July 27, 1994
Securities and Exchange Commission
450 Fifth Street, N.W.
Judiciary Plaza
Washington, D.C. 20549
Re: JMB Income Properties, Ltd. - X
Commission File No. 0-12140
Form 8K
Gentlemen:
Transmitted, for the above-captioned registrant, is the electronically filed
executed copy of registrant's current report on Form 8K dated July 27, 1994.
Thank you.
Very truly yours,
JMB INCOME PROPERTIES, LTD. - X
By: JMB Realty Corporation
Managing General Partner
By: C. SCOTT NELSON
________________________________
C. Scott Nelson, Vice President
Accounting Officer
CSN:kg
Enclosures
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): July 27, 1994
JMB INCOME PROPERTIES LIMITED - X
------------------------------------------------------
(Exact name of registrant as specified in its charter)
Illinois 0-12140 36-3235999
- - ------------------- -------------- --------------------
(State or other) (Commission (IRS Employer
Jurisdiction of File Number) Identification No.)
Organization
900 N. Michigan Avenue, Chicago, Illinois 60611-1575
-----------------------------------------------------
(Address of principal executive office)
Registrant's telephone number, including area code: (312) 915-1987
-------------------------------------------------------------------
COLLIN CREEK MALL
PLANO, TEXAS
-------------------------
ITEM 5. OTHER EVENTS. The Partnership has entered into a non-binding letter
of intent to sell its interest in the Collin Creek Mall located in Plano,
Texas. The Collin Creek Mall is a 1,122,000 square feet, two-level enclosed
mall regional shopping center, of which the Partnership owns approximately
332,000 square feet of mall space. Department stores at the shopping center
include Foley's (197,000 square feet), Dillard's (176,000 square feet), Sears
(162,000 square feet), J.C. Penney (157,000 square feet) and Mervyn's (98,000
square feet), each of which owns its own store.
As stated in our Management's Progress Report dated February 28, 1994,
the estimated current market value of the Partnership's net assets as of
December 31, 1994 was $760 per original $1,000 Limited Partnership Interest.
The Partnership's interest in Collin Creek Mall represented in excess of 50%
of that amount.
The prospective purchaser is currently conducting its due diligence
review with respect to the shopping center and the proposed transaction and is
expected to complete such review by the middle of August, 1994. Upon the
completion of such review, assuming that the transaction is to proceed, the
Partnership and the prospective purchaser would enter into a binding agreement
for the sale of the Partnership's interest in the shopping center, with the
closing of the transaction expected to be in the fall of 1994.
The Partnership has agreed that, provided that the prospective purchaser
is proceeding in good faith with respect to the proposed transaction, until
August 15, 1994 and during the term of an executed sale agreement, the
Partnership will not offer to sell to a third-party or solicit from a third-
party any offers to purchase or finance the Partnership's interest in the
shopping center or negotiate with a third-party for the sale, financing or
disposition of the Partnership's interest in the shopping center. Accordingly,
the Partnership has ceased its efforts to seek a refinancing of the mortgage
loan (which has a maturity of July, 1995) secured by its interest in the
shopping center.
The letter of intent executed by the Partnership and the prospective
purchaser is non-binding with respect to the sale of the Partnership's
interest in the shopping center, and consummation of the proposed transaction
is subject to the satisfaction of various conditions, including the
satisfactory completion by the prospective purchaser of its due diligence
review and the negotiation and execution of a sale agreement. Therefore,
there can be no assurance that a sale will be consummated on any terms.
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 thereunto duly authorized.
JMB INCOME PROPERTIES LIMITED - X
By: JMB Realty Corporation
Managing General Partner
By: C. SCOTT NELSON
-----------------------------------
C. Scott Nelson, Vice President
Accounting Officer
Dated: July 27, 1994
