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FINANCIAL IMPACT: PFAPC will pay the County: <br />• the sum of one dollar ($1) per month for the first two (2) years of the lease term; <br />• a sum equal to thirty -three percent (33 %) of the fair rental value for the third year of the <br />term commencing on January 2, 2015; <br />• a sum equal to sixty -six percent (66 %) of the fair rental value including the annual <br />percentage increase for the fourth year of the term commencing on January 2, 2016; and <br />• the fair rental value including the annual percentage increase for the fifth year of the term <br />commencing on January 2, 2017. <br />RECOMMENDATION(S): The Manager recommends the Board open the public hearing, <br />receive public comments, close the public hearing, approve the Lease Agreement, authorize the <br />Vice -Chair to execute the Lease Agreement, and authorize staff to record and file any <br />necessary documentation. <br />