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BOGY Mi PAGE 738 BACKGROUND In 1985, Indian River County prepared an Overall Economic Development Plan (OEDP) and established a set of policies for implementing this plan. This plan was prepared as a cooperative effort of county government and citizens in the community for the purpose of promoting economic growth and attracting qualified, desirable types of businesses to the county. The OEDP was prepared in order to make the county eligible for receiving federal funds under the Economic Development Act. To remain eligible for assistance under the Economic Development Act, the county is required to update the OEDP every five to eight years. Additionally, the county must submit an OEDP annual report to the Economic Development Administration (EDA) to remain eligible for assistance. Recently, the Treasure Coast Regional Planning Council (TCRPC) initiated efforts to create a regional economic development district (EDD). At its January 17, 1997 regular meeting, the TCRPC unanimously approved a motion to authorize council staff to proceed with the initial steps of forming an EDD and developing an Overall Economic Development Program for the region (Indian River County, St. Lucie County, Martin County, and Palm Beach County). If a regional EDD is created, there will not be any effect on future Indian River EDA applications. Future grant applications will continue to compete with other applications from the entire eight -state Southeast Reaion as defined by the RDA. The county will not have to compete separately with other local governments within the EDD for EDA funds. Additionally, future EDA applications will continue to go directly to the EDA. Applications will not have to be processed through the EDD. Proposed projects, however, will have to be consistent with the regional OEDP. At its May 27, 1997 meeting, the Indian River County Economic Development Council (EDC) considered the issue of appointing representatives to the regional OEDP committee. Instead of recommending representatives, however, the EDC recommended that Indian River County not join the regional EDD as proposed by the TCRPC. ANALYSIS EDA guidelines require that an OEDP committee be formed to oversee the process of establishing an Economic Development District. The OEDP committee will set the goals and objectives of the program, identify actions, and set priorities to foster economic development and determine appropriate programs and projects to be implemented. The appointment of members to the OEDP committee is to be done by the counties (Indian River, Martin, Palm Beach, and St. Lucie) which will be members of the Economic Development District. The proposed composition of the OEDP committee is as follows: ► Indian River County 5 members ► St. Lucie County 5 members ' Martin County 5 members ► Palm Beach County 8 members The guidelines provided by the EDA also indicate that the OEDP committee "must represent diverse interests to ensure that viewpoints of all components of the community are considered and to take advantage of local skills in program formulation and implementation." It should include representatives of - 10. f ► local governments businesses ► industry ' finance ER June 10, 1997