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Economic Impacts Brief. The Economic Development Return on Public Investment in Indian River County ................................................................................................................................................................................ Executive Summary ® The Indian River County (IRC) Chamber of Commerce serves as the primary economic development organization on behalf of the Board of County Commissioners. The Chamber's responsibility, as outlined in the County's Comprehensive Plan, is to promote the County for business relocation, retention, expansion and new business development. From The Washington Economics Group, Inc. (WEG) analysis contained in this Brief, the County and the Chamber's economic development functions provide the primary support for economic development in the County. ® Indian River County provides multiple performance-based incentives to qualified targeted companies expanding in or relocating to the County. The purpose of these investments, based on shown results previously agreed by the companies, is to increase economic activity as well as to increase the standard of living for County residents and taxpayers through the resulting growth in Household Income. ® Public and private investments in the Chamber's economic development function provide for a certified economic development director from the private sector to serve as the first point of contact for relocating and expanding companies. This function is critical, serving as the liaison for all of the activities listed throughout this Brief and supporting targeted IRC companies. Some, but not all, of the companies assisted by the Chamber were eligible for and received incentives provided by Indian River County. Other companies received assistance from the Chamber during this period but did not relocate to, or expand in, the County. ® According to WEG estimates, utilizing widely used and professionally accepted methodologies, the paid incentives significantly contribute to economic development for the benefit of County residents and taxpayers. The period covered by the paid incentives is from 2007 -present. ® From 2007 to present, the County has invested $3 million toward economic development. ® The Economic Development Return on Investment (EDROI) to the County was also considered. In calculating economic development ROI, local fiscal revenues as well as the increases in Household Income are taken into account. This is because in addition to increasing local fiscal revenues, the purpose of the performance-based incentives granted is to increase the standard of living of ............................................................................... The Washington Economics Group, Inc. (WEG) ......... ...................... Page 11 7. A.3