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): October 1, 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
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 CORPORATE PARK OFFICE COMPLEX
On October 1, 1997, the partnership sold Corporate Park Office
Complex located in Fort Myers, Florida to an unrelated third party
for a price of $750,000.
The amount of net proceeds due Seller were reduced by the following
items and amounts:
$ 45,000 Real estate commission paid to unrelated third
party broker
$ 6,456 Closing costs
$ 21,237 Net credits to Buyer
$280,092 Payoff of first mortgage loan
$397,215 Net Sales Proceeds to Partnership
As a result of the sale, a special distribution was made to limited
partners on October 7, 1997. The amount of the distribution
totaled $396,981.65 or $79.32 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 $370,971, a decrease in debt
of $335,000, a decrease in other liabilities of $17,392 and a lower
net worth of approximately $106,341. This net worth would then be
reduced at the time of the above mentioned distribution to limited
partners in the amount of $396,982.
If this sale had occurred on June 30, 1997, the effect on the
unaudited income statement for the six months ended June 30, 1997
would have been a decrease in revenue by $71,823, a decrease in
operating expenses by $26,976, a decrease in other non-operating
expenses by $22,994 and a decrease in depreciation and amortization
expense by $13,842. All of the foregoing adjustments would have
resulted in an decrease in net income of $8,011.
Included in this report is a historical summary of the property's
gross revenues and certain direct operating expenses for the twelve
months ending 12/31/96, 12/31/95 and 12/31/94. Also included is a
summary of the seller's closing statement.
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<CAPTION> CORPORATE PARK
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 142,258 135,609 99,271
CERTAIN DIRECT
OPERATING EXPENSES
Maintenance 11,838 6,080 7,625
Utilities 15,311 9,398 6,355
Administrative 12,325 13,244 10,239
Real Estate Taxes 15,064 14,151 15,939
Landlord Costs 2,501 1,800 3,367
_______ _______ ______
TOTAL CERTAIN DIRECT 57,039 44,673 43,525
OPERATING EXPENSES
EXCESS OF GROSS 85,219 90,936 55,746
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
</TABLE>
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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)
October 10, 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: Janis S. Hudson and Judith Bice
Property: Corporate Park Office Complex, Fort Myers, FL
Date of Closing: October 1, 1997
Purchase Price: $750,000
CLOSING COSTS AND PAYMENTS:
GROSS AMOUNT DUE SELLER
Purchase Price $ 750,000.00
REDUCTIONS IN AMOUNT DUE SELLER:
1. Settlement Fee $ 150.00
2. Abstract Credit $ 1,000.00
5. Recording Fees & Title Co Misc. $ 56.00
5. Documentary Tax $ 5,250.00
7. Transfer Security Deposits $ 5,500.00
10. Credits for repairs $ 4,000.00
11. Pay First Mortgage $ 280,092.05
12. Real Estate Taxes $ 11,736.52
14. Commission Third Party Broker $ 45,000.00
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TOTAL REDUCTIONS $ 352,784.57
CASH TO SELLER $ 397,215.43
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
