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 1<PAGE>
<PAGE>
ITEM 2 - FORM 8-K
ACQUISITION OR DISPOSITION OF ASSETS
SALE OF SEASIDE INN (FORMERLY GALLERY MOTEL)
The partnership sold Seaside Inn, its 32 unit motel on Sanibel
Island, Florida to South Seas Properties Company, Limited
Partnership on January 6, 1997 at a price of $6,485,000.
Closing costs totaled $72,879.
The amount of net closing proceeds due the Seller was reduced by
the total of two mortgage loans outstanding on the property at the
time of closing. A first mortgage loan with Barnett Bank with a
balance of $2,504,947 was assumed by the purchaser. A second
mortgage loan from a private investment group with a balance of
$650,000 was paid in full. Closing proceeds were further reduced
by a prior investment in the property made by the purchaser in the
amount of $335,000.
The net proceeds from sale, after deducting certain reserves, were
distributed to the limited partners during the week of January 5,
1997. The amount of the distribution totaled $2,725,005.15 or an
average of $543 per $1000 investment unit. Reserves in the
approximate amount of $98,000 were held back for needed capital
improvements to other remaining partnership properties.
Pursuant to the information required by Article II of regulation
S-X, if the sale had occurred on September 30, 1996, the effect on
the partnership's unaudited balance sheet of the same date would
have been a decrease in net asset value of $2,644,825, a decrease
in debt of $3,493,639, and a higher net worth of approximately
$3,433,000. However this net worth would then be reduced at the
time of the above mentioned distribution to limited partners in the
amount of $2,725,005.
If this sale had occurred on January 1, 1996, the effect on the
unaudited income statement for the nine months ended September 30,
1996 would have been to decrease revenue by $1,145,000, decrease
operating expenses by $467,000, decrease other non-operating
expenses by $355,000, decrease depreciation and amortization
expenses by $103,000. All of the foregoing adjustment would have
resulted in a decrease in net income of $220,000.
Included in this report is the historical summary of gross revenues
and certain direct operating expenses for the twelve months ending
12/31/95, 12/31/94 and 12/31/93.
Page 2<PAGE>
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<TABLE>
<CAPTION> SEASIDE INN
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 1,422,000 1,183,000 1,132,000
CERTAIN DIRECT
OPERATING EXPENSES
Rooms 261,000 211,000 120,000
Other Operating 7,000 11,000 14,000
Admin & General 188,000 180,000 140,000
Sales & Marketing 79,000 73,000 53,000
Maintenance 122,000 122,000 156,000
Real Estate Taxes 46,000 46,000 48,000
Corporate Expenses 8,000 64,000 63,000
Management Fees 86,000 71,000 68,000
_______ _______ _______
TOTAL CERTAIN DIRECT 797,000 778,000 662,000
OPERATING EXPENSES
EXCESS OF GROSS 625,000 405,000 470,000
REVENUES OVER CERTAIN
DIRECT OPERATING
EXPENSES
</TABLE>
Page 3<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)
JANUARY 15, 1997
/S/ LAWRENCE A. RAIMONDI
- ----------------------------------
LAWRENCE A. RAIMONDI
PRESIDENT AND DIRECTOR, AND CEO
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL EXECUTIVE OFFICER)
/S/ JOE K. BLACKETER
- ----------------------------------
JOE K. BLACKETER
SECRETARY/TREASURER
MARINER CAPITAL MANAGEMENT, INC.
(PRINCIPAL FINANCIAL AND ACCOUNTING OFFICER)
Page 4
EXHIBIT 99
SELLER'S CLOSING STATEMENT
Seller: Florida Income Fund, L.P.
Buyer: South Seas Properties Company
Property: Seaside Inn (formerly Gallery Motel) Sanibel Island, FL
Date of Closing: January 6, 1997
Purchase Price: $6,485,000
CLOSING COSTS AND PAYMENTS:
1. Settlement Fee $ 200.00
2. Abstract Fee $ 200.00
3. Title Examination Fee $ 200.00
4. Title Insurance Policy $ 21,530.00
5. Attorney's Fees $ 5,303.77
6. Wire Transfer $ 40.00
7. Payoff Vehicle Loan $ 1,662.50
8. Assume Net Current Liabilities $ 96,829.00
9. Net Utility Charge $ 167.37
10. Documentary Tax $ 45,395.00
11. Pay First Mortgage $2,504,946.71
12. Pay Second Mortgage $ 650,000.00
13. Release Fee $ 10.50
14. Credit Buyer for Prior Investment $ 335,000.00
_____________
TOTAL COSTS & PAYMENTS $3,661,484.85
PURCHASE PRICE LESS COSTS & PAYMENTS: $2,823,515.15
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
- ------------------------------
BY: LAWRENCE A. RAIMONDI FEDERAL TAX ID NO. 59-2337910
PRESIDENT
CORPORATE SEAL
(SEAL)
