There is No Exhibit Index
FORM 8-K
SECURITIES AND EXCHANGE COMMISSION
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report(Date of earliest event reported): June 2, 1998
MLH INCOME REALTY PARTNERSHIP VI
(Exact name of registrant as specified in its governing instrument)
New York 0-15532 13-3272339
(State of Organization) Commission File Number (I.R.S. Employer
Identification No.)
World Financial Center, South Tower
225 Liberty Street, New York, New York 10080-6112
(Address of principal executive office) (Zip Code)
Registrant's telephone number, including area code: (800) 288-3694
<PAGE>
Item 5. OTHER EVENTS
On June 2, 1998, Treasure Island Associates ("TIA"), a joint venture
partnership between MLH Income Realty Partnership VI (the "Registrant") and an
unaffiliated entity, executed a contract with Vestar-Athens Resorts, L.L.C., a
Phoenix, Arizona based real estate developer ("Athens"), for the sale of the
land formerly known as Treasure Island, a former mobile home community located
in Laguna Beach, California (the "Property"). Athens plans to purchase the
Property and develop it as an oceanfront resort community. The contract
supersedes an agreement in principle for the sale of the Property by TIA to The
Athens Group. Neither TIA nor the Registrant is an affiliate of Athens.
Consummation of the sale is subject to several conditions, including
approval by the City Council of Laguna Beach (the "City Council") and the
California Coastal Commission (the "Coastal Commission") of the master plan (the
"Plan") for the Property, and the expiration of applicable appeal periods
relating to such approvals, and there can be no assurance that a sale will be
consummated. The Plan was approved by the Laguna Beach Planning Commission (the
"Planning Commission") on April 15, 1998 and by the City Council on June 2,
1998. Since the Property is oceanfront property, the Plan must be approved by
the Coastal Commission before the City of Laguna Beach can issue further permits
and approvals to implement the Plan. Assuming the Coastal Commission approves
the Plan as submitted, the Planning Commission and City Council must then
consider further approvals that implement the Plan, such as a subdivision map
and local coastal permit. If the Coastal Commission modifies the Plan as a
condition to approval, such modifications must be accepted and approved by the
City Council before the Plan, as modified, is final.
The sale price of the Property will be determined under the contract based
on a formula which will take into account, among other things, the entitlements
for the Property that are actually granted by the Planning Commission, the City
Council and the Coastal Commission.
The Registrant wishes to insure that statements made regarding expected
future developments regarding the Property are accompanied by meaningful
cautionary statements pursuant to the safe harbor established in the Private
Securities Litigation Reform Act of 1995. These forward looking statements are
based upon current available data and reflect the Registrant's expectations that
the Plan will be accepted by the Coastal Commission and that the Property will
be sold to Athens. Actual receipt of such approvals and closing of the sale are
subject to future events and uncertainties which could materially affect the
ability of the Registrant to receive these approvals and consummate the sale.
Among the factors which could materially affect the Registrant's prospects for
receiving the approvals and closing of the sale are: (i) uncertainties regarding
the granting of approval by the Coastal Commission and further approvals by the
City Council and the Planning Commission required to implement the Plan, (ii)
possible delays in the administrative process required to obtain the approvals
which are outside the control of the Registrant, (iii) objections by third
parties to the Plan, including possible litigation, which could significantly
delay or ultimately prevent the receipt of the approvals, and (iv) failure of
Athens to close for any reason. There can be no assurance that the approvals
will be obtained or that the sale will be consummated. If the sale to Athens is
not consummated and the Registrant determines to sell the Property to another
buyer, there can be no assurance that such sale will be consummated.
TIA acquired the Property on August 1, 1989. A description of the Property
may be found in the Registrant's Current Report on Form 8-K dated August 15,
1989, a copy of which Report is incorporated herein by reference. Because the
Property is the last remaining property investment of the Registrant, pursuant
to Section 8.1 (ii) of the Registrant's Amended and Restated Agreement of
Limited Partnership, the sale of this last property will cause the dissolution
of the Registrant. The Registrant will not be liquidated, however, until payment
of a final liquidating distribution to the Registrant's partners of all of the
Registrant's remaining assets.
<PAGE>
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Partnership has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
MLH INCOME REALTY PARTNERSHIP VI
By: MLH Property Managers Inc.
Managing General Partner
By: /s/ Jack A. Cuneo
__________________________________
Jack A. Cuneo
Chairman, Chief Executive Officer,
President and Chief Operating Officer
Dated: June 5, 1998
