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2 <br />the building suitable for use by Builders First Source. The recommended. renewal rate of <br />$2.50/square foot and is based on lease rates for comparable properties in the area. The <br />County may expect to receive a total of $250,000 in annual rent, an increase of $150,000 in <br />revenue per year from previous years. <br />Further, the lease terms require the tenant to pay taxes on the building as if it were privately <br />owned. The taxes-in-lieu amount paid to Orange County in 2007 was $47,313. Since the <br />company is outside of the Hillsborough city limits, no city taxes are collected. <br />RECOMMENDATION(S): The Manager recommends that the Board approve the lease rate for <br />Builder's First Source at 401 Valley Forge Road, Hillsborough at $2.50/square foot. <br />