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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 7, 2000
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REEVES TELECOM LIMITED PARTNERSHIP
(name changed from Reeves Telecom Associates)
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(Exact name of registrant as specified in its charter)
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South Carolina 110-9305 57-0700063
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<S> <C> <C>
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification
incorporation or
organization)
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c/o Grace Property Management, Inc.
P.O. Box 163, 55 Brookville Road
Glen Head, New York 11545
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(Address of principal executive offices)
Registrant's telephone number, including area code: (516) 686-2201
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Item 2. Disposition of Assets.
The following information updates and supercedes the information set
forth in Registrant's Form 8-K filed on August 20, 1999.
Reeves Telecom Limited Partnership (the "Partnership") has agreed to
sell approximately 5,127 acres of its land located in the City of Boiling Spring
Lakes, North Carolina for an aggregate sales price of $2,400,000. The purchaser,
The Nature Conservancy, is a non-profit organization involved in the
preservation of wetlands and woodlands. The agreement is set forth in two
separate contracts, copies of which are attached as exhibits hereto. The
contracts supercede the agreement reached on August 17, 1999 between the parties
and provides for the sale to The Nature Conservancy of more land, at a higher
aggregate sales price, than was reported in the Form 8-K filed in August 1999.
Purchase Agreement I provides for the sale to The Nature Conservancy by
the Partnership of large tracts of unplatted wetlands and woodlands for an
aggregate of $1,625,850 cash, of which amount $60,000 was paid to the
Partnership as earnest money. The balance of the consideration will be paid at a
closing to occur on July 31, 2000 or such other time as the parties may agree.
Purchase Agreement II provides for the sale to The Nature Conservancy
by the Partnership of certain individual lots and certain land suitable for
commercial development for an aggregate of $774,150 cash, of which amount
$40,000 was paid to the Partnership as earnest money. The balance of the
consideration will be paid at a closing to occur on August 31, 2000 or such
other time as the parties may agree.
Each contract provides, among other things, that The Nature Conservancy
may, under certain conditions, assign the right to purchase all or a portion of
the land to the State of North Carolina.
No real estate brokers were utilized by either party in the
transaction. Grace Property Management, Inc., the Partnership's general partner,
or the principal thereof, will charge the Partnership a fee equal to ten percent
(10%) of the aggregate consideration paid by The Nature Conservancy for its
services in connection with the transaction. Such fee is consistent with fees
paid in connection with the sale of raw land in Brunswick County, North
Carolina.
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The land to be sold to The Nature Conservancy has a book value as
follows:
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Gross book value $1,362,505
Less: valuation allowance 1,282,526
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Net book value: $ 79,979
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The Partnership expects to realize a gain on the transaction as
follows:
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Aggregate sales price: $2,400,000
Less: net book value of land sold 79,979
Less: fee paid to General Partner
or the principal thereof 240,000
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Gain on transaction: $2,080,021
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After giving effect to the sale, the Partnership's remaining assets in
Boiling Spring Lakes will consist of the following: (1) 159.9 acres comprising a
surveyed 18-hole sprinklered golf course, club house and maintenance building,
together known as Fox Squirrel Country Club; (2) 115 building lots located near
the golf course which have been surveyed and platted and are suitable for
building; (3) 194 acres surrounding the golf course which could be developed;
(4) approximately 400 acres of unplatted land divided or divisible into 10-acre
tracts; (5) approximately 80 acres of land zoned or intended for commercial use
situated along State Route 87; (6) 1,362 platted lots, of which approximately
10% to 20% are suitable or provisionally suitable for building, and the balance
are unsuitable; and (7) a sales office and a post office.
The Partnership continues to market Fox Squirrel Country
Club for sale.
Item 7. Exhibits
99.1 Purchase Agreement I.
99.2 Purchase Agreement II.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
REEVES TELECOM LIMITED PARTNERSHIP
By: /S/ DAVIS P. STOWELL
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Davis P. Stowell
Vice President
Grace Property Management, Inc.,
General Partner
June 29, 2000
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(Date)
