Ozark Natural Foods Plans to Pay Off Mortgage Early
By: Kyle Leyenberger
Updated: December 5, 2012
Ozark Natural Foods announced a plan on Wednesday to pay off its mortgage 16 years early.
The cooperative bought the Fayetteville building in 2008, and today president of the board of directors
Joshua Youngblood announced a decision to pay the remaining principal, more than $1.5 million, in full on December 10.
The grocery store will have to pay a penalty for the early buyout, but the move will save close to half a million in interest payments, Youngblood says.
Some owners aren't happy about the decision, and say the board needs to hire a financial advisor before spending the cash.
"Ozark Natural Foods happens to be very financially successful at this particular stage," Youngblood says. "We have a lot of cash, so people have a lot of different ideas about what we should do with that. People think we could maybe invest it in different ways."
The opposition filed a petition, hoping to stop the process, and Youngblood says the cooperative is now looking at legal requirements before making the payment.
The cooperative bought the Fayetteville building in 2008, and today president of the board of directors
Joshua Youngblood announced a decision to pay the remaining principal, more than $1.5 million, in full on December 10.
The grocery store will have to pay a penalty for the early buyout, but the move will save close to half a million in interest payments, Youngblood says.
Some owners aren't happy about the decision, and say the board needs to hire a financial advisor before spending the cash.
"Ozark Natural Foods happens to be very financially successful at this particular stage," Youngblood says. "We have a lot of cash, so people have a lot of different ideas about what we should do with that. People think we could maybe invest it in different ways."
The opposition filed a petition, hoping to stop the process, and Youngblood says the cooperative is now looking at legal requirements before making the payment.
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