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S ptember 28, 1993 <br /> Page 3 <br /> found to have a value of $1,231,300. Earlier estimates from two <br /> brokers, Mason & Morse and Fitzgerald, ranged from $850,000 to <br /> 1 310, 000. Most recently, the Town of Carbondale submitted an <br /> o fer to buy the Industrial Park for $1, 125,000, subject to the <br /> a proval of a bond issue by Town electors in November. Assuming <br /> p ssage of the bond issue, the sale would close shortly after the <br /> first of the year. We are ironing out some contract details and <br /> expect to submit the contract for Bankruptcy Court approval in <br /> October. <br /> These value of the Industrial Park is far in excess of <br /> t e taxes outstanding, which makes it clear that the Industrial <br /> Perk cannot be permitted to go to tax deed. For now, we need to <br /> m nitor two developments. First, we need to see whether the Town <br /> ol Carbondale's proposed bond issue passes. Second, we need to <br /> m nitor any request for issuance of a tax deed. With a bit of <br /> luck, we will get to the closing table with the Town prior to the <br /> issuance of a tax deed. However, if a request for tax deed is <br /> made, and if the Town is unable to complete the purchase, we will <br /> n ed to use other funds to redeem the tax certificates prior to <br /> d ed. <br /> Schedule No. 111391 is more complicated. The amount of <br /> taxes outstanding at the end of the year will be about $66, 000. <br /> T e parcel is comprised of the Rockdust Plant, which is pledged <br /> tc secure Resources' reclamation bond, and of the Rail Loadout <br /> Site, which is pledged to Sanwa. <br /> The Rail Loadout Site was appraised in 1993 at <br /> $ 47 ,000 . Pat Fitzgerald, a broker who previously has marketed <br /> p operty for Resources, has estimated the value at $1.2 million. <br /> T e property contains a coal storage facility which Resources <br /> c ntemplates converting into a warehouse. This would maximize <br /> t e value of the property and is consistent with existing zoning. <br /> The Rockdust Plant has not been appraised but Resources <br /> e timates the value at $500,000. There has been some interest <br /> e pressed in the equipment located within the Plant, in the <br /> $ 00,000 price range. Removal of the equipment would do <br /> s bstantial damage to the surrounding structure, which was built <br /> a ound the equipment. The value of the property thus is <br /> c ntained in the equipment and the raw ground, rather than in the <br /> structure itself. <br /> Either the Rockdust Plant or the Rail Loadout Site <br /> alone would justify a redemption from the tax certificate. <br /> T gether, there is an estimated $1.2 to 1 .5 million of value <br /> c mpared to $66, 000 of taxes. <br />