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Economic Development Element: <br />The Economic Development Element sets forth the County's policies for economic growth and <br />diversification. Economic Development contributes not only to the tax base for the County but it also <br />creates opportunities for residents and entrepreneurs. <br />A summary of the changes that are proposed for the Economic Development Element are as follows: <br />0 Remove specificity of data, such as specific FY dollar amounts <br />0 Update the planning horizon, targets, and timeframes <br />The proposed changes are important for Indian River County to understand existing conditions, <br />constraints, and opportunities, all of which are necessary to strategically increase Economic <br />Development. Minimal changes, however, are recommended for this element. <br />Objective 1: Through the plan time horizon, the eCountyls will endeavor to maintain its average annual <br />mploy entop verty rate will be no more than one percentage point higher than the State of Florida's <br />aver -age annual unemployment fa4e as r-epei4ed by the Florida Ageney for- We466r-ee innovation, Labor - <br />Market Stmisties Centef, Local Area Unemployment Statistics Program, in eeoper-ation with the <br />DepaFtment of Labor-, Bufeau of LabOF Statisties (2007 average annual tmemplormepA rate; Fler-i <br />4.00% and Indian River- rreu-p y — 5.8%). <br />Objective 2: Between 202548 and 204528, Indian River County will increase the number of jobs in the <br />eCounty's new high wage target industries by 1,000. <br />Policy 2.2. The c -County shall encourage the expansion of existing industries and attraction of new <br />industries that are within the target industries list (Policy 2.5) by offering the following county adopted <br />economic development incentives and assistance: "The county shall encourage the expansion of existing <br />industries and attraction of new industries that are within the target industries list (Policy 2.5) by offering <br />the following county adopted economic development incentives and assistance: <br />• Local Jobs Grant Program; <br />• Traffic, Water, and Sewer Impact Fee Financing; <br />• Utility Deposit Waivers; <br />• Expedited permitting; <br />• Maintenance of sufficient infrastructure capacity (roads, water, sewer); <br />• Provision of Industrial Revenue Bonds; <br />• Provision of job training through Indian River State College; <br />• Provision of workforce training incentives from CareerSource Research Coast; <br />• Assistance with federal or state grant applications (such as Community Development Block <br />Grants); <br />• State Qualified Target Industry Tax Refund Program;;—ate <br />Objective 4: By 203025 and as may be needed to support the local economy, the cCounty and <br />municipalities within the County shall identify <br />h^• ^* least two additional opportunities to encourage <br />established industrial/business/technology/research parks �^ tetal of ^ „arks` with sufficient land and <br />C:\Users\ufc-prod\AppData\Local\Temp\BCL TechnologieAeasyPDF 8\@BCL@6414E534\@BCL@6414E534.docx 43 <br />49 <br />