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Virginia Horse Center reports capital projects and stable occupancy tax status to Rockbridge supervisors
Summary
The Virginia Horse Center reported Jan. 27 to the Rockbridge County Board of Supervisors on capital projects, event bookings and occupancy tax receipts, and said it is monitoring a roughly $600,000 loan balloon payment due in August.
The Virginia Horse Center presented its annual report to the Rockbridge County Board on Jan. 27, outlining capital projects, event scheduling and debt‑service status under an amended agreement that directs one percent of the county's lodging tax to the center through 2029.
Executive Director Steve Schenk described several projects underway: a paving project for the Anderson parking lot with $300,000 secured through Delegate Austin; a seven‑ring footing rejuvenation (three rings completed and drainage work underway); replacement and repainting of two barn roofs; purchase of additional golf carts and a second water truck to support synthetic footing; and arena ventilation and office upgrades. Schenk said the footing work aims to finish by March 15 so the facility can host four shows the following week.
Sandra Thomas, the center's finance chief, gave the financial update. "We now have collected more of the 2% occupancy tax than we are having to pay to the USDA, even with the payment that is due in February," Thomas said, summarizing cash flow for debt service. She said the center still carries a cornerstone loan with a roughly $600,000 balloon payment due in August; the center has about $900,000 on hand that could be applied to that loan and staff will monitor collections and projections in advance of a decision at the board's June meeting about whether to pay the loan in full or refinance a portion.
Thomas also noted stall usage is down about 18 percent compared with the prior year and center revenues reflect that trend. To boost business, Schenk said the facility has added three quarter‑horse shows and is developing a multi‑day youth equestrian festival as part of a three‑to‑five‑year expansion plan. The center reported 49 weekends already reserved for 2025 and more than 90 events scheduled overall.
No board action was required; the report is delivered annually under the amended agreement. Materials and a five‑year capital improvement program were included in the board packet.
