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Comprehensive 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 serge new businesses and encourage the expansion of existing 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 that the County should pursue is the establish,,of-an - ---ie development tax abatement pregr-am. This type of ineentive is available ffem near -b is the economic development ad valorem tax exemption tax abatement) program. Residents approved the use of this program via referendum in 2010. The County's tax abatement ordinance authorizes the BCC at its sole discretion to gr` qualifying businesses an exemption from certain ad valorem taxes (property taxes) for a period of up to 10 years. Those taxes abated are associated with the General Fund the Municipal Services Taxing Unit (MSTU), and the Emergency Services District Fund No other taxes such as School District taxes or taxes levied for the payment of bonds are affected by tax abatement Indian River County/City of Vero Beach Enterprise Areae 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 ZeaeArea 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 Ae�Area's benefits local jobs 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