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12 <br /> 1 Slide #3 <br /> Background <br /> • PFPC operates as an incubator, accelerator,and shared kitchen/co-working space <br /> • county owns the land,the facility,and fixed equipment <br /> — Land and building is valued at$955,100 <br /> Original lease was approved in 2012 <br /> — Rent was scaled to reach$26,000 by September 2016 <br /> • Rent was waived by the Board of Commissioners starting in July of 2016 <br /> • Lease was converted into a Management Services Agreement in 2421 for a terra of two years <br /> ORANGE COUNTY <br /> .> NIDF I-H C/CRfJEiNA <br /> 2 <br /> 3 <br /> 4 Slide #4 <br /> Background <br /> * Frequently Asked Questions IFAQ�prepared by PFPC and included in Board packet addresses <br /> — Clients arid teriure <br /> — Services provided <br /> — Capacity <br /> — Work with local farmers <br /> — Funding <br /> — Economic impact <br /> • Board packet also includes profit and loss statement and balance sheet prepared by PFPC <br /> ORANGE COUNTY <br /> 4 NUICTH CA-RCM-11-4A <br /> 5 <br />