UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 14A
Proxy Statement Pursuant to Section 14(a) of the Securities
Exchange Act of 1934
Filed by the Registrant X
Filed by a Party other than the Registrant
Check the appropriate box:
_ Preliminary Proxy Statement
_ Confidential, for Use of the Commission Only (as permitted by Rule
14a-6(e)(2))
_ Definitive Proxy Statement
X Definitive Additional Materials
_ Soliciting Material Pursuant to Par. 240.14a-11(c) or Par. 240.14a-12
Balcor/Colonial Storage Income Fund - 85
(Name of Registrant as Specified In Its Charter)
Same
(Name of Person(s) Filing Proxy Statement if other than the Registrant)
Payment of filing fee (Check the appropriate box):
_ $125 per Exchange Act Rule 0-11(c)(1)(ii), 14a-6(i)(1), or 14a-6(i)(2) or
Item 22(a)(2) of Schedule 14A.
_ $500 per each party to the controversy pursuant to Exchange Act Rule
14a-6(i)(3).
_ Fee computed on table below per Exchange Act Rules 14a-6(i)(4) and 0-11.
1)Title of each class of securities to which transaction applies:
2)Aggregate number of securities to which transaction applies:
3)Per unit price or other underlying value of transaction computed pursuant
to Exchange Act Rule 0-11 (Set forth the amount on which the filing fee is
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calculated and state how it was determined):
4)Proposed maximum aggregate value of transaction:
5)Fee Paid:
X Fee paid previously with preliminary materials.
X Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1)Amount Previously Paid:
$11,950
2)Form, Schedule or Registration Statement No.: SCHEDULE 14A
3)Filing Party: Balcor/Colonial Storage Income Fund - 85
4) Date Filed: October 7, 1997
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BALCOR/COLONIAL STORAGE INCOME FUND-85
December 10, 1997
Dear Investor:
Your Partnership is pleased to advise you of the following developments:
. On December 5, 1997, a majority of the outstanding Partnership interests
consented to a sale of substantially all of the Partnership's assets to Value
Storage, Ltd. In accordance with the consent solicitation materials we mailed
to you on November 4, 1997 and on November 21, 1997, your Partnership
terminated the consent process and ceased accepting consent forms or
revocations on December 5, 1997, when a majority of consents were received. At
5:00 p.m. on December 5, 1997, 141,100.4104 of the 276,918 partnership
interests outstanding as of October 1, 1997 had been voted for the sale of the
Partnership's assets to Value Storage, Ltd. Of the votes cast prior to the
closing of the Consent Solicitation, approximately 50.953 percent of the
Partnership's interests were voted for the sale to Value Storage, Ltd., and
2.667 percent of the Partnership's interests were voted against the sale to
Value Storage, Ltd.
. It is anticipated that the sale to Value Storage, Ltd., will be
consummated on or about December 19, 1997. Your Partnership intends to
distribute the proceeds resulting from the sale and liquidate the Partnership,
in accordance with the terms provided in the consent solicitation materials
first mailed to you on November 4, 1997. An initial distribution is expected
to be made on or about January 15, 1998.
. Assuming the sale of the Partnership's assets to Value Storage Ltd.,
occurs on or about December 19, 1997 as scheduled, our next correspondence to
you will be attached to your distribution in January 1998.
Your General Partners thank you for your support and patience during this
process. Should you have any questions, please call 800-422-5267.
Very truly yours, Very truly yours,
/s/James R. Pruett /s/Thomas E. Meador
James R. Pruett, President Thomas E. Meador, Chairman
Colonial Storage 85, Inc. Balcor Storage Partners-85<PAGE>
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