COLONIAL CAPE SEEKS FUNDING TO KEEP SEMINARY PLAY AFLOAT

Diana Steele climbed the narrow staircase and opened the round window cover to reveal a view of the Mississippi River from the fourth-floor bell tower in the former St. Vincent's Seminary.

"Look at that view," said Steele, a member of the Colonial Cape Girardeau Foundation board of directors. "We can't lose this."

But time is running out for the Colonial Cape Girardeau Foundation, which is attempting to preserve the old seminary.

The Vincentian Fathers are threatening foreclosure if they don't receive payment of $600,000 soon.

The foundation's board has a new plan to save the seminary property: They are attempting to arrange a two-year bank loan with a balloon payment at the end.

The loan would be secured by 10 co-signers. Six people have agreed to back a loan, said foundation president Mary Ann Robertson.

Robertson said the foundation board is optimistic that private backing will allow it to secure the loan. "Next week, I am hoping we can get it wrapped up," she said.

The foundation thinks it could raise the money needed to pay off the loan through fund-raising efforts, private grants and rental of space in the seminary for various activities.

The foundation hopes to get out from under its land-purchase debt and move ahead with efforts to turn old St. Vincent's into a cultural center and museum.

In April 1995, the foundation took title to the property thanks to a short-term loan from the sellers, the Provincial Administration of Vincentian Fathers of St. Louis. In October the balloon note held by the Vincentian Fathers came due.

The foundation has made monthly loan payments of $4,500. But the Rev. John Gangpein with the Vincentian Fathers said his group wants the loan repaid in full soon.

"We're going to foreclose on them if they don't do something," he said.

In January the foundation received a letter asking for payment in full. Ganpein said $4,500 a month interest payments weren't worth continuing the arrangement further.

Robertson said: "They have been very patient, but they aren't a financial institution. They don't want to carry a loan."

Foundation board members have been trying to arrange a multibank loan since January 1995, but haven't been successful. This time around they are seeking co-signers to secure a loan.

Bill Green, foundation treasurer, said a two-year loan would give the foundation board time to conduct a community fund drive.

"We don't want to start a campaign until we have free title to the property," he said.

Steele said the foundation hopes to secure private grants. But to do that the foundation must first have clear title to the building. Paying off the loan from the Vincentians would give the foundation clear title to the property, she said.

Green said another $500,000 promised to the foundation by Boyd Gaming Corp. would provide "icing on the cake." The company pledged to make the donation after it starts a proposed riverboat gambling operation in Cape Girardeau.

"This is a marvelous institution, the crown jewel of this city as a historic piece of property and building," Green said. "My grandchildren have to be able to enjoy this."

Steele said the foundation hopes to rent some of the seminary space to a local dance studio. Other possible uses include a regional genealogical library, banquet rooms for class reunions and company retreats, and possibly bed-and-breakfast rooms.

The foundation plans to raise money with a Shakespearian festival this summer on the seminary lawn.

"Can't you see children running out on the lawn and people here enjoying the view and this fabulous building?" she said. "Cape Girardeau just can't lose this."

WHERE DID THE MONEY GO?

A state screening committee considered 77 projects, excluding the St. Louis area, for federal Intermodal Surface Transportation Efficiency Act money.

The screening committee recommended and the Missouri Highways and Transportation Commission approved funding for 24 projects, most of them hiking and biking trails.

Fourteen projects didn't meet the minimum score, including the Cape Girardeau seminary project; 18 were thrown out because they weren't transportation related projects; 21 were rejected for lack of funding.

Two projects were funded in the Southeast Missouri region: a bicycle and pedestrian trail in Piedmont and restoration of a historic bridge in Butler County. Those projects totaled $280,000.

Another $160,000 went to projects outside the region because there weren't any Southeast Missouri projects that rated high enough.