Champaign Co. Board Approves Nursing Home Repayment Plan
The Champaign County nursing home will begin repaying a $330,000 loan that it received from the county a few years ago.
The County Board unanimously approved a plan Thursday night requiring the nursing home to make monthly payments of $1,000 a month into its general revenue fund. County Board member Jan Anderson sits on the nursing home board, and she said the repayment plan may seem like a modest amount. But she said "it shows good faith in wanting to repay" the loan given the nursing home's current financial state.
Champaign County Board Member Alan Nudo is also part of the county's nursing home board. He said since the loan was given out, the nursing home has made a profit and seen an uptick in occupancy.
"The likelihood of us going back to the county for another loan is slight at this time, but you can't predict the future," Nudo said.
Nudo said the nursing home will start repaying the loan by the beginning of May or June.
In about a year, the Champaign County Board will review the repayment plan to determine if the $1,000 a month rate should be increased. But nursing home administrator Andrew Buffenbarger said he is not sure when the center will be in a position to pay a higher monthly fee.
"We'll just continue to evaluate it as time goes on," Buffenbarger said. "It's one of those things that we would like to get retired just as soon as possible, but naturally have to consider the needs of the home."
Buffenbarger said the nursing home is also paying off a $4 million construction loan.