SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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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) March 20, 1997
FLORIDA INCOME FUND, L.P.
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(Exact Name of Registrant as Specified in its Charter)
IOWA 2-88845-A 59-2337910
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(State or Other (Commission file number) (IRS Employer
Jurisdiction of ID Number)
Incorporation)
12800 University Drive, Ste 675, Ft. Myers, FL 33907
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(Address of Principal Executive Offices (Zip Code)
Registrant's telephone number, including area code (941) 481-2011
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N/A
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Former Name or Former Address, if Changes Since Last Report
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TABLE OF CONTENTS
ITEM 2
ACQUISITION OR DISPOSITION OF ASSETS
ITEM 5
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
EXHIBIT 99.1
SELLERS CLOSING STATEMENT
SIGNATURES
Page 2<PAGE>
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ITEM 2 - FORM 8-K
ACQUISITION OR DISPOSITION OF ASSETS
SALE OF VILLAS PLAZA
On March 20, 1997, the partnership sold Villas Plaza Shopping
Center located in Fort Myers, Florida to an unrelated third party
for a price of $1,900,000.
The amount of net proceeds due Seller were reduced by the following
items and amounts:
$ 114,000 Real estate commission paid to unrelated
third party broker
$ 29,792 Closing costs
$ 59,204 Net credits to Buyer
$1,076,926 Payoff of first mortgage loan
$ 620,078 Net Sales Proceeds to Partnership
In addition to the above mortgage payoff, the Partnership elected
to further pay down partnership debt by $70,000.
As a result of the sale, a special distribution was made to limited
partners on March 24, 1997. The amount of the distribution totaled
$629,979.35 or $125.87 per investment unit.
Pursuant to information required by Article II of Regulation S-X,
if the sale had occurred on December 31, 1996, the effect on the
partnership's unaudited balance sheet of the same date would have
been a decrease in net asset value of $1,721,490, a decrease in
debt of $1,065,000, a decrease in other liabilities of $66,027 and
a lower net worth of approximately $24,486. This net worth would
then be reduced at the time of the above mentioned distribution to
limited partners in the amount of $629,979.
If this sale had occurred on January 1, 1996, the effect on the
unaudited income statement for the twelve months ended December 31,
1996 would have been a decrease in revenue by $343,273, a decrease
in operating expenses by $114,693, a decrease in other non-
operating expenses by $143,820 and a decrease in depreciation and
amortization expense by $85,750. All of the foregoing adjustments
would have resulted in an increase in net income of $990.
Included in this report is a historical summary of the property's
gross revenues and certain direct operating expenses for the twelve
months ending 12/31/95, 12/31/94 and 12/31/93. Also included is a
summary of the seller's closing statement.
Page 3<PAGE>
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<TABLE>
<CAPTION> VILLAS PLAZA
HISTORICAL SUMMARY OF GROSS REVENUES AND
CERTAIN DIRECT OPERATING EXPENSES
12/31/96 12/31/95 12/31/94
<S> <C> <C> <C>
GROSS REVENUES
Total Revenue 343,273 384,206 390,874
CERTAIN DIRECT
OPERATING EXPENSES
Maintenance 23,829 24,631 19,488
Utilities 24,958 32,565 36,133
Administrative 30,014 34,675 35,839
Real Estate Taxes 35,892 38,002 37,250
Landlord Costs 26,496 18,088 19,316
_______ _______ _______
TOTAL CERTAIN DIRECT 141,189 147,961 148,026
OPERATING EXPENSES
EXCESS OF GROSS 202,084 236,245 242,848
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
</TABLE>
Page 4<PAGE>
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SIGNATURES
Pursuant to the requirements of Section 13 or 15 (d) 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.
FLORIDA INCOME FUND, L.P.
(REGISTRANT)
APRIL 1, 1997
/S/ LAWRENCE A. RAIMONDI
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LAWRENCE A. RAIMONDI
PRESIDENT AND DIRECTOR, AND CEO
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL EXECUTIVE OFFICER)
/S/ JOE K. BLACKETER
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JOE K. BLACKETER
SECRETARY/TREASURER
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
Page 5
EXHIBIT 99.1
SELLER'S CLOSING STATEMENT
Seller: Florida Income Fund, L.P.
Buyer: Frank D'Alessandro, George Austin and Michael Haiken,
Inc.
Property: Villas Plaza Shopping Center, Fort Myers, FL
Date of Closing: March 20, 1997
Purchase Price: $1,900,000
CLOSING COSTS AND PAYMENTS:
GROSS AMOUNT DUE SELLER
Purchase Price $1,900,000.00
Assessment Credit Total $ 57.09
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Total Gross Amount Due Seller $1,900,057.09
REDUCTIONS IN AMOUNT DUE SELLER:
1. Settlement Fee $ 50.00
2. Abstract Fee $ 100.00
3. Title Examination Fee $ 100.00
4. Title Insurance Fee $ 7,775.00
5. Recording Fees $ 16.50
5. Documentary Tax $ 13,300.00
6. Survey $ 850.00
7. Attorney Fee $ 7,600.00
7. Transfer Security Deposits $ 28,509.98
8. Rent, CAM, Misc. $ 18,824.22
9. Software Conversion $ 2,000.00
10. Sign Repair $ 1,960.00
11. Pay First Mortgage $1,076,926.04
12. Real Estate Taxes $ 7,967.46
14. Commission Third Party Broker $ 114,000.00
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TOTAL REDUCTIONS $1,279,979.20
CASH TO SELLER $ 620,077.89
I HEREBY CERTIFY THE ABOVE TO BE TRUE AND CORRECT:
FLORIDA INCOME FUND, L.P.
BY: MARINER CAPITAL MANAGEMENT, INC. a Florida Corporation, its
Managing General Partner
/S/ LAWRENCE A. RAIMONDI
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BY: LAWRENCE A. RAIMONDI FEDERAL TAX ID NO. 59-2337910
PRESIDENT
