<PAGE>
[CONDEV LAND FUNDS Letterhead]
Exhibit 99.1
May 31, 2000
Condev Land Fund II, Ltd.
Final Distribution and Notice of Partnership Termination
Dear Limited Partner:
We are pleased to report that the last parcel of real estate owned by this
Partnership was sold on May 17, 2000. The purchaser was Glenbrook Ventures, LLC,
a new entity formed by Fidelity Properties, Ltd. and 2975 Development
Corporation. The total purchase price was $1,720,456.77, and included a base
purchase price of $1,350,000 plus $240,960 in reimbursement of expenses for
bringing sewer and water to the property and for the Glenbrook Blvd.
improvements. In addition, the buyer paid interest from the originally scheduled
closing date of July 15, 1999 and an extension fee in the amount of $15,000 to
pay for the Partnership's additional administrative costs due to the delay in
selling the final parcel of land. Finally, the buyer paid all real estate taxes
on this parcel from July 15, 1999 to the date of closing. After expenses of the
sale, which included a real estate commission paid to two non-affiliated real
estate brokers in the amount of 10% of the Base Purchase Price, the net proceeds
received by the Partnership were $1,429,320. Non-refundable deposits on the
purchase contract in the amount of $125,000 were previously received by the
Partnership prior to this closing.
As discussed in the First Quarter 2000 report sent to limited partners on April
17, 2000, the accounts of the Partnership have been reviewed by independent
auditors, and all final bills have been paid or a reserve for anticipated future
expenses has been established. Future costs include the preparation of final tax
returns and limited partner K-1s, administrative costs of winding up the
partnership and maintaining partnership records for the next seven years. The
general partner has determined to make a final distribution in the amount of
$1,519,058 to Partners. This is the last distribution that will be made and
immediately after this distribution the Partnership will be terminated.
Enclosed is a check representing your pro-rata share of the net proceeds
realized from the property sale, plus remaining Partnership cash after provision
for future expenses as described above. If your investment is held by a
-------------------------------
custodian or is to be sent to an address other than that of the beneficial
--------------------------------------------------------------------------
owner, enclosed is a copy of the check that was sent to the custodian or payee.
-------------------------------------------------------------------------------
Since this is the final distribution of funds from the Partnership, after
payment of all final expenses, the Partnership will be terminated. A final K-1
(Form 1065) will be sent to you prior to the end of this year.
Please feel free to contact the Investor Relations office if you have any
questions or would like additional information concerning your investment.
Sincerely yours,
CONDEV ASSOCIATES, General Partner.
