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ANALYSIS <br />The county's current Overall Economic Development Plan (OEDP) <br />served as the basis for developing the Economic Development <br />Strategy Plan (EDSP). For that reason, the strategy plan closely <br />relates to the OEDP. Consequently, some of the objectives and <br />strategic actions identified in the strategy plan are the same as <br />objectives and policies of the OEDP. Based on the results of the <br />county's recently completed economic base study, other pertinent <br />market and labor information, and extensive input by the Chamber of <br />Commerce and the Council of 100, the Economic Development Strategy <br />Plan represents an extension and update of the OEDP. <br />As drafted, the strategy plan contains various actions to be <br />undertaken by the county, the Chamber of Commerce, the Council of <br />100, and several other entities. Besides involving staff time and <br />personnel costs, some of the proposed strategies also require other <br />-expenditures. <br />As with any other plan, implementation is the most important part <br />of the strategy plan. Unless the strategic actions identified in <br />the plan are implemented, the plan's objectives will not be met. <br />Therefore, it is important to ensure that strategic actions are <br />acceptable and that responsible agencies have the ability to <br />implement them. <br />• ALTERNATIVES <br />With respect to the proposed Indian River County Economic <br />Development Strategy Plan, the Board of County Commissioners has <br />three alternatives. These are: <br />• To approve the plan as proposed <br />• To approve the plan with changes <br />• To reject the proposed plan <br />Either of. the first two alternatives will ensure that the county <br />will fulfill its obligation as part of the contract with the <br />Economic Development Administration and have more focused economic <br />development strategies to improve the county's economic development <br />situation. TJjG, t4iru alternative will jeopardize the county's <br />contract with the Economic Development Administration. Staff <br />supports the first alternative. <br />RECOMMENDATION <br />The Economic Development Council and the staff recommend that the <br />Board of County Commissioners approve the proposed Indian River <br />County Economic Development Strategy Plan and direct staff to <br />submit a copy of the approved plan to the Economic Development <br />Administration. <br />27 <br />June, 6 1995 <br />:�0)i <br />