UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
0-14340
SEC FILE NUMBER
X Form 10-K Form 20-F Form 11-K Form 10-Q Form N-SAR
For Period Ending: December 31, 1997
Transition Report on Form 10-K
Transition Report on Form 20-F
Transition Report on Form 11-K
Transition Report on Form 10-Q
Transition Report on Form N-SAR
For Transition Period Ended:
Nothing in this form shall be construed to imply that the
Commission has verified any information contained herein.
If the notification relates to a portion of the filing checked
above, identify the Item(s) to which the notification relates:
PART I - REGISTRANT INFORMATION
Balcor/Colonial Storage Income Fund-85, Ltd.
Name of Registrant
Not Applicable
Former Name if Applicable
2355 Waukegan Road Suite A200
Address of Principal Executive Office
Bannockburn, Illinois 60015
City, State and Zip Code
PART II - RULES 12b-25(b) AND (c)
If the subject report could not be filed without unreasonable effort or expense
and the registrant seeks relief pursuant to Rule 12b-25(b), the following
should be completed.
(a) The reasons described in reasonable detail in Part III of this form
could not be eliminated without unreasonable effort or expense;
X (b) The subject annual report on Form 10K will be filed on or before the
fifteenth calendar day following the prescribed due date; and
(c) The accountant's statement or other exhibit required by Rule 12b-25(b)
has been attached if applicable.
<PAGE>
PART III-NARRATIVE
Additional time is requested to properly review the annual report on Form 10K.
The Registrant is a Limited Partnership with multiple General Partners in
various geographical areas. Transactions occurred during the latter part of
1997 which require additional review and disclosure by all of the parties
involved. Such review cannot be reasonably completed by the filing deadline of
4:00pm, Tuesday, March 31, 1998. Registrant intends to file the annual report
on Form 10K no later than the fifteenth calendar day after the proscribed due
date.
PART IV-OTHER INFORMATION
(1) Name and telephone number of person to contact in regard to this
notification
James R. Pruett 817 561-0100
Name Area Code Telephone Number
(2) Have all other periodic reports required under Section 13 or 15(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company
Act of 1940 during the preceding 12 months been filed? X Yes No
(3) Is it anticipated that any significant change in results of operations
from the corresponding period for the last fiscal year will be reflected
by the earnings statements to be included in the subject report?
X Yes No
EXPLANATION UNDER PART IV (3) ABOVE
On December 22, 1997 the Registrant sold to an unrelated third party all of its
fixed assets. It is estimated that the sale will result in an increase in net
income of $16.3 million (404%) for the year ended December 31, 1997 as compared
to the same period in 1996.
Balcor/Colonial Storage Income Fund-85, Ltd.
Name of Registrant as Specified in Charter
has caused this notification to be signed on its behalf by the undersigned
hereunto duly authorized.
Date March 31, 1998 By /s/ James R. Pruett
James R. Pruett
