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2 <br />On February 4, 2008, the Alamance County Board of Commissioners voted in favor of a <br />resolution supporting the project. Chatham and Durham Counties will be evaluating the project <br />at their upcoming meetings during the month of February. <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 />At the February 12, 2008 BOCC work session, the Board reviewed and discussed the Feasibility <br />Report in greater depth with Smithson Mills, the author of the Report, and County staff. The <br />Board provided feedback including continued interest in the project, the setting up of a 501 (c)3 <br />to govern operations, and concern over the allocation of costs with Orange County providing the <br />facility. These concerns have been incorporated into the attached draft resolution. <br />FINANCIAL IMPACT: There are no financial costs directly related to the attached draft <br />resolution. 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 gross revenues to the vendors per year. Financial grants will be sought to defray costs as <br />much as possible. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the resolution <br />and authorize the Chair to sign: <br />1) Agreeing to participate in a regional, multi-county. value-added shared-use food and <br />agricultural processing center; <br />2) Formally allocating the former Orange Enterprise Building on Valley Forge Road in <br />Hillsborough for development of a regional value-added shared-use food and <br />agricultural processing center; <br />3) Recommending that the governing board of the Center become a 501(c)3; and <br />4) Requesting that equitable fiscal support among partners be pursued that recognizes <br />the allocation of the Orange Enterprise building owned by Orange County.