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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 1993/1994 OEDP Annual Report. This report covers the period from October 31, 1993 to June 30, 1994. 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 and other 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. The OEDP Annual Report was reviewed by the Economic Development Council on June 28, 1994, and the council voted unanimously to forward it to the Board of County Commissioners for their approval. ALTERNATIVES & ANALYSIS Upon approval of the OEDP, the most important task was implementation of the OEDP policies and achievement of its objectives. As part 'o ' f 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. The Community Development staff coordinates on a regular basis with the Indian River County Council of 100 staff. As a result, county staff has compiled information on council and county implementation actions and has entered this information into the implementation matrix. The attached matrix, which indicates progress in implementing the OEDP policies, was a useful tool in preparing the OEDP Annual Report. Also, the OEDP Annual Report indicates all economic development initiatives that the county has taken within the last year and the status of these initiatives. As part of its long-range economic development planning, the county has received an EDA grant to update the county's Commercial/Industrial Data Source, prepare an economic base study, and prepare an economic development strategy plan for the county. The Economic Base Study -is currently underway. The results of the economic base study will be utilized to further refine the county's plans and policies in regard to economic development. 49 EON 92 ��o� July 26, 1994