U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 12b-25
NOTIFICATION OF LATE FILING
(X) Transition Report on Form 10-K
For the Transition Period Ended................12-31-98
Part I - Registrant Information
GRANITE DEVELOPMENT PARTNERS, L.P.
1250 Terminal Tower
50 Public Square
Cleveland, Ohio 44113
Part II - Rules 12b-25(b) and (c)
(X) (a) The reasons described in reasonable detain in Part III of this Form
could not be eliminated without unreasonable effort or expense;
(X) (b) The subject Transition Report on Form 10-K will be filed on or before
the fifteenth calendar day following the prescribed due date.
Part III - Narrative
State below in reasonable detail the reasons why the Transition Report on Form
10-K could not be filed within the prescribed time period.
The Transition Report on Form 10-K that is due today (March 31, 1999) has been
delayed due to the change in the Registrant's year end to December 31, 1998. The
report will include a restatement of the third quarter ended October 31, 1998
resulting from a correction of the computation of cost of sales in the Silver
Canyon Partnership. This error was identified during the fourth quarter of 1998.
The additional work spent to quantify and report the error together with the
additional work and time constrants associated with the preparation of a
transition report, and the concurrent preparation of Form 10Q/A for the restated
third quarter, have created the need for additional time to file.
Part IV - Other Information
(1) Name and telephone number of the person to contact in regard to this
notification.
Mark Ternes 216-416-3778
(2) Have all other period reports required under Section 13 or 25(d) of the
Securities Exchange Act of 1934 or Section 30 of the Investment Company Act of
1940 during the preceding 12 months or for such shorter period that the
registrant was required to file such report(s) been filed?
(X) Yes
Is it anticipated that any significant change in results of operation from the
corresponding period for the last fiscal year will be reflected by the earnings
statements to be included in the subject report or portion thereof?
(X) No
GRANITE DEVELOPMENT PARTNERS, L.P.
(Name of Registrant as specified in charter)
has caused this notification to be signed on its behalf by the undersigned
thereunto duly authorized.
Date: March 31, 1999 By : /s/ Robert F. Monchein
----------------------
Robert R. Monchein
President
FC-Granite, Inc., the general
partner of Granite Development
Partners, L.P.
