Annual Report I Economic Development
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Annual Report I Economic Development 1
Transcript of Annual Report I Economic Development
Annual Report I Economic Development
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Director’s Message
www.MurphyEDC.org
This past year was marked by not only its challenges,
but how the community handled them. Despite the
difficulties we all faced with the COVID-19 pandemic,
our economic development team pivoted and
focused on existing business needs. Our businesses
created curbside pick-up zones, changed business
models and supported one another. Murphy’s
business community remains innovative, hopeful and
strong because #MurphyUnites.
As Fiscal Year 2021 draws to a close, I am pleased to
present the first ever Annual Report. Its purpose is to
highlight our achievements and communicate to the
public how the City performed in administering
economic development activities.
Jared Mayfield, AICPDirector of Community & Economic DevelopmentReagan Rothenberger
City Planner
Meet the Team
Bailey RagsdaleMarketing & Communications
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Fiscal Year 2020-2021 Annual Report
01. Demographics
02. Year in Review
04-06
03. Financial Overview
07-13
04. Strategic Plan Status
14-16Table of Contents
www.MurphyEDC.org
17-21
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Demographics
www.MurphyEDC.org
Average Home Value$404,948
Average Household Income$175,000
Population Estimate21,013
City of Murphy
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Demographics
www.MurphyEDC.org
Median Age36+
Average Household Income$112,921
Population Estimate188,000
Retail Trade Area
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www.MurphyEDC.org
DemographicsRetail Trade Area
71,7
65
139,
707
188,
371
206,
178
0
50,000
100,000
150,000
200,000
250,000
2000 2010 2021 2026
Retail Trade Area Population Growth
Retail Demand2021 $2,149,780,5642026 $2,585,952,074Growth $436,171,510
Education72.2%Some College or Higher
Source: The Retail Coach
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www.MurphyEDC.org
of office and retail
space added
Operating with a physical location in Murphy243 Businesses
Retail and Office space in Murphy1.94 Million Square Feet
Year in ReviewCurrent Development Conditions
11%
29%
25%
24%
7%4%
Occupancy Category
The overall condition of existing commercial
development improved since these metrics were
originally gathered in November 2020 as part of the
Strategic Plan.
Vacancy rate improved from 87.2% to 96.8% with a
net vacancy of 60,763 square feet.
97%
2%1%
Vacancy Rate
OccupiedVacant - RetailVacant - Office
Retail
Service
Dining
Health
Beauty
Institutional
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www.MurphyEDC.org
of office and retail
space added
Year in ReviewNew Businesses
Opened their doors in Murphy this past year.15 Businesses
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www.MurphyEDC.org
Year in ReviewNew Development
Commercial Projects under Construction 96,552 square feet
Assured Self Storage
IndoPak Supermarket
Kiddie Academy
Murphy Marketplace Outparcel
Best Gymnastics
Murphy Corner (Panera Bread)
Planned Commercial Projects 25,372 square feet
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From October 2020 to August 2021:
Commercial Projects
Residential ProjectsBluff Creek Estates – 113 lots, complete
Murphy Meadows – 41 lots, complete
Oasis Springs, Phase 1 – 31 lots, 1 home submitted
Oasis Springs, Phase 2 – under construction
0 Single-Family Permits Issued
Remodels / Finish-Outs
$3,932,169
+17
Value of Improvements
www.MurphyEDC.org
Year in ReviewPermit Activity
+2New Construction
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The #MurphyUnites shop, eat, local campaign
continued with good success. The Facebook page
followers increased from 879 in October 2020 to
1,611 as of August 1st, an 83% increase.
www.MurphyEDC.org
Year in ReviewSocial Media / Marketing
# of Posts213
Likes & Reactions2,097
Shares137
Reach32,632
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www.MurphyEDC.org
Year in ReviewSocial Media / Marketing
Beer Koozies
Bar Coasters
Gift Guides
T-Shirts
Direct Mailer 75094
158 Promotional EventsContests & Giveaways
Gift Card Raffles
Operation Local Porch Drops
21 Videos & Live Streams
07 Community EventsTrunk or Treat
Christmas Trail of Lights
Movies & Concerts
Tunes, Tails & Ales
Summer video – starring local kids from casting call
9,179 Other Actions
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www.MurphyEDC.org
Year in ReviewAwards & Recognition
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Financial Overview
www.MurphyEDC.org
Sales tax receipts account for 14% of General Fund
revenue. By comparison, our peer cities sales tax
receipts account for a larger share at 19%.
From FY2016 to FY2019 sales tax collections began
to plateau averaging a 4% annual growth rate.
FY2020 receipts were 9.7% higher than FY2019.
