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ELA Events <br />Economist Bill Fruth, President of Policom, spoke to 40 investors and community <br />leaders. His presentation, "Where the Money Is: the Indian River Economy", highlighted <br />what it takes to grow a strong local economy and how we compare to other metro areas <br />in the U.S. His recommendations included: <br />o Create an Industrial Development Authority <br />o Need for a 500+ acre industrial park <br />o Increase private sector investments - Discussion is underway to launch a fundraising <br />campaign, similar to the successful campaign conducted in 2012. <br />• Mark Zandi, Business Analyst with Moody's International, spoke to 75 investors and <br />community leaders. Topics included: <br />o Unemployment, labor force, economic prospects, real estate <br />o Federal Reserve balance sheet, interest rates, future recessions <br />o When asked about using incentives to attract business, he suggested that "it's <br />important for a less diverse economy, such as Indian River County, to use incentives <br />judiciously to attract businesses that attract other businesses, developing a supplier <br />network." He added it's also essential to offer a lower cost of doing business and <br />provide good infrastructure. <br />Return on Investment <br />Last year, at our request, the Washington Economics Group (WEG) prepared an Economic <br />Impact Brief. The results are still relevant today: WEG estimates that Indian River County <br />receives economic benefits 15 times greater than the $3 million invested by the county <br />since 2007, plus 639 direct and indirect new jobs were generated as a result — the majority <br />in higher -wage jobs. This figure includes funds paid to new and expanding firms through <br />the county's Local Jobs Grant program plus expenditures in our Chamber's economic <br />development efforts. These efforts, and resulting impacts, are ongoing. Highlights from the <br />report: <br />• Since the late 1990s, the private sector has invested over $1.5 million in the Chamber's <br />economic development activities <br />• There were targeted companies that relocated and expanded in the County due to the <br />efforts of the EDO that did not receive any incentives <br />• Other companies received assistance from the EDO during this period but did not <br />relocate to, or expand in, the County <br />• The ongoing economic development investments generate significant quantifiable and <br />recurring economic impacts each year. <br />4 4 <br />