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FROM: Peter J. Radke Economic Development Planner DATE: December 2,1998 RE: APPROVAL OF THE OVERALL ECONOMIC DEVELOPMENT PLAN (OEDP) ANNUAL REPORT (1997-98) It is requested that the data herein presented be given formal consideration by the Board of County Commissioners at its regular meeting of December 8, 1998. In 1984, Indian River County was contacted by the federal government and informed that, because of its consistently higher than average unemployment rate, the county was eligible for assistance under the Economic Development Act. In order to qualify for this assistance, Indian River County created an Overall Economic Development Plan Committee, prepared an economic development plan, and established a set of strategies 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 Overall Economic Development Plan (OEDP) was originally adopted by the Board of County Commissioners in June of 1985. On July 31, 1985, the Economic Development Administration (EDA) designated Indian River County as a Title IV Redevelopment Area, a designation which qualifies the county to apply for federal funds for economic development projects. Subsequently, representatives from the OEDP Committee along with selected members of the county's Economic Development Committee were chosen to form the Economic Development Council (EDC). Consequently, the Economic Development Council fimctions as the County's OEDP Committee and; therefore, is responsible for the implementation of the OEDP. On October 28, 1997, the revised Overall Economic Development Plan (OEDP) was reviewed and approved by the county's Economic Development Council. The Board of County Commissioners then approved the revised OEDP at its meeting of November, 18, 1997, and a copy of the revised OEDP was forwarded to the Economic Development Administration. Except for the introduction section, the 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. To maintain its redevelopment area designation, Indian River County has had to prepare an OEDP Annual Report and submit this report to the EDA on an annual basis. An annual report has been completed by the county each year since the 1985 approval of its OEDP. On November 24, 1998, the Economic Development Council voted 12-1 to recommend that the Board of County Commissioners approve the OEDP Annual Report (1997-98) and direct staff to forward the annual report to the Economic Development Administration (EDA). The OEDP Annual Report addresses the period from July 1, 1997 to June 30, 1998. This report outlines the progress that the county made during that period in implementing the OEDP. This report also discusses changes in the economy, new potentials and problems relating to economic development, the goal, objectives and policies of the OEDP, and the OEDP implementation matrix. 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) Annual Report and direct staff to forward the annual report to the Economic Development Administration (EDA). 1. OEDP Annual Report (1997/98) December 8, 1998 3 '07 RGE7%