FORECLOSURE ON SEMINARY MAY BEGIN TODAY

Rejecting a lower offer for St. Vincent's Seminary, the Vincentian Fathers of St. Louis will begin foreclosing on the property this week.

The Colonial Cape Girardeau Foundation struggled for more than a year to raise $600,000 owed the Vincentians on the seminary property and buildings. After months of loan extensions, time has run out, the Catholic group's attorney said Sunday.

"It should have been paid off in February or March," Cape Girardeau attorney Al Lowes said. "Now they come to us and say, `Here's what we're going to do for you. We'll give you $525,000.'

"Those people have not been straight with us."

Lowes indicated that other parties are interested in the property, making the low offer unacceptable. However, real estate agent Thomas Meyer, who is handling the property sale, said he wasn't actively marketing the property and that nobody else offered to buy it.

But the potential of another buyer had nothing to do with the Vincentians' decision, Meyer said.

"They have been very gracious in extending the time, but it finally came down this (foreclosure)," he said. "There's always a possibility for another buyer, but nobody has talked to me about it."

In a June letter to the foundation, Lowes wrote that foreclosure proceedings would begin unless his clients had the full amount by July 1.

Members of the Colonial Cape Girardeau Foundation got title to the land in April 1995 after putting $50,000 down. Since then the foundation has made monthly payments of $4,500, money that will be lost in the foreclosure.

This spring, the foundation asked for 10 people to co-sign on a $500,000 loan. They hoped to get an additional $150,000 from the city for park land near the seminary and then convince the Vincentians to take less, foundation treasurer Bill Green said recently.

Kevin Spaeth, attorney for the foundation, presented the idea to Lowes Friday. The offer was rejected.

Diana Steele, vice chairman of the Colonial Cape Girardeau Foundation, said Sunday she was saddened by the loss of the building. She climbed to the bell tower of the main building for one of her last looks over the Mississippi River from that vantage point.

"The loss of this project, which has become very important to my soul, will be a major blow to those people interested in the preservation of this city's heritage," Steele said. "The City Council, especially Tom Neumeyer, have been most supportive of our efforts."

The seminary is in Ward Two, Neumeyer's ward. The councilman said he hopes the Vincentians would use good judgment in picking the seminary's next owner.

"I don't understand what the Vincentians are hoping to accomplish by this," Neumeyer said. "The foundation and other people in the movement to preserve the site have very good intentions. They want to preserve our history.

"It just doesn't seem like a very Christian attitude to look for a big profit in this."

The Colonial Cape Girardeau Foundation will meet again July 9 to discuss the foreclosure and decide on a path to take, Steele said.