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Economic Development Element: The Economic Development Element sets forth the County's policies for economic growth and diversification. Economic Development contributes not only to the tax base for the County but it also creates opportunities for residents and entrepreneurs. A summary of the changes that are proposed for the Economic Development Element are as follows: 0 Remove specificity of data, such as specific FY dollar amounts 0 Update the planning horizon,targets, and timeframes The proposed changes are important for Indian River County to understand existing conditions, constraints, and opportunities, all of which are necessary to strategically increase Economic Development. Minimal changes,however, are recommended for this element. Objective 1: Through the plan time horizon,the eCounty's will endeavor to maintain its average annual unemployment poverty rate be no more than one percentage point higher than the State of Florida's - . . I /1.0%and Indian River County— 5.8%). Objective 2: Between 20254-0 and 204520, Indian River County will increase the number of jobs in the eCounty's new high wage target industries by 1,000. Policy 2.2: The eCounty shall encourage the expansion of existing industries and attraction of new industries that are within the target industries list(Policy 2.5)by offering the following county adopted economic development incentives and assistance: "The county shall encourage the expansion of existing industries and attraction of new industries that are within the target industries list(Policy 2.5)by offering the following county adopted economic development incentives and assistance: • Local Jobs Grant Program; • Traffic,Water, and Sewer Impact Fee Financing; • Utility Deposit Waivers; • Expedited permitting; • Maintenance of sufficient infrastructure capacity(roads,water, sewer); • Provision of Industrial Revenue Bonds; • Provision of job training through Indian River State College; • Provision of workforce training incentives from CareerSource Research Coast; • Assistance with federal or state grant applications (such as Community Development Block Grants); • State Qualified Target Industry Tax Refund Programan4 Objective 4: By 203025 and as may be needed to support the local economy, the eCounty and municipalities within the County shall identify have-at-least-two additional opportunities to encourage established industrial/business/technology/research parks«r a total of^ parks)with sufficient land and C:\Cmnicus\Legistar5\L5\Temp\9ec5cab0-071 a-4938-8838-22e53bcab073.docx 43 253