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): February 10, 1998
MLH INCOME REALTY PARTNERSHIP VI
(Exact name of registrant as specified in its governing instrument)
New York 0-15532
(State of Organization) Commission File Number
13-3272339
(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.
AGREEMENT IN PRINCIPLE TO SELL TREASURE ISLAND
On February 10, 1998, Treasure Island Associates ("TIA"), a joint
venture partnership between MLH Income Realty Partnership VI (the "Registrant")
and an unaffiliated entity, announced that it has entered into a non-binding
agreement in principle with The Athens Group, for the sale of the land formerly
known as Treasure Island located in Laguna Beach, California (the "Property").
The Athens Group, a Phoenix, Arizona based real estate developer, plans to
purchase the Property and to develop the Property as an oceanfront resort
community. TIA owns the fee interest in the Property. Consummation of the sale
is subject to several conditions, including final approval by the City of Laguna
Beach of an acceptable Local Coastal Program/Specific Plan. The Laguna Beach
Planning Commission and the City Council gave preliminary approval of a Local
Coastal Program/Specific Plan for the project in a series of hearings through
February 10, 1998. Final approval by the Planning Commission and the City
Council is expected in March, 1998; approval by the California Coastal
Commission is expected in mid-1998. Assuming final approval by the Planning
Commission and the City Council is obtained, the Registrant currently
anticipates that the sale to The Athens Group will be consummated. The sale to
The Athens Group is expected to take place prior to review of the project by the
California Coastal Commission. However, there can be no assurance that a sale
will be consummated. If a sale to The Athens Group does not take place, the
Registrant will assess available alternatives at that time but expects to
continue processing the approvals through the California Coastal Commission or
to sell the Property to another buyer.
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 Registrant will successfully receive acceptance by the Laguna Beach Planning
Commission and the City Council and that the Property will be sold to The Athens
Group. 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 approvals by the Laguna Beach Planning Commission and the City Council or,
(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 development plan proposed by the Registrant for the
Property, including possible litigation, which could significantly delay or
ultimately prevent the receipt of the approvals, and (iv) failure of The Athens
Group 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 The Athens
Group is not consummated and the Registrant continues processing the approvals
through the California Coastal Commission, there can be no assurance that the
approvals will be obtained. If the sale to The Athens Group 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.
Neither TIA nor the Registrant is an affiliate of The Athens Group.
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 Registrant 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
Chairman, Chief Executive Officer,
President and Chief Operating Officer
Dated: February 18, 1998
