El Toro Tab Near $5 Million, Twice Original Estimates
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ORANGE COUNTY — Orange County will have to pay nearly $5 million out of its general fund--more than double its original estimates--for renovation and start-up costs the first year it leases the former El Toro Marine base, according to county projections released Wednesday.
The projections show the county in the red for two years, then earning its first profit by the end of its third year. Ultimately, the county has forecasted generating $14 million in its fifth year.
Supervisors approved the lease at their meeting Tuesday, ending a year of negotiations with the Navy. The lease is scheduled to be signed before Sept. 1.
Supervisors, including Thomas Wilson, who had been involved in lease negotiations, have said they want interim use at the base, including building leases and recreational programs, to be self-supporting to protect the general fund, which goes to provide basic county services.
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