Under an unusual agreement, the Virginia Conservation Legacy Fund will continue to own the property until it can pay off a $9.1 million loan it used to purchase the landmark and surrounding land nearly three years ago, with plans to eventually donate it to the Commonwealth for use as a state park. State officials stepped in after VCLF and its founder, health care executive Tom Clarke, were unable to make loan payments on time to the Virginia Resources Authority. Bills from other creditors piled up as they failed to keep the tourist attraction profitable. Starting Saturday, Natural Bridge will be managed by the Virginia Department of Conservation and Recreation, which unlike Clarkes group has a statewide infrastructure and extensive experience in running state parks By cutting ticket prices by nearly half to $8 for adults and $6 for children the state is banking on increased attendance to the park, by 24 percent in the first year. Better advertising, including new signs along nearby Interstate 81 that were taken down due to earlier budget woes, and a restocked gift store are also expected to help. Annual revenue is projected to grow from $2.3 million in 2017 to $3.1 million in 2021, according to a business plan compiled by DCR. foot pain ki duaThe business plan was premised on a decision earlier this month by the Virginia Resources Authority to restructure the loan to Clarkes organization, cutting annual payments in half by extending the 10-year loan for another decade. Full ArticleUnder the new arrangement, DCR will collect admissions and gift shop revenues. The state agency will use that money to make payments on the loan, which has a current balance of $7.2 million. VCLF will continue to own and operate the Natural Bridge Hotel, across U.S.
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