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2 <br />The Feasibility Report noted 13 action items to address the development phase of the Center in <br />the upcoming 18 to 24 months. <br />FINANCIAL IMPACT: There are no financial costs associated with discussion of this item. <br />However, there will be cost implications attributed to the renovation of the facility and <br />development cost over a 3-year period based upon the Board's direction. After its first year of <br />operation, it is anticipated the facility will generate more than $150,000 in fees. During the <br />second and third years, the facility is projected to generate between $800,000 and $1.2 million <br />in profit per year. Financial grants will be sought to defray costs as much as possible. <br />The Feasibility Report does recommend "a $1/yr lease agreement for the facility between the <br />county and the management entity, active upon securing the certificate of occupancy or on <br />opening for business". The Board may wish to discuss this proposal in further detail as the <br />facility moves closer to operation. <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />1) reconfirm Orange County's participation in this project; <br />2) provide comments and express support for the proposed resolution with the <br />concurrence of the Feasibility Report Action Items and formally consider the Orange <br />Enterprise Building, 500 Valley Forge Road, with formal approval of the resolution <br />and any other actions to be scheduled for consideration at an upcoming BOCC <br />regular meeting; and <br />3) provide any further direction to staff. <br />