F. Brian Holl Ph.D.P.Ag. From: Michael Thornton & the North Vancouver Tennis Society. Re: Grant Connell Tennis Court Expansion Project.
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1 To: F. Brian Holl Ph.D.P.Ag. From: Michael Thornton & the North Vancouver Tennis Society Re: Grant Connell Tennis Court Expansion Project Dear Brian, In furtherance of our discussion, attached is an estimate for construction of a 6-Court expansion to the existing 6-Court facility at the North Vancouver Grant Connell Tennis Centre, along with prices for smaller 3, 4 and 5 court expansion alternatives. Due to file size constraints, the entire proposal with design drawings is contained within a separate . Given the overwhelming demand for prime time court space, and that the line-up for advance booking cards far exceeds the number of cards that can be issued, the Board of the North Vancouver Tennis Society believes at minimum 3 more courts are needed to deal with the current wait-list, and unanimously recommend expanding the facility by 6 more courts now. A decade ago, a forward-looking North Vancouver District Council approved initial construction of 6 courts for the Grant Connell Tennis Centre. At that time there was no proof demand could be grown to exceed capacity, and no expectation that the centre would ever prove economically self-sufficient. Yet in just 10 short years from opening, the Grant Connell Tennis Centre has accomplished all of this, plus repaid its debt to the Heritage Fund. In addition, Grant Connell has become an acclaimed model for other centres internationally. An expansion to the Tennis Centre is now a necessity, because: 1.) courses are repeatedly selling out, leaving many prospective participants behind; 2.) people are frequently discouraged and suffer de-conditioning or a shift away from tennis because they can't get into regular training programs, nor can they dependably even book regular weekly court times just to play; and 3.) there have been so many complaints by people who can t seem to successfully book anything that we ve had to adopt a new lottery process. Of course this discourages even word-of-mouth advertising for new players because it increases competition for the already scarce number of training spaces that a growing number of players are competitively pursuing! As tennis continues to grow in popularity, so does the demand for indoor courts. That s because regular events can be booked long in advance, and may proceed regardless of BC weather. As reported on the Vancouver Public Tennis Advocacy website at An estimated 13% of British Columbians consider themselves regular tennis players (emphasis added). BC ranked as the #1 area for growth in Canada ; Adults ages playing has increased from 13% to 21% ; In the past 3 years, events in BC have grown over 32% in participation. Consider this: If we have 12 courts with an average of 3 players per Court for 12 hour days 7 days a week and the average regular plays just twice a month, at 100% full capacity we can only serve 3.72% of the 174,000 North Shore Residents. Grant Connell has regular players
2 coming from as far away as Surrey. If the market analysis is expanded to include only Burnaby and Vancouver proper, at full capacity we can only serve two-thirds of 1% of 991,883 people. This is but a very tiny fraction of the local "regular tennis players". (West Vancouver s Hollyburn Country Club has 12 indoor tennis courts serving just 7,800 members.) These projections are extremely conservative. Every regularly sold-out course at Grant Connell includes play once or twice a week, not just twice a month. There are many regulars playing 3 or more times a week, including some who play almost every single day. With 6 additional courts the Grant Connell Tennis Centre can increase bookings by: a) expanding the number of classes, leagues and tournaments; b) having more after-school programs for students; c) making more courts available for private and semi-private lessons; d) setting more courts aside for long-term bookings, including group play, school use, regular tournaments, tennis camps; and e) increasing the level of instruction to include courses for players ranked above 4.5, who currently must move elsewhere for advanced instruction. The Board believes a 6-court expansion is the wisest decision from both a short and a longterm perspective, and that although a 3 or 4-court expansion would initially take some of the pressure off, it will too quickly lead back to discouraging lotteries and tedious wait-lists. On its own initiative and expense, the Board of the North Vancouver Tennis Society commissioned an environmental assessment of the neighbouring expansion lands, plus an architectural rendering of the proposed 6-court expansion, shown below, to the right. 2
