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INDUSTRIAL UTILITY DEPOSITS - ECONOMIC INCENTIVE FOR <br />TARGETED INDUSTRY BUSINESSES <br />Community Development Director Bob Keating advised that staff <br />originally was recommending waiving utility deposits as one of the <br />economic incentives on today's agenda; however, they are .now <br />recommending that the Board establish a policy to guarantee <br />industrial utility deposits for targeted industries. He then <br />reviewed a Memorandum of April 12, 1996: <br />TO: James E. Chandler DATE: April 12, 1996 <br />County Administrator <br />DE TMENT HEAD CON CE <br />OF <br />Robert M. Kea in , AICP <br />Community Develop ent D rector <br />THROUGH: Sasan Rohani, AICP 5 �- <br />Chief, Long -Range Planning <br />FROM: Douglas A. Kangur O - - <br />Economic Development Planner <br />RE: Consideration of establishing a policy -of waiving <br />industrial utility deposits <br />It is requested that the data herein presented be given formal <br />consideration by the Board of County Commissioners at their regular <br />meeting of April 23, 1996 <br />DESCRIPTION AND CONDITIONS <br />In an effort to attract new industrial businesses to the county, <br />Indian River County, in 1995, adopted an Economic Development <br />Strategy Plan. That plan addresses .specific issues concerning <br />economic development in the county. Strategic Actions 3.4 and 3.5 <br />of the plan were established in ah attempt to relieve some of the <br />financial burdens that a new industrial company would encounter <br />when establishing a business in the county. <br />Strategic Action 3.4 states: By December 1995, the <br />county will consider amending its ordinances to <br />waive deposits for water and sewer for creditworthy <br />industrial customers with a five (5) year good <br />credit history with their previous utility <br />providers. <br />Strategic Action 3.5 states: By December 1995, the <br />county will coordinate with the City of Vero Beach <br />and Florida Power and Light to determine if they <br />are willing to consider offering the same incentive <br />of waiving deposits for electric service for <br />creditworthy industrial customers with a five (5) <br />year good credit history with their previous <br />utility providers. <br />On November 28, 1995, the Economic Development Council recommended <br />that the Board of County Commissioners approve deletion of <br />Strategic Action 3.5 from the county's Economic Development <br />Strategy Plan. <br />33 <br />April 23, 1996 Book .97 PAv 887 <br />