Fountain Valley could soon see a significant bump in revenue, as an electronic billboard project got the green light from the City Council last week.
The city plans to enter into a 15-year lease agreement with Outfront Media to build an electronic message board on a parcel of city-owned land. Three five-year options could draw out the life of the lease to a total of 30 years.
If the project gains approval from the California Department of Housing and Community Development and the California Department of Transportation (Caltrans), the city stands to earn more than $30 million over 30 years in guaranteed revenue, including a one-time payment of $750,000.
The plans call for a 65-foot-tall structure supporting a 14-foot by 48-foot V-shaped LED billboard that would overlook the 405 Freeway, the highway traffic serving as its target audience.
Outfront Media promised to make additional payments to the city from advertising sales. Fountain Valley’s revenue share would not exceed 65 percent, but the city could see up to $76.9 million in total revenue, according to the projected revenue shown in a presentation.
Tim Fox, vice president of government affairs for Outfront Media, said messages shown on the billboard will be displayed for eight seconds. He said the city would receive a spot to promote its own events every minute, and he said a 10 percent discount would be offered to local businesses looking to advertise.
Once fully approved, Fox said, it would take about six months to complete the project.
© 2022 the Daily Pilot (Costa Mesa). Distributed by Tribune Content Agency, LLC.
