The renewal of an investment property loan was approved by the Iola Village Board at its March 10 meeting.
The loan in the amount of $367,394 was approved for one year at 4 percent interest. The village attorney noted the land will probably be sold soon.
The village is keeping up with water and sewer problems caused by the recent cold weather, according to Sewer and Water Committee Chair Richard Anderson.
In other business, the board:
• Approved an original combination Class B alcohol beverage license for Elver Grimm III at the Tipsy Steer, 195 Water St. for the period of March 11 until June 30.
• Set the Board of Review for 11 a.m. to 1 p.m. Tuesday, May 13, with open book from 9-11 a.m.
• Set a board organizational meeting for 5:45 p.m. Monday, April 14, prior to the next regular meeting.
• Set open burning dates for April 1 through June 30, with hours according to village ordinances.
Iola Living Assistance
Greg Loeser gave the year-end financial report for Iola Living Assistance, Inc.
The ILA administrator reported the facility will be awarded a rate increase from Medicaid retroactive to July 1, 2013.
“I expect it will wipe out the loss we incurred,” Loeser said.
At the end of 2013, he reported the corporation lost a total of $32,321 after depreciation. This included a loss of $50,088 for the skilled nursing facility; a profit of $66,281 for Butternut Ridge apartments; and an operating income of $173,607 for Living Oaks assisted living.
Loeser said the corporation should be in the black by the end of April or beginning of May, after the retro payments are received.
He noted the ILA annual meeting is set for 4:30 p.m. Sunday, March 30.