UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT TO SECTION 13
OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of report (date of earliest event reported): July 12, 2000
Commission file number 0-19198
FIRST DEARBORN INCOME PROPERTIES L.P. II
(Exact name of registrant as specified in its charter)
Delaware 36-3591517
(State of organization) (IRS Employer Identification No.)
154 West Hubbard Street, Suite 250, Chicago, IL 60610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (312) 464-0100
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Item 2. Acquisition or Disposition of Assets
On July 12, 2000, Evanston Galleria Limited Partnership, an Illinois limited
partnership ("Evanston Galleria") in which the registrant, First Dearborn
Income Properties L.P. II, (the "Partnership"), owns a 23.87% interest,
conveyed its sole asset, Evanston Galleria in Evanston, Illinois, to an
unaffiliated purchaser. The sale price was in the amount of $9,900,000.
Coincidentally, there was a settlement of the original claims of the
partnership against the original developers of the project. Evanston
Galleria was relieved of $175,000 of second mortgage debt and accrued
interest thereon.
From the $9,900,000 sale proceeds, Evanston Galleria repaid $8,311,740 of
first mortgage debt. Property tax prorations totaled $314,680, and other
closing related prorations and expenses totaled $560,809. Net proceeds from
the sale totaled $703,771.
A gain of approximately $2,100,000 will be recognized on the transaction of
which approximately $700,000 will be allocated to the Partnership. It is
anticipated that approximately $210,000 will be received by the Partnership
upon the liquidation of Evanston Galleria LP.
The Evanston Galleria property was the only remaining real estate investment
of the Partnership. It is expected that the Partnership will be liquidated
prior to December 31, 2000.
SIGNATURES
Pursuant to the requirements 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.
FIRST DEARBORN INCOME PROPERTIES L.P. II
(Registrant)
By: FDIP, Inc.
(Managing General Partner)
July 21, 2000 By: Robert S. Ross
President
(Principal Executive Officer)
July 21, 2000 By: Bruce H. Block
Vice President
(Principal Financial Officer)