3 The Board then obtained a construction estimate, which showed a base cost of $2,350,000 to build 6 additional indoor courts versus $1,750,000 to build 3 courts. We have added $50,000 for an internal elevated walkway to connect the expansion. This would eliminate the need for outside access, decrease cleaning costs, and increase administrative security. The subsequent construction budget is $2.4 million for 6 courts and $1.8 million for 3 courts. By building 6 courts at once, we can take advantage of economies of scale, and they will cost 1/3rd less to construct. ($400,000 vs. $600,000 per court) We can get 3 more courts now for the price of building just 1 more later. By taking advantage of the savings, financing for an additional 6 courts can be repaid faster than it will take to repay financing for a 3-court expansion. The corollary is equally positive: Because the cost per court is so much more affordable for a 6-Court expansion building, financing can be repaid as fast or faster than a smaller building even if average per court usage is less. Consider Grant Connell s track record: After the first 6 courts were open for play, the Tennis Centre was immediately able to cover its operational overhead. By the end of the first year, the original 6 courts were generating an additional $67,000 per annum. This money was used to repay the Heritage Fund. Over the last few years the Board didn t raise rates as fast as costs because the cash flow was already more than sufficient to pay off the debt. However, after studying the numbers for expansion, we and the local tennis community mutually agreed to re-adjust rates to maintain the same debt-servicing cash flow we ve generated for years ~ with the proviso that the now surplus funds are being set aside exclusively to repay new debt for the expansion. The principal distinction between the request for expansion of the Grant Connell Tennis Centre and other recreational projects is that we are asking for a de facto business LOAN, which can predictably be repaid in full. We are not asking for a taxpayer-financed gift. Supporting this expansion may well encourage other worthwhile community projects to create their own solid business plans. Our business model is straightforward: Revenue from tennis bookings will repay the debt we incur from expansion. To be most successful, we need as many covered courts as possible, at the lowest possible cost per court. This will give us the ability to serve the greatest number of people, and maximize the potential revenue stream, which in turn retires the debt. There is just enough land to build 6 more courts directly beside the existing facility. Unlike an expansion anywhere else, the new courts can be fully served by the on-site administration, without the need to spend money for additional offices, locker rooms, lounge, maintenance facilities, etc. These savings are reflected in the attached short-form pro forma, beside the line item labeled Projected Savings from Non-Duplicated Operating Expenses. The net result is, that even at a 5% interest rate (North Van can likely obtain funds at a lower rate) it will take only 14.5 years to repay the full cost of financing a 6-Court expansion, but it will take 18 years to repay a loan for the smaller 3-Court expansion. 3
4 Furthermore, if funding is done by way of a public/private partnership offering investors say an 8% interest rate, the projected cash flow for both expansion alternatives would result in a 22- year payback for a 6-Court facility, but require 40 years to pay for a 3-Court building. Why on earth wouldn t we want to be able to pay for twice as many courts in just over half the time? And here s the rub: If interest rates are just one-half of one percent higher, 8.5% financing can still be comfortably repaid by the 6-Court expansion over a typical 25 year mortgage. But without extra money from somewhere else, the 3-Court expansion cannot do it ever, not even in 100 or 200 years! The 3 Courts can barely make interest-only payments, because they cost 50% more to build, and they only have half the income potential of a 6-Court building. The Board of the North Vancouver Tennis Society is comprised of non-paid volunteers, including a Chartered Accountant and an experienced land developer. Aside from what we hope will be more available lesson and court times for everyone, we have nothing personal to gain. After detailed study, review and re-review, we firmly believe that the Grant Connell Tennis Centre should immediately be expanded by 6 courts. In summary, building an additional 6 courts at one time utilizes the land to its fullest, secures the lowest cost per court, and serves the greatest number of people. It limits disruption, construction and environmental