6

7 Economic Development Strategic Plan

8 70% 60% 56% Total Market Value of Taxable Property % 50% 44% 40% 38% 30% Residential values growing faster 20% 10% 0% % Residential % Commercial Source: Texas Comptroller s Office *2017 data from appraisal district certified reports. 8

9 Why does jobs / housing balance matter? Economic sustainability Traffic congestion and miles traveled Active transportation Air quality 9

10 Acres of Vacant Land, 2010, Metro Area Cities with Populations of 100K+ Source: North Central Texas Council of Governments 10

11 DFW Office by Submarket, 2017 Q1 11

12 DFW Retail by Submarket, 2017 Q1 12

13 DFW Industrial by Submarket, 2017 Q1 13

14 Sources: US Bureau of Labor Statistics, Emsi, TIP Strategies. 14

15 Less than high school Some college, no degree Bachelor's degree High school/ged Associate's degree Graduate or professional degree Denver, CO (MSA) 9.5% 20.1% 21.0% 7.5% 26.6% 15.3% Kansas City, MO-KS (MSA) 8.8% 26.3% 21.4% 7.7% 22.9% 12.9% Dallas, TX (MD) 16.0% 21.2% 20.9% 6.3% 23.2% 12.3% Columbus, OH (MSA) 9.2% 28.4% 19.8% 7.6% 22.7% 12.4% Nashville, TN (MSA) 11.0% 27.9% 20.6% 6.8% 21.6% 12.1% Dallas-Fort Worth (MSA) 15.5% 22.6% 21.9% 6.6% 22.1% 11.3% Indianapolis, IN (MSA) 11.2% 28.5% 19.9% 7.6% 21.7% 11.2% Pittsburgh, PA (MSA) 7.0% 34.0% 16.1% 9.9% 20.0% 12.9% United States 12.8% 27.6% 20.7% 8.2% 19.0% 11.6% Phoenix, AZ (MSA) 13.5% 23.6% 25.1% 8.4% 18.9% 10.5% Fort Worth, TX (MD) 14.7% 25.2% 23.8% 7.1% 20.0% 9.3% Oklahoma City, OK (MSA) 11.9% 27.8% 24.1% 6.8% 18.7% 10.6% Texas 17.6% 25.3% 21.8% 6.9% 18.7% 9.7% Fort Worth (city) 19.1% 26.0% 21.3% 6.3% 18.8% 8.6% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% Source: 2015 American Community Survey 1-Year Estimates (DP-03). 15

16 Stakeholders Meetings with City leadership & staff Roundtable discussions Stakeholder interviews Data Economic assessment (city, county, MSA) Benchmarking vs. competitors & peer cities Industry & occupational analysis Experience Strategies & initiatives Best practices Trends in economic development

17 VOLUME 1: COMPETITIVENESS (assessment, engagement, & analysis) VOLUME 2: OPPORTUNITY (labor & industry analysis, identification of targets) VOLUME 3: STRATEGY (strategic plan and implementation)

18 Key Findings Fort Worth is the fastest growing, among the 20 largest US cities. Dallas-Fort Worth is a talent magnet, drawing new residents from across the US. The city has a vast reserve of land to drive growth, but residential uses dominate the tax base. Fort Worth residents are increasingly dependent on jobs in other cities. The city s jobs-housing balance is eroding. Fort Worth has districts at different stages, which can drive economic development. Investment in the urban core (downtown & surrounding areas) benefits the entire city. Fort Worth has relatively low external visibility among large US cities, but has unique assets available to raise the city s profile. Fort Worth has key occupational strengths: General: transportation, installation, production Specific: aerospace & geotechnical engineering 18

19 Established Sectors: Transportation & Warehousing Manufacturing Oil & Gas Healthcare Hospitality & Tourism Emerging Opportunities: Aerospace Manufacturing & Design Transportation Innovation Life Sciences Delivery & Innovation Geotechnical Engineering International Business Corporate & Regional HQs Professional Services Financial Services 19

20 Vision: To compete successfully on the national and international stage for creative, high-growth businesses and the talented individuals who fuel them. 20

21 Strategic Plan Framework Goal 1. Establish Fort Worth s competitive edge. Goal 2. Become a hub for creative businesses. Goal 3. Ensure community vitality. Tools & resources. Implementation. Measuring performance.

22 Establish Fort Worth s competitive edge. 1. Brand & Image. Elevate the profile of Fort Worth at the regional, national, and international levels. 2. Marketing & Target Industry Recruitment. Attract new investments and businesses into the community, focusing on target industries that align with Fort Worth s assets. 3. Business Retention & Expansion. Improve the competitiveness of existing businesses and help them remain and grow in the community. 4. Workforce & Industry Partnerships. Expand collaboration between employers and training providers to address the needs of local industries and build a pipeline of talent to fuel future business growth.

23 Become a hub for creative businesses. 1. Near Southside Medical Innovation District. Enhance and expand the Near Southside s role as a medical innovation district and position it to become the most livable medical district in the US. 2. Entrepreneurship. Build on the dynamic environment that embraces and fuels high-growth business in Fort Worth. Ensure that expanding startups see the city as hospitable to their continuing growth. 3. Broader Promotion of the Arts. Expand the connection between the arts community and tech entrepreneurs as well as established businesses. 4. Establish a Futures Forum at the City. Create a formal working group, led by the mayor, that addresses city issues from a futures perspective.

24 Ensure community vitality. 1. Downtown Fort Worth. Accelerate downtown Fort Worth s emergence as the premier mixed-use business district in Texas. 2. Neighborhood Alignment. Align neighborhood assets (people, businesses, and real estate) to benefit from and support citywide economic growth. 3. Small Business Support. Restructure small business assistance based on a community wide audit.

25 Target Areas

26 Tools & resources to support the initiatives 1. Economic Development Bond Package. Identify how the citywide bond package makes investments in livability, Smart City infrastructure, and business development. Elevate projects that do impact Economic Development Goals. 2. Citywide Incentive Program. Create new incentive tools to encourage business growth within target industries and to facilitate development and redevelopment in designated districts. 3. Organizational Alignment. Clarify the roles and responsibilities of Fort Worth s economic development partners; build a shared framework for decision-making and ongoing collaboration.

27 New Performance Metrics High-wage job growth Number of jobs created/retained, average wages of jobs created/retained, private employment Sustainable tax base Retail sales growth, growth of commercial property tax base, hotel occupancy & revenues, new office & industrial space construction Creative industries & talented individuals Business creation, VC & angel investment deals, SBIR awards, patents, academic R&D, population with bachelor s degree, share of population 20-34, number of college students, unemployment, graduation rates of high schools Quality of place Share of workers working from home, home sales prices, apartment rental rates

28 How will Fort Worth be different? SPECIFIC TARGET STARTING POINT ANNUAL GROWTH TARGET ( ) FINISH LINE (2022) Fortune 1000 HQs 2 Inc Firms 11 Add 1 Fortune 1000 HQ each year Add 5 Inc firms each year 7 fortune 1000 HQs 36 Inc Firms Residential Development in CBD 1-mile radius 4,095 housing units Add 1,000 net new housing units per year 9,095 housing units Residential Development in CBD 2-mile radius 14,541 housing units Add 2,000 net new housing units per year 24,541 housing units Residential Development in CBD 4-mile radius 66,709 housing units Add 4,000 net new housing units per year 82,709 housing units

29 Thank you

Opportunity Austin 2.0 Midcourse Update Strategy Update Recommendations. J. Mac Holladay, CEO September 13, 2011

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