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r SEP X519'92 <br />BOOK 87 N V 5 7 <br />- provide all departments with weekly applications -in - <br />progress status report (being implemented) <br />- encourage department heads to attend pre -app meetings <br />for important projects (being implemented) <br />• Capital Improvement Project Initiatives <br />- create five million dollar discretionary fund for utility <br />line extensions or associated facilities (under review) <br />- expand utility services to I-95/74th Avenue node, <br />I-95/SR60 node, and I-95/CR512 node (being designed) <br />- provide cost sharing for applicants oversizing utility <br />lines (being implemented) <br />- undertake road improvements near nodes (under <br />consideration) <br />- initiate advance right-of-way acquisition (being <br />proposed) <br />- set up infrastructure fund to pay for capital <br />improvements necessary to accommodate development (under <br />review) <br />• Economic/Fiscal Incentives <br />- implement property tax abatement strategy (`under review <br />- will need referendum) <br />- provide funding for Council of 100 recruitment activities <br />(being proposed for FY93-94) <br />- undertake cooperative venture with the private sector to <br />develop an industrial park (under review) <br />ALTERNATIVES & ANALYSIS: <br />As proposed, these economic initiatives consist of a set of actions <br />which together may better position the county to achieve its <br />economic development objectives. Besides providing monetary <br />incentives for business attraction, these actions should promote <br />economic development by providing the physical infrastructure <br />needed for growth, reducing up -front, out-of-pocket development <br />costs, and streamlining the development review process. <br />Some of the proposed initiatives, particularly the LDR amendment <br />proposals, will be considered by the board separately. At that <br />time, a more detailed analysis of each will be provided. <br />Similarly, the board will also individually consider each proposed <br />capital project. On the other hand, development review procedural <br />changes can be implemented by staff. <br />Unlike the other initiatives, the proposed economic/fiscal <br />incentives are costly and difficult to implement. For that reason, <br />each needs to be considered in more detail before being <br />implemented. <br />Property tax abatement, for example, has not proven to be a <br />successful economic development strategy. It may, however, work in <br />Indian River County. To implement property tax abatement, there <br />will need to be a set of standards to limit the types of <br />businesses that qualify for abatement, to set the amount and <br />32 <br />