We thought you might be interested in this update we're presenting to the Steamboat Parks & Recreation Commission on February 24th.
Tennis & Pickleball Center Operations There's no question that 2020 was challenging in many ways but the exciting news is that even though the Center was closed completely for 10 full weeks or roughly 20% of the year, 2020 gross revenue was up slightly over 2019. Unfortunately, expenses were higher due to increased staffing needed for COVID-19 mitigation, salaries for furloughed staff, and lower capacity for court rentals, classes, and other programs. Even so, the future looks extremely promising! Community group needs and player demand for court time is growing even more quickly than projected in our 2019 business plan.
Center Expansion Project Status We now have an exciting design for a new indoor Pickleball Center, four rebuilt outdoor tennis courts, green and social spaces, and an expanded parking lot that includes all the features and functions that are important to all of us while keeping an eye on costs. Our RFP is going out shortly (including to some local GCs) and their responses in mid-March will provide our first hard cost numbers. You won't be surprised to learn that many materials (think steel and lumber) and certainly Steamboat labor costs have risen significantly since our initial cost estimates almost two years ago. In the interest of full disclosure, we are likely to be faced with some hard decisions between quality, size, cost, and timing to stay within our planned budget. Fundraising The Steamboat Relishes Pickleball! capital campaign includes three initiatives:
$6 million goal for the new indoor pickleball building – As of 2/15, we have received gifts and pledges totaling $1.3 million and secured pre-approved financing of up to 30%.
$1 million for improvements to the tennis facility – The first half of this is needed now in order to rebuild four outdoor tennis courts. The remainder will be raised in the future to replace the 'skin' and/or resurface the indoor courts when needed in 5-10 years.
$1 million by 2027 for the “Serve It Forward” Tennis and Pickleball Center Maintenance Endowment Fund held at the Yampa Valley Community Foundation – The current balance is a very healthy $190,000!
In addition, as of December 17, 2020, Court Sports 4 Life was designated a Colorado Enterprise Zone contribution project, which offers Colorado taxpayers a very attractive tax credit in addition to the “regular” charitable tax deduction. Read this CS4L blog post about how this credit, combined with donating appreciated securities, can triple the impact of your donation!