Schultz future uncertain after decision

When the state announced last week a contract for office space would be given to the Marquette Hotel in downtown Cape Girardeau, one aging building was saved and another was put in jeopardy.

Today the future of the Louis J. Schultz School building remains uncertain, even though the Cape Girardeau School District still has a contract with Ray Bax of RMB Inc., in Jefferson City, Mo., who vowed in January to purchase the building for $2 million.

Since the state office contract was given to Prost Builders, the new owners of the Marquette Hotel, Bax has been reconsidering his contract with the district.

"I'm really still interested in the building, but we've got to get some tenants before we do anything," Bax said. "If I don't find any within the next three to four months, I'll probably abandon the contract."

Bax says he would like to withdraw his contract now and wait until he finds a tenant before putting the sale under contract again.

"There's no sense in me tying down the ends of the school district," he said. "If someone comes along and wants it, I'm not going to keep them from buying it."

If he does that, he risks losing $10,000 in earnest money. Cape Girardeau superintendent Mark Bowles said Bax has no choice.

Bax disagrees, saying the contract was contingent upon his getting the state office award.

"Basically, it was just a contract that said once I got the financial part put together and I could assure myself we had tenants, income, renovation costs and all that stuff, and it was a profitable situation, we would go along with the sale," Bax said. "There's no way they can make me forfeit that money."

School district attorney Joseph Russell said the contract was not contingent upon the state award but refused to say if Bax would be required to leave the money.

If he decides to walk, Bax will leave the school district without $2 million and looking for a new buyer, Bowles said.

"We still consider the offer by Mr. Bax a bona fide, active offer for that building, and, like any other real estate deal, he has to make the decision whether he wants to work with it or not," he said. "We are still very interested in him as a buyer, but it's really in his court now."

Bax said he has been working with a few possible tenants but doesn't have anything definite yet.

hkronmueller@semissourian.com

335-6611, extension 128