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M DESCRIPTION AND CONDITIONS In June of- 1985, the Indian River County Overall Economic Development Plan (OEDP) was originally adopted by the Board of County Commissioners. Subsequently, the Economic Development Administration (EDA) designated Indian River County as a Title IV Redevelopment Area. To maintain its redevelopment area designation, Indian River County has had to prepare an OEDP progress report and submit this report to EDA on an annual basis. The county has done this each year since the 1985 approval of its OEDP. To meet the 1992 progress report requirement, the county opted to readdress the entire OEDP instead of just submitting a progress report. The county's decision to revise the OEDP was prompted by the availability of more accurate data from the.1990 census, as well as the perception that the county's economic development strategies needed to be revised. The county's Economic Development Council and the OEDP Committee reviewed and approved the revised Overall Economic Development Plan on October 27, 1992. The Board of County Commissioners then approved the OEDP at their meeting of November 10, 1992, and a copy of the revised OEDP was forwarded to the EDA. Consistent with Economic Development Administration (EDA) regulations, staff has prepared the 1992/1993 OEDP Annual Report. This report covers the period from November 1, 1992 to October 31, 1993. This is essentially a status and evaluation report of the OEDP. A copy is attached to this agenda item. This Annual Report is required in order for Indian River County to maintain its "redevelopment area" status and its eligibility to apply for federal technical assistance funds. The Annual OEDP Report includes the following items: 1. A review of the past year's accomplishments; 2. A report on any significant changes in the economy and its development potentials; and 3. An update of the county's development policies and courses of action planned for the coming two years, including any projects that may require EDA financial assistance. On November 23, 1993, the Economic Development Council and the OEDP Committee reviewed and approved the attached OEDP Annual Report and directed staff to forward the _report to the Board of County Commissioners for approval prior to submittal to the Economic Development Administration. Alternatives and Analysis Upon approval of the OEDP, the most important task was implementation of the OEDP policies and achievement of its objectives. As part of the progress report procedure approved by the EDC on January 26, 1993, staff must maintain the OEDP implementation matrix. For each policy of the plan, this matrix identifies the type of action needed, responsibility, timeframe, final product, and completion status. This matrix is updated regularly. 5 DEC ® 7 1993 BOOK 91 PAGE 107