Funds from the recent sale of the nursing home were used to bolster the county’s FICA and IMRF funds as well as the capital improvement fund for future county building repairs. Funds from the sale of long-owned county farmland are also expected to go toward capital improvements for postponed maintenance in many of the county’s buildings.
Also at Tuesday’s meeting, board members will vote to put 120 acres of land near the former Vermilion County nursing home up for sale by auction.
Brian Neville of Farmers National gave a presentation to finance committee members on Monday, explaining the cost and the benefits of the land. He cited a recent example where land in the Hoopeston area sold for $11,900 per acre.
At $11,000 per acre, the county-owned property would sell for around $1.3 million, he said.
According to Weinard, he wants to see the returns from the land sale put aside in the county’s capital improvements account rather than go into operating expenses.