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FI <br />N/ �- � 6 -�. <br />BOOK fA.;,t v.� <br />T0: James Chandler <br />County Administrator <br />DIV SION HEAD CONCURRENCE <br />Robert M. Keatig, AI <br />Community Devel pmen irector <br />FROM: Sasan Rohani S''k - <br />Chief, Long -Range Planning <br />DATE: August 11, 1992 <br />RE: CONCEPTUAL APPROVAL OF THE REVISED GOALS, OBJECTIVES AND <br />POLICIES OF THE OVERALL ECONOMIC DEVELOPMENT PLAN (OEDP) <br />It is requested that the data herein presented be given formal <br />consideration by the Board of County Commissioners at their regular <br />meeting of August 18, 1992. <br />DESCRIPTION AND CONDITIONS <br />In 1984, Indian River County was contacted by the federal <br />government and informed that, because of its consistently higher <br />than average unemployment rate, the county was eligible for <br />assistance under the Economic Development Act. In order to qualify <br />for this assistance, Indian River County created an Overall <br />Economic Development Plan Committee, prepared an economic <br />development plan, and established a set of strategies for <br />implementing this plan. The Overall Economic Development Plan <br />(OEDP) was. originally adopted by the Board of County Commissioners <br />in June of 1985. <br />On July 31, 1985, the Economic Development Administration (EDA) <br />designated Indian River County as a Title IV Redevelopment Area, a <br />designation which qualifies the county to apply for federal funds <br />for economic development projects. Subsequently, representatives <br />from the OEDP Committee along with selected members of the county's <br />Economic Development Committee were chosen to form the Economic <br />Development Council (EDC). <br />To maintain its redevelopment area designation, Indian River County <br />has had to prepare an OEDP progress report and submit this report <br />to EDA on an annual basis. The. county has done that each year <br />since the 1985 approval of its OEDP. To meet the current year <br />progress report requirement, the EDC has opted to readdress the <br />entire OEDP, instead of just submitting a progress report. The <br />EDC's decision to revise the OEDP was prompted by the availability <br />of more accurate data from the 1990 census, as well as perception <br />that the county's economic development strategies needed to be <br />revised. <br />ALTERNATIVES AND ANALYSIS <br />For the past several months, the EDC has met, reviewed existing <br />county economic development goals, objectives, and policies, and <br />developed a revised set of goals, objectives, and policies. These <br />goals, objectives and policies address the county's major economic <br />development issues and establish a long term economic development <br />strategy for the county. With policies ranging from marketing the <br />county's economic development potential to analyzing the <br />feasibility of providing economic incentives to attract industry, <br />this plan provides an economic development strategy for the county. <br />40 <br />