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FROM natural TO:DMG OCT 15, 1993 8:21AM #085 P.08 <br /> Real Estate Taxes <br /> 31. Two parcels of land located in Garfield County and <br /> owned by Resources were sold for 1989 property taxes which were <br /> payable in 1990. The tax sales were conducted on October 29, <br /> 1990, and tax certificates for the parcels were issued at that <br /> time to different investors. <br /> 32. At any time after the expiration of three years <br /> from a tax sale, the holder of the tax certificate may present <br /> the certificate to the County Treasurer for a deed. C.R.S. S 39- <br /> 11-120 (1) . Prior to presentation of a tax certificate for deed, <br /> the County Treasurer, at the request of the tax certificate <br /> holder, must comply with certain noticing requirements. C.R.S. S <br /> 39-11-128. The required notices have not yet been issued. <br /> Nonetheless, Resources is at risk that the outstanding tax <br /> certificates will go to tax deed later this year. <br /> 33. Resources estimates that by the and of the year, <br /> the cost of redeeming the tax certificates, with interest, will <br /> be about $120,000. <br /> 34. The two parcels which have 1989 certificates <br /> outstanding are Tax Schedule No. 111391, comprising 157.92 acres, <br /> and Tax Schedule No. 340848, comprising 12.45 acres. <br /> 35. Tax Schedule No. 340848 is a parcel referred to as <br /> the "Carbondale Industrial Park. " The amount of taxes <br /> outstanding at the end of the year will be about $49,500. The <br /> Industrial Park was appraised in 1993 and found to have a value <br /> of $1,231,300. The Town of Carbondale has submitted an offer to <br /> buy the industrial Park for $1,125,000, subject to the approval <br /> of a bond issue by Town electors in November. Assuming passage <br /> of the bond issue, the sale would close shortly after the first <br /> of the year. The Debtor is negotiating some contract details and <br /> expects to submit the contract for Bankruptcy Court approval <br /> later this month. <br /> 36. Tax Schedule No. 111391 is comprised of the <br /> Rockdust Plant, which is pledged to secure Resources, reclamation <br /> bond, and' a property referred to as the "Rail Loadout Site, " <br /> which is pledged to Sanwa Business Credit Corporation ( "Sanwa" ) . <br /> The amount of taxes outstanding at the end of the year will be <br /> about $66,000. The Rail Loadout Site contains a large storage <br /> facility suitable for post-mining uses, Resources' offices, and a <br /> rail loading facility. The property was appraised in 1993 at <br /> $747,000. The Rockdust Plant has not been appraised but, based <br /> on discussions with prospective purchasers, Resources estimates <br /> the value at $500,000. <br /> 37. Resources seeks cash collateral authorization in <br /> the amount of $120,000 to cover the redemption of the 1990 tax <br /> certificates on the above-described parcels. <br /> 5 <br />