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Economic Impacts Brief- The Economic Development Return on Public Investment in Indian River County ......................................................................................................................................................................... Economic Impacts Generated by Public Investments Attributed to Performance Incentives Granted The Washington Economics Group, Inc. (WEG) has been retained to prepare an independent economic impact brief detailing the economic impacts of performance- based incentives on Indian River County (IRC). These incentives being studied were provided by the County to nine different companies in industries targeted for economic development. In total, twenty companies were approved for awards but not all submitted documentation to receive their awarded funds. The available incentives included jobs grants and a tax abatement and were awarded beginning in 2007. The Economic Development Return on Investment (EDROI) to the County from the investments relating to economic development efforts and incentives is also considered. The important role that the Indian River County Chamber of Commerce plays in overall economic development in the County should also be considered. The 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, as well as new business development. Since the late 1990s, the private sector has invested over $1.5 million in the Chamber's economic development activities. These private funds are used solely for the purpose of strengthening Indian River County's economic base and improving upon Indian River County's economic potential. There have been targeted companies that relocated and expanded in the County due to the efforts of the Chamber of Commerce that did not receive any incentives. We did not calculate those in the economic development impacts. Thus it can be reasonably assumed that the overall impacts to the County through the efforts from the Indian River County Chamber of Commerce are greater than what is presented. ................................................................................................................................................................................................................................... The Washington Economics Group, Inc. (WEG) Page 13 7. A•5 • Triton Submarines- i SpectorSoft Corporation` PCP Ammunition FL Organic Aquaculture" Boston Barricade* OcuCue" I Nylacarb Parabel Fi A1gaGen Girard Equipment' TrueAero eMindful i Communications International'°— Next Level Security Systems Nailtiques NetBoss Technologies* Float -On Boat Trailers Piper Aircraft INEOS New Planet BioEnergy* Bridgevine —' CVS Distribution Center —� `These were the only companies modeled in the impacts and for computing Economic Development Return on County Investment,_ based on County incentives paid. ................................................................................................................................................................................................................................... The Washington Economics Group, Inc. (WEG) Page 13 7. A•5 •