Springfield, MO

Log in Subscribe

Wages garnished ...

Posted online

by Karen E. Culp

SBJ Staff

The Compass Institute still plans to purchase the Heer's Building on the square in downtown Springfield, despite a financial setback resulting from its previous plans to purchase a building at 601 N. National.

Stephen and Nancy Alsup, with whom The Compass Institute and Roy Jenkins had an agreement to purchase a building at 601 N. National, have received authority to garnish Compass' and Jenkins' wages in order to satisfy a debt of more than $30,000 resulting from the purchase agreement.

The Alsups and The Compass Institute entered into an agreement for Compass to purchase the building and for a promissory note to be issued in the amount of $30,000. April 22, 1997, Compass executed the promissory note in favor of the Alsups. The first payment was due in May of 1997.

Jenkins said the institute was attempting to purchase the building, but because of problems it encountered over Neighborhood Assistance Program funds being rescinded, decided to back out of the purchase.

"Ultimately, we are still responsible for that note. We still owe the money, and now are going to have to pay it," Jenkins said.

The Alsups filed a lawsuit and ultimately received a judgment that Compass pay the amount now outstanding on the note, which is $36,588.47 including interest, principal and an expense incurred by the Alsups for a building inspection, according to the suit filed in Greene County. The judgment was handed down Aug. 25, and the garnishment order occurred Oct. 5.

"At this point we just have to pay it. We have no legal right to the building, but we are obligated to pay that debt," Jenkins said.

The Compass Institute is now "in the process of converting our NAP credits into cash we can use toward purchasing the Heer's building" and is still planning to move into the building in the fall of 1999. Despite having NAP credits rescinded previously for the fiscal year 1997, the institute received $250,000 worth of NAP credits for fiscal year 1999.

[[In-content Ad]]


No comments on this story |
Please log in to add your comment
Editors' Pick
Home construction companies merge to launch new venture

Alair Springfield is first Missouri franchise for Canada-based company.

Most Read
Update cookies preferences