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Comprehensive Plan Economic Development Element <br />Going forward, the County should continue to monitor target industries in the County and <br />surrounding counties. Based on that monitoring, the County should prepare an annual target <br />industry report that should be provided to the Indian River County Economic Development Council <br />and to the Indian River County Chamber of Commerce Economic Development Division. <br />Incentives <br />In the future, the economic development incentives offered by the county may help attract some new <br />businesses. Generally, economic development incentives indicate that an area is receptive to <br />economic growth and development. Going forward, the county should continue to evaluate its <br />economic incentives on an annual basis and update them as necessary to retain existing target <br />industries and to attract new target industries. One such update to the County's target industry <br />incentives that the County should pursue is the establishment of an economic development tax <br />abatement program. This type of incentive is available from nearby communities that are in direct <br />competition with the County. <br />Enterprise Zone <br />Recently, development has occurred within older platted industrial areas and within relatively new <br />industrialibusiness parks. As part of their Capital Improvement Programs, the County and City of <br />Vero Beach should coordinate public infrastructure improvements within the Enterprise Zone so that <br />there is adequate access, water, and sewer to serve vacant developable commercial/industrial lots. <br />The County and City should also continue to work together with the Indian River County Chamber <br />of Commerce to market the Enterprise Zone's benefits to prospective industries. <br />Research Coast <br />Because the County is competing in an increasingly competitive global environment, it is important <br />that the County participate in or otherwise establish regional partnerships with surrounding <br />jurisdictions, schools, and organizations to work cooperatively toward common economic goals. <br />Those regional partnerships are necessary because most industries do not look at jurisdictional <br />boundaries when considering relocating or establishing a new facility. Instead, industries look at <br />entire regions and the amenities that exist or will exist within those regions. <br />Even with the successful recruitment of Torrey Pines, the Mann Research Center, and VGTI, it is <br />unclear at this time how much of an impact the Research Coast effort will have upon Indian River <br />County. Generally, bio-tech/life science areas take years, sometimes decades, to fully develop. In <br />the case of Florida's Research Coast, that development is in the infancy stage, with concentration on <br />branding and name recognition rather than heavy recruitment. With the successful recruitment of <br />Torrey Pines, the Mann Research center, and VGTI, however, other similar companies and spin-off <br />companies may locate within the area. <br />Community Development Department Indian River County 41 <br />