2016-046 - Laserfiche WebLink

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Comnrehensive Plan Economic Development Element Going forward, the County should continue to monitor target industries in the County and surrounding counties. Based on that monitoring, the County should prepare an annual target industry report that should be provided to the Indian River County Economic Development Council and to the Indian River County Chamber of Commerce Economic Development Division. Incentives In the future, the economic development incentives offered by the county may help attract settee new businesses and encourace the expansion of existinii businesses. Generally, economic development incentives indicate that an area is receptive to economic growth and development. Going forward, the county should continue to evaluate its economic incentives on an annual basis and update them as necessary to retain existing target industries and to attract new target industries. One such update to the County's target industry incentives a►ld parte;, os, ab!i eeenofnie development tax bmm. This cxm nearby ecmmunitiec that are in direet eempetifienwith the County is the economic development ad valorem tax exemption (tax abatement) mocram. Residents approved the use of this mouram via referendum in 2010. The Countv's tax abatement ordinance authorizes the BCC, at its sole discretion, to Brant aualifvinc businesses an exemption from certain ad valorem taxes (property taxes) for a period of up to 10 vears. Those taxes abated are associated with the General Fund, the Municipal Services Taxing Unit (MSTU), and the Emercencv Services District Fund. No other taxes, such as School District taxes or taxes levied for the pavment of bonds, are affected by tax abatement. Indian River Countv/City of Vero Beach Enterprise AreaZooe Recently, development has occurred within older platted industrial areas and within relatively new industrial/business parks. As part of their Capital Improvement Programs, the County and City of Vero Beach should coordinate public infrastructure improvements within the Enterprise ZeneArea so that there is adequate access, water, and sewer to serve vacant developable commercial/industrial lots. The County and City should also continue to work together with the Indian River County Chamber of Commerce to market the Enterprise ' Area's benefits local lobs grant bonus incentive and available sites to prospective industries. Florida's Research Coast Economic Development Coalition Because the County is competing in an increasingly competitive global environment, it is important that the County participate in or otherwise establish regional partnerships with surrounding jurisdictions, schools, and organizations to work cooperatively toward common economic goals. Those regional partnerships are necessary because most industries do not look at jurisdictional boundaries when considering relocating or establishing a new facility. Instead, industries look at entire regions and the amenities that exist or will exist within those regions. Community Development Department Indian River County 42