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Comprehensive Plan Economic Development Element Introduction The Economic Development Element of Indian River County's Comprehensive Plan is an optional element which is not required by the state. Although not required, the Element is consistent with all the other county Comprehensive Plan Elements as well as with the regional and state plans. As structured, the Economic Development Element sets forth the county's policies for economic growth and diversification. Like other plan elements, the Economic Development Element includes sections that describe the existing conditions and trends within the county and analyzes those conditions and trends. A section on the potentials and constraints for economic development is also provided. The final section of the element consists of the goals, objectives, and policies which were formulated based on the potentials and constraints within Indian River County's economy. Background In 1990, the county approved its first Economic Development Element as part of the overall Comprehensive Plan. The element was based on the county's Overall Economic Development Plan (OEDP) which had been adopted by the Board of County Commissioners in June of 1985. On July 31, 1985, the Economic Development Administration (EDA) designated Indian River County as a Title IV Redevelopment Area, an action which qualified the county to apply for federal funds for economic development projects. At that time, representatives from the OEDP Committee, along with selected members of the county's Economic Development Committee, were chosen to form the Economic Development Council (EDC). With its formation, the EDC was given the responsibility of implementing the strategies of the OEDP and improving the community's perception of economic development programs. In implementing the OEDP's strategies, developing economic development projects, and evaluating and revising the OEDP annually, the County Planning Division worked directly with the EDC and OEDP Committee. In June of 1995, the county adopted an Economic Development Strategy Plan (EDSP). That plan consists of a mission statement, objectives, and strategic actions. The strategic actions represent a careful balance between the county's existing economy, the constraints and potentials of the community and community resources. The EDSP was prepared utilizing an Economic Development Administration grant awarded to Indian River County in 1993. As part of the comprehensive planning process, Indian River County prepared Evaluation and Appraisal Reports in 1996 and in 2008 to assess the success or failure of its Comprehensive Plan. Each element, including the Economic Development Element, was evaluated to determine if the various objectives were achieved. The 2010 Economic Development Element is based on the conclusions of the 2008 Evaluation and Appraisal Report. Community Development Department Indian River County 1