FY2021 receipts are on track to exceed FY2020 by
16% and exceed $5 million for the first time.
$3,8
71,6
99
$3,9
83,5
12
$3,9
05,5
40
$4,1
47,8
18
$4,5
50,9
18
$4,8
26,4
62
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
2016 2017 2018 2019 2020 2021*
Murphy Sales Tax Collections
* FY2021 receipts are for first 11 months.
Sales Tax Revenue
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www.MurphyEDC.org
Murphy sales tax receipts are broken down by
category for further analysis. For FY21, the Retail
Sector remained our largest contributor, followed by
Dining and Service Sectors at 21%.
Online sales tax receipts make up approximately
11% of overall collections.
52%
21%
21%
6%
Sales Tax by Category
Retail Services Dining Other
89%
11%
Physical vs Online Sales
Physical Online
Financial OverviewSales Tax Revenue
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www.MurphyEDC.org
2015Murphy MarketplaceCompleted final payment to Eric Langford for Dunkin Donuts & Nothing Bundt Cakes in October.
Agreement is active until Sept. 2024 and applies to undeveloped 8.17-acre tract.
Financial OverviewIncentive Agreements
2017Murphy MarketplaceSales tax rebate agreement with Phillips Edison.
Applies to the outparcel building under construction and the undeveloped 2.01-acre tract next to Foxiis.
2020The Backyard MurphyInitial grant payment made for restaurant Certificate of Occupancy.
Eligible for sales tax rebates in FY22 and FY23.
2021Murphy CornerEligible for grant payment at Certificate of Occupancy for Panera Bread restaurant.
Eligible for five (5) annual sales tax rebates.Rebate doubles for second restaurant on the site.
2019Murphy MarketplaceSales tax rebate agreement for Project Silver entertainment complex.
Project was cancelled due to COVID-19; agreement is in default.
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...providing a diverse mix of goods and services to the community with modern
infrastructure that improves our quality of life.
www.MurphyEDC.org
Definition
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Core ResiliencyProtect Murphy’s core economic base
by retaining business and providing
them with the support necessary to
continue doing business in Murphy.
Quality of LifePosition Murphy to define and maintain
its distinctive character.
Future Focused Understand trends and adopt a
proactive approach to economic
development.
www.MurphyEDC.org
Quality City ServicesMaintain a diversified revenue base
that supports quality infrastructure and
capital assets.
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2
3
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Strategic PlanGuiding Principles
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www.MurphyEDC.org
1.A Develop a new economic development website using www.MurphyEDC.org
Complete
1.B Hire a marketing firm to create a “Brand Theme” for Murphy’s Commercial District
Underway
2.A Provide funding for continuation of Murphy Unites program and expand reach
Complete
2.C Survey residents on impact of the Murphy Unites program
Complete
2.D Host bi-annual focus group meetings with local businesses
Not Started
2.F Establish a business expansion and enhancement grant program
Underway
3.A Develop a competitive incentive policy
Complete
4.F Target incentives for former Walgreens site redevelopment
Underway
Strategic PlanPriority Initiatives
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New Economic Development web site was launched
on May 10, 2021, with a clean and modern design. It
provides a one-stop shop for all things economic
development in Murphy.
Business Assistance
www.MurphyEDC.org
Strategic PlanNew Web Site
Market Profile
Available Properties
Total Impressions528Number of web site views
Avg. Session Duration1.11 minutesLength of time spent web site
Bounce Rate54.5%Rate visitors opened web site and then went right back to Google
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82%
18%
Gender
Female Male
Respondents were most interested in:
• New Business Announcements
• Coupons, Deals & Specials
• How local spending helps our City
How can we improve comments:
• More videos
• Get more coupons
• Send out mailers to each home
• Spotlight a business each week
• Gift card giveaways
104 Responses
www.MurphyEDC.org
Strategic PlanMurphy Unites Survey
19%
73%
92%
81%
27%
8%
0% 20% 40% 60% 80% 100%
Changed Shopping Habits?
Heard of Us?
Murphy Resident?
No Yes
MurphyResident?
Heardof Us?
ChangedShopping Habits?
Survey Questions
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Scott Bradley, Mayor
Ken Oltmann, Mayor Pro Tem, Place 4
Jené Butler, Deputy Mayor Pro Tem, Place 6
Elizabeth Abraham, Place 1
Jennifer Berthiaume, Place 2
Andrew Chase, Place 3
Sarah Fincanon, Place 5
City Council
www.MurphyEDC.org
A special thank you to Murphy City Council for their foresight and vision.
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www.MurphyEDC.org
206 N. Murphy Rd.
Murphy, TX 75094
Address
Office: 972-468-4040
Phone
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