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• <br />To justify this annual expense of $7.8 million as a wise economic investment to the general public <br />and Federal, State, and local officials, FIND has initiated a number of economic studies of the <br />District's waterways. Thus far, FIND has completed an economic analysis of the District's <br />waterways in Palm Beach County and is initiating similar analyses in Martin, St. Lucie, and Indian <br />River Counties. <br />At this time FIND is requesting the county's participation in this economic analysis both financially <br />and cooperatively. FIND would like the county's cooperation in developing the economics of the <br />waterways within Indian River County and FIND would like a one time financial contribution of <br />515,000. Attachment two is a fee proposal from the consultant, Gulf Engineers and Consultants, <br />which has been selected to perform the economic analysis. Gulf Engineers and Consultants recently <br />completed the exact same study for Palm Beach County, which is on file with the Board of County <br />Commissioner's Office. <br />Fcono is Angjysis O 'ective <br />The objective of this analysis is to identify and quantify the regional economic development impacts, <br />including business activity, personal income, employment, tax revenue, and property values <br />generated within Indian River County as a result of maintaining navigation on the Waterways within <br />the District. The reductions or increases to the current economic impact of the Waterways under two <br />Waterway maintenance scenarios will also be quantified. <br />Scone of Analygis <br />The following activities will be performed by Gulf Engineers and Consultants: <br />► Estimate the regional economic development benefits accruing within Indian River <br />County as a result of maintaining navigation on the Waterways; <br />► Review existing studies of the Waterways; <br />► Estimate the initial (direct) impact to marine related businesses within the FIND; <br />► Acquire and modify an inputioutput (UO) model capable of simulating the economic <br />activity of each county within the FIND; <br />► Estimate the indirect and induced business activity, employment, personal income, <br />tax revenue and property values attributable to the Waterways; and <br />► Estimate the impacts to the local economy of two Waterways maintenance scenarios. <br />Benefits to Indian River Cou= <br />► Updated and usable economic data in the form of a computer database and a <br />Geographic Information System (GIS) map layer that can be incorporated into <br />various county studies and reports; and <br />► Provided with a technical report, an executive report, and a brochure that will present <br />the Fesults in a "bullet" format for easy consumption. <br />Costs to Indian River County <br />► A one time financial contribution of $15,000.00, from the county's M.S.T.U. <br />contingency account, toward the total project cost of $78,013.50_; and <br />► County staff time via coordination with the project consultant. <br />February 15, 2000 <br />41 <br />SOU�� fruLy <br />• <br />