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I. Request for Approval of the Indian River County Economic Base Studv The Board reviewed the following memo dated October 14, 1994: TO: James Chandler -' County Administrator - D ION HEAD CONCURRENCE 47 Ro ert M. Reati , AIC Community Develo ment rector THRU: Sasan Rohani, AICP 5-10 - Chief, Long -Range Planning FROM: Jay R. Marlles, AICP Economic Developmentlanner DATE: October 14, 1994 RE: REQUEST FOR APPROVAL OF THE INDIAN RIVER COUNTY ECONOMIC BASE STUDY It is requested that the data herein presented be -given formal consideration by the Board of County Commissioners at their regular meeting of October 25, 1994. DESCRIPTION AND CONDITIONS In July, 1993, Indian River County' was awarded an EDA Section 302(a) planning grant in the amount of $75,000. Those grant funds have been used to update the Commercial/ Industrial Data Source, prepare a promotional brochure and prepare an economic base study. Currently, an economic development strategy plan is being drafted. Recently, the economic base study was completed and reviewed by the Economic Development Council. A copy of the economic base study is on file in the Board of County Commissioners office. On September 27, 1994, the Economic Development Council reviewed the economic base study and unanimously voted to recommend that the Board of County Commissioners approve the base study and direct staff to submit a copy to the Economic Development Administration. ANALYSIS As an analysis of the county's economy, the draft economic base study provides valuable information. Not only does the study indicate which industries in the county are basic, or export industries; the study also identifies changes which have occurred in the county's economic base over time. Another important part of the economic base study is the multiplier section. The multiplier indicates how the county's economy generates additional jobs as a result of capital inflows and how that money flows through.the county's economy. The employment multiplier --indicates how many jobs are created through export job - creation or attraction. Finally, the shift/share analysis indicates how the county compares economically__ to various other counties identified in the analysis. Together, this information' provides a basis for preparing a more detailed economic development strategy plan for the county. The submission of the base study to EDA is necessary as part of the county's grant contract wiEDA.,�� 11 BOOK V3 un 571 October 25, 1994