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On October 28, 1997, the Economic Development Council voted 11-0 to recommend that the Board of County Commissioners approve the revised Overall Economic Development Plan (OEDP) and the OEDP Annual Report (1996-97) and direct staff to forward the plan as well as the annual report to the Economic Development Administration (EDA). ANALYSIS In 1996, the county prepared its Comprehensive Plan Evaluation and Appraisal Report (EAR) and submitted the report to the State of Florida Department of Community Affairs (DCA). The DCA found the county's Evaluation and Appraisal Report to be sufficient. Currently, Indian River County is revising its Comprehensive Plan to reflect the recommendations of the county's Evaluation and Appraisal Report. As part of this process, the Economic Development Element, including the goals, objectives, and policies, was revised to reflect those recommendations as well as the current economic conditions of Indian River County. For the county to be consistent in its approach to economic development, the goals, objectives, and policies of the OEDP should reflect the goals, objectives, and policies of the revised Economic Development Element of the county's Comprehensive Plan. The attached revised OEDP is consistent with the revised Economic Development Element. This revision of the OEDP was initiated by the EDC to ensure that all of the county's economic development documents and their respective goals, objectives, and policies are similar. These goals, objectives, and policies address the county's major economic development issues and establish a long term economic development strategy for the county. With policies ranging from marketing the county's economic development potential to providing economic incentives to attract industry, this plan provides an economic development strategy for the county. Throughout the evaluation and appraisal analysis, as well as the Comprehensive Plan revision process, the Economic Development Council reviewed and revised the goals, objectives, and policies as well as other portions of the Economic Development Element several times. On June 24, 1997, the Economic Development Council voted 12-0 to recommend that the Planning and Zoning Commission and the Board of County Commissioners accept the Economic Development Element as amended. Except for the Introduction section, this revised OEDP contains the same existing conditions, analysis, and goals, objectives and policies sections as found in the Economic Development Element of the Comprehensive Plan. The OEDP Annual Report addresses the period from July 1, 1996 to June 30, 1997. This report outlines the progress that the county made during that period in implementing the plan. This report also discusses changes in the economy, new potentials and problems relating to economic development, and a revised implementation plan based on these changes. RECOMMENDATION Based on the analysis conducted, staff and the Economic Development Council recommend that the Board of County Commissioners approve the attached Overall Economic Development Plan (OEDP) and OEDP Annual Report and direct staff to forward the plan as well as the annual report to the Economic Development Administration (EDA). A COPY OF THE REVISED OVERALL ECONOMIC DEVELOPMENT PLAN IS ON FILE AT THE BOARD OFFICE. 25 NOVEMBER 18, 1997 m � noK 0 P�-r