(1) Following public hearings, adopt an economic development plan, either through its own efforts or in combination with other public bodies and advisory committees, which plan, if adopted, shall:
(a) Recognize and reflect the need for adequate employment and income for residents, considering both present and expected future population levels.
(b) Clearly state community economic goals and provide a detailed program to carry out those goals.
(c) Be based on an analysis of the present and expected future economic base, which analysis shall consider, but not be limited to, natural resources, human resources, industrial and commercial structure, land use and ownership, public facilities and services, transportation, housing, availability of capital and regional economic interactions.
(d) Provide industrial and commercial sites suitable for the expected future amount and type of growth and expansion and appropriate for their intended purpose, site size and site distribution, transportation access and available services.
(e) Consider housing in the area and show the availability of housing is sufficient for the projected workforce increase or include definitive plans for expanding the housing stock to meet the anticipated workforce growth.
(f) Stress cost-effectiveness and the need for a timely government response to private sector development efforts.
(g) Set forth the boundaries the economic development plan encompasses, if different from county boundaries.
(2) Assemble, hold and develop sites and facilities for industrial and commercial activities as provided in ORS 271.510 to 271.540, with the power to make available real property to private or public entities at a value determined by the county to be its fair market value. [1979 c.182 §1; 1991 c.878 §2]