PROJ00081

• Contract/PO #: C153691
• Contractor Name: Lloyd Ranch Limited Partnership
• Contract Type: Loan
• Water District: 72
• County: Mesa
• Bill Number: HB 91-1006
• Loan Projects - Doc Type: Feasibility Study

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CHAPTER II

ORGANIZATION AND FINANCIAL STATUS OF OWNER

A. HISTORY OF THE ORGANIZATION.

The Lloyd Ranch was purchased from the W. R. Lloyd
Estate by the Zelig Group, Inc., a Washington corporation, on
January 6, 1989. Arthur Newman is the President of the Zelig
Group. His address is listed as 3216 East Spruce Street,
Seattle, Washington 98102.

The assets of the Lloyd Ranch were subsequently
transferred to an entity known as the Lloyd Ranch Limited
Partnership. This organization was formed on May 1, 1989,
under the Limited Partnership Act of the State of Washington.
As stated in the Partnership Agreement, the primary purposes
of the partnership are to "acquire, develop, own, operate,
manage and sell the Property" (the Lloyd Ranch). The General
Partner is listed as Lloyd Ranch Properties, Inc., a
Washington corporation, Arthur Newman is listed as the sole
Limited Partner (as of the date of formation of the limited
partnership). The agreement also states that "the
partnership's agent for service of process in the state of
Washington shall be the General Partner, whose address is
1770 Key Tower, Seattle, Washington 98104. The Partnership
shall maintain its office at 3216 East Spruce street,
Seattle, Washington 98102."

B. POWERS AND AUTHORITY OF THE ORGANIZATION.

The Lloyd Ranch Limited Partnership has authority to
conduct business for the Lloyd Ranch as outlined in detail in
the Certificate and Agreement of Limited Partnership.
Briefly, this states that the General Partner shall have
exclusive management and control of the business of the
partnership, shall make all decisions, and shall have all the
rights and powers of a General Partner. Conversely, the
Limited Partner will not be involved in management of the
partnership and will have limited liability, i.e., the
limited partner will share in the profits of the business,
but any losses are restricted to the amount of the
contribution made by the limited partner.

A copy of the Certificate and Agreement of Limited
Partnership of the Lloyd Ranch Limited Partnership has been
submitted to the Colorado Water Conservation Board. This is
a 39 page document, which outlines in detail the powers and
authority of the limited partnership.

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