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Comprehensive Plan Economic Development Element effc,yt Jn th., 3ff n unit y ai{}n% ,i.'. , -and local in-cetive ~ ,.' age of $ S.` milli3u, plus 2ttet_es financial pa_k ag - .c -y Pi 5 to a dire�fmz- ;al ince-rte $468,253.97 pef job. Identification of the County's Constraints and Potentials As with any area, Indian River County has economic development constraints and economic development potentials. Generally, a constraint is a defined characteristic of an area that in some way hinders economic development. Conversely, a potential is a characteristic that supports or encourages economic development. Focusing on the constraints and potentials provides a foundation for the development of objectives and policies relating to economic development. Central to a community's ability to attract industry and enhance economic development is the perception that outside firms have of that community. According to "An Economic Development Toolbox: Strategies and Methods", published by the American Planning Association and written by Terry Morre, Stuart Mech and James Ebenhoh, companies consider a number of criteria when deciding to locate to a community. Those criteria include: ■ Access to , quality of, quantity of, and cost of needed resources and supplies; ■ Availability of development ready land and/or buildings (appropriately zoned and supplied with utilities and services); ■ Cost and productivity of labor (one of the most important factors); ■ Location relative to supplies and markets (less important for knowledge based industries such as the software development industry); ■ Availability of public and private infrastructure (roads, water, sewer, airports, cargo facilities, energy systems, and telecommunications); ■ Presence of and existing business cluster (available labor pool and access to suppliers that service the cluster); ■ Amenities and other quality of life factors (good schools, clean environment, affordable and appropriate housing, and diverse and exciting culture); and ■ Government policies (regulations, taxes, and incentives). In Indian River County, economic development constraints and potentials can affect each of the factors listed. Therefore, identifying constraints and potentials will allow the county to improve the perception that outside firms develop of Indian River County. Generally, the county's economic development constraints and potentials range from the county's geography to its infrastructure. Community Development Department Indian River County 31