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BOOK 95 Fru 64� 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. In 1994-95, the county prepared an Economic Base Study and developed an Economic Development Strategy Plan. The county's current Overall Economic Development Plan (OEDP) served as the basis for developing the Economic Development Strategy Plan (EDSP). For that reason, the strategy plan closely relates to the OEDP. Consequently, some of the objectives and strategic actions identified in the strategy plan are the same as objectives and policies of the=OEDP. The Economic Development Strategy Plan represents an extension and update of the OEDP. Consistent with Economic Development Administration (EDA) regulations, staff has prepared the 1994/1995 OEDP Annual Report. This report covers the period from July 1, 1994 to June 30, 1995. This is essentially a status and evaluation report of the OEDP. A copy of the OEDP annual report 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 economic development policies and courses of action planned for the coming two years, including any projects that may require EDA financial assistance. On June 27, 1995, 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. 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. The Community Development staff coordinates on a regular basis with the Indian River County Chamber of Commerce and 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. JULY 119 1995 4 M M