impact to a single event. There would be no future need to rip apart the back wall and move exterior concrete footings, drainage tiles, gravel, landscaping, sidewalls or eaves-trough. The entire roof could be assembled in a contiguous leak-proof fashion. No paving would be wasted having to relocate access over sidewalks for off-road angle parking. The entire building could be finished at one time, without patchwork, to maximize its attractive architectural design, and it will create the most employment during the recession-recovery period. Financing can be secured at today s record low interest rates, and by building 6 new courts (vs 3 or 4) the entire expansion can be paid off easier and/or faster. Respectfully submitted, for your consideration, Michael Thornton Director of Grant Connell Tennis Centre Expansion, Board of Directors, North Vancouver Tennis Society A collateral benefit: Based on United Nations Refugee Agency Standards found at UNHCR Canada, recommending floor space of 3.5 m2 per person, the proposed 6-Court expansion building (3,743 m2) will accommodate well over 1,000 people in the event of an emergency. The structure will be made of fireproof and easily repaired aluminum across a steel frame network, without any interlaced floor structure, making it extremely damage-resistant in the event of earthquake. Cots and privacy screens can be set up immediately on the court surface (unlike pools or ice rinks), while the high ceilings help provide adequate ventilation for maximum capacity. 4
5 From: Peter Shoulak Date: March 4, :36:12 PM PST (CA) To: Cc: Subject: Tennis Court Price Breakdown Michael, Please find attached the electronic version of the proposal that we reviewed earlier this week. I have also had our estimating department run through the numbers and give me a cost breakdown on smaller facilities. The budgeting for the various facilities are as follows: 6 Court Facility ( 130' x 310' ) - $2,350,000 plus GST = $391,666 per Court 5 Court Facility ( 130' x 260' ) - $2,275,000 plus GST = $455,000 per Court (Get 1 more Court (to make 6) for an extra $75,000.) 4 Court Facility ( 130' x 210' ) - $2,050,000 plus GST = $512,500 per Court (Get 2 more Courts (to make 6) at $150K each.) 3 Court Facility ( 130' x 160' ) - $1,750,000 plus GST = $583,333 per Court (Get 3 more Courts (to make 6) at $200K each.) Please give me a call if you have any questions regarding the proposal or the subsequent budgets. Regards, Peter J. Shoulak Vice President, Business Development Cell (604)
6 Grant Connell Tennis Centre Expansion Short-Form Pro Forma 6 New Courts 3 New Courts ~ Assumptions ~ $67,000 Potential Additional Positive Cash Flow - based on Historical Averages $33,500 (Once the expansion courts are booked as often as the existing courts.) $100,000 Projected Savings from Non-Duplicated Operating Expenses $50,000 (Assumes 6 or 3 new courts increase overhead by 20% or 10% respectively) $167,000 Projected Cash Flow available to Service New Expansion Debt $83, Divided by Number of Months per Year 12 $13,917 Projected Monthly Positive Cash Flow $6,958 6 Divided by Number of New Courts 3 $2,319 Projected Monthly Average Positive Cash Flow per Court $2,319 $930 Monthly Positive Cash Flow from Existing Facility available for each New Court $1,860 ($67K/yr paid off Heritage Fund & revenue is now being set aside for expansion.) $3,249 Monthly Cash Flow Available to Repay Financing for Each New Court $4,179 $400,000 Approximate debt financing required to build each Court $600,000 (March 2009 quote of $2,350,000 to build 6 Courts versus $1,750,000 for 3 Courts Plus $50K for an Elevated Walkway Connector = $2.4M for 6 Courts vs $1.8M for 3) $3,249 Monthly Payments based on 5% Interest Rate $4, years Estimated Amortization Time to pay off Financing 18 years 22 years Estimated 8% Interest Rate 40 years 25 years Estimated 8.5% Interest Rate Never!!! Note: Numbers are approximate and subject to change over time. They are simply being used to demonstrate the improved potential for repayment of financing for 6 Courts vs. 3 Courts. A collateral benefit: Based on United Nations Refugee Agency Standards found at UNHCR Canada, recommending floor space of 3.5 m2 per person, the proposed 6-Court expansion building (3,743 m2) will accommodate well over 1,000 people in the event of an emergency. The structure will be made of fireproof and easily repairable aluminum across a steel frame network, without any interlaced floor structure, making it extremely damage-resistant in the event of earthquake. Cots and privacy screens can be set up immediately on the court surface (unlike pools or ice rinks), while the high ceilings help provide adequate ventilation for maximum capacity.
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