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o Provide a detailed explanation of how the public infrastructure improvements will <br />connect to a broader economic development vision of the community and benefit <br />additional current or future businesses. <br />Funds from the FL Jobs Growth Grant Fund will benefit Indian River County <br />and the Treasure Coast region by providing the necessary road <br />improvements for the Vero Beach Business Park, located on the south side of <br />State Road 60, 1/2 mile west of 1-95. This will open the Park for further <br />development by employers within the manufacturing and <br />wholesale/distribution industry sectors, both of which are included in the <br />state's targeted industries list. <br />The Business Park's location, in close proximity to 1-95, provides easy access <br />for future employees throughout the region as well as shipments of raw <br />materials and finished product for prospective employers. <br />In December 2017, President Trump signed The Federal Tax Cuts and Jobs <br />Act, designed to encourage investment and economic growth in certain low- <br />income communities. In Indian River County, all properties located west of I- <br />95, including the Vero Beach Business Park, are designated as "qualified <br />opportunity zones". This designation offers federal income tax incentives to a <br />taxpayer who invests in a business located within these zones. <br />The pre -cast concrete manufacturing firm, with its anticipated employment of <br />150 new jobs, is pursuing investment funds via the Opportunity Zone <br />initiative, soley seeking out properties with this designation. <br />In 2016, Indian River County was included in Governor Scott's 12 -County <br />Initiative, "Opportunities for Improved Economic Outcomes". The designation <br />was based on high unemployment, wages lower than the state average, and <br />minimal labor force growth. Though the county has seen vast economic <br />improvements since the recession, our unemployment rate of 4.2% is much <br />higher than Florida's rate of 3.5%. <br />With our local economy currently and historically dependent on tourism and <br />agriculture (citrus), economic diversification is the key to better livelihoods for <br />area residents. <br />44 <br />