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): April 27, 1999
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 (IRS 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
As previously reported, Treasure Island Associates ("TIA"), a
joint venture partnership between MLH Income Realty Partnership VI (the
"Registrant") and an unaffiliated entity, and Vestar-Athens Resorts, L.L.C., a
Phoenix, Arizona based real estate developer ("Athens"), entered into a contract
and an amendment thereto (the "Contract"), for the sale of the land formerly
known as Treasure Island, a former mobile home park located in Laguna Beach,
California (the "Property"). Athens plans to purchase the Property and develop
it as an oceanfront resort community (the "Project").
Also reported previously, certain Laguna Beach residents submitted
referendum petitions (the "Referendum Petitions") in opposition to actions taken
by the Laguna Beach City Council ("City Council") necessary to implement the
Project. The referendum petitions sought to overturn resolutions adopted by the
City Council approving the Specific Plan contained in the Treasure Island Local
Coastal Program ("Program") and an amendment to the City's General Plan, as well
as the City Council's approval of an ordinance amending the City Zoning Code,
all of which were necessary to implement the Program. At a special election held
on April 27, 1999, the electorate voted to approve the actions of the City
Council, allowing the redevelopment project to go forward.
The Contract provides that the closing is scheduled to take place on July
27, 1999 and sets the purchase price for the Property at $37,000,000. If the
closing has not occurred by June 1, 1999, the purchase price to be paid by
Athens will increase by an amount equal to an annualized 10% of the stated
purchase price until the closing date. The Contract is subject to several
conditions, and there can be no assurance that a sale will be consummated.
The Registrant wishes to ensure 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 Property will be sold to Athens in accordance with the terms set forth in
the Contract. Actual closing of the sale is subject to future events and
uncertainties, which could materially affect the ability of the Registrant to
consummate the sale to Athens.
Since this 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.
Neither TIA nor the Registrant is an affiliate of Athens.
<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: April 30, 1999
