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Copper Center Cost to Our Community

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The Board stated, “If it doesn’t work, we sell the asset”.   (12/2022 Copper Center Q&A)

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The funds to renovate the Copper Center must be taken from our Capital Reserve account, which currently has a negative balance of  neg. $1,522,205. There is no such thing as a fund with a negative number, which means we have 'zero' funds in the Capital Reserve and our Asset Reserve has less than $1,522,205. Our Asset Reserves should not ever be 'under funded', and it is currently at 46% when our required funding is supposed to be at 60-60%. The funds needed for the Copper Center, and then the Artisan Center re-model to follow is extensive and expensive. Is owning and renovating the Copper Center worth the immense financial strain it will cause on a Community of whom the majority of neighbors live on fixed incomes - just for the benefit of a few Clubs?

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The Back Story:  A Pattern of Mis-information
About two years ago the Board of Directors and General Manager for reasons that remain unclear, decided to buy the abandoned Copper Health nursing home at the corner of Rancho Vistoso Blvd. and Sun City Blvd. for roughly $4.5 million. Advocates of the deal put out false information to the Community, claiming that the present Welcome Center was deteriorating and would soon need replacement. They also didn’t disclose that the HOA was taking about $2.5 million from the essential Asset Reserve Fund to BUY the building. According to the HOA’s Charter, money in that fund is to be spent on repair and maintenance of existing facilities, not on BUYING new ones.

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Where We Are Now
The Copper Health building, re-named the Copper Center, still stands idle. According to the architect hired to draw up plans for the interior, it will cost approximately $2.8 million to renovate half the building, plus additional costs to comply with town standards and ADA requirements. Also, moving artisan clubs from the existing Artisan Center will require renovations to expand space for the remaining clubs. The unavoidable truth is that … WE DON’T HAVE THE MONEY!

Following the policy of mis-information, members of the Board of Directors are using accounting gimmicks to make residents think we has a lot more money in the bank than we really do. Renovating Copper and the Artisan Center will require either drawing more money from the already depleted Asset Reserve Fund, increasing our annual dues, or levying a special assessment on all households.

The Bottom Line 

We own a giant white elephant that it can’t afford to make useful for at least five more years. Meanwhile higher Community priorities, such as another swimming pool or more pickleball and tennis courts, have to be deferred indefinitely, and maintenance of current facilities is being deferred because of lack of cash.

The Cost Per Club or Storage including purchase price

Keep in mind that many members are not active.

The capital portion of the figures is based on the Copper Center having 22,600 total square feet.  The portion being remodeled in the RC Cost Group Feasibility Study (at a cost of $2,153,941) includes 11,944 square feet and also includes space for Genealogy, Technology and Restrooms.

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SILVER & LAPIDARY – 70 members occupying 1,840sf
Capital portion (1840 sf x $199sf) = $366,160
Reno portion = $455,341
Club TOTAL – $821,341 / Total Per Person – $11,735.73pp

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GLASS – 164 members occupying 2,444sf
Capital portion (2444 x $199sf) =$486,356
Reno portion. =$565,278
Club TOTAL – $1,051,634 / Total Per Person – $6412.40pp

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SEWING – 190 members occupying 2,130sf
Capital portion (2130 x $199sf). =$423,870
Reno portion. =$340,041
Club TOTAL – $763,911 / Total Per Person – $4020.58pp

TABLE TENNIS
Table Tennis – 1470sf
Capital portion – (1470 x 199/sf) = $292,530
Reno cost – $186,659
Total – $479,189

LOAN ROOM– 1370sf
Capital portion – (1370sf x 199/sf) = $272,630
Reno cost – $183,896
Total – $456,526

COSTUMES – 600sf
Capital portion – (600sf x 199/sf) = $119,400
Reno cost – $78,878
Total – $198,278

TOTAL STORAGE COSTS – $654,804

 

NOTE:

The RC Group summary does not include the Copper Center's purchase price and all of the other expenses already incurred.

 

 

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