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County and Chamber staff have also coordinated with respect to funding and specific responsibilities for implementing Strategies 2, 3, and 4. Staff and the Chamber propose that the County fully fund and contract with Ady Advantage for the detailed target industry analysis ($16,000), that the Chamber contract and manage the Branding Audit/Marketing Plan activities with costs shared 50/50 between the Chamber and the County ($12,500 each), and that the Chamber contract, manage and fully fund the stand-alone economic development website. Based on that proposal, the Board is now to consider amending the Ady Advantage contract for the detailed target industry analysis and authorizing funding of up to $12,500 for Brand Audit/Marketing Plan activities. ANALYSIS Detailed Target Industry Analysis (Strategy 2) Staff has prepared a detailed target industry scope of services and a modification (modification number one) to the contract between Indian River County and Ady Advantage (see Attachment 3). As structured, that contract amendment does the following: 1. Adds a new Attachment B, which authorizes consultant to prepare a target industry/cluster analysis report for the County, comprised of an economic base analysis, target industry asset maps, and target industry positioning statements, based on a scope of services. The scope of services provides specific analysis and analysis report requirements. 2. Provides a timeline for completion of the target industry/cluster analysis report and specifies total payments of $16,000 to be made to consultant by County for the report. As proposed, Ady Advantage will build upon the target industry assessment work that it has already completed on behalf of the County to prepare an in-depth Target Industry Analysis for the County. With the analysis, the consultant will compare the County's existing industries to the region, state and United States as a whole in order to better understand the County's competitive position. The end result will be a list of specific industries that will be used by the County and Chamber of Commerce to market the County. The specific target industry list will not replace the County's current target industry list located in the Economic Development Element of the County's Comprehensive Plan. That list is a broad and inclusive list of industries adopted by the County to be consistent with the State's target industry list. That list will continue to be used for the County's incentive programs such as the local jobs grant program along with the State's economic incentive programs to encourage good high paying jobs from a broad range of industry types. As noted in the Economic Positioning report and action plan, the target industry list generated from the detailed target industry analysis will enable the Chamber and County to strategically focus marketing efforts. 3 168