1994-02-06_GENERAL DOCUMENTS - C1981017

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and a net of $159,500.40 was realized for the Debtor's bankruptcy estate. The Debtor also obtained Court authorization to sell a 6.72 acre tract including improvements thereon consisting of a warehouse, a storage unit, a service building and chain-link and barbed wire security fencing, commonly referred to as the "Fabrication Shop. " The approved sale price was $410,000, payable in full at closing and subject to payment of a 5% commission, payment of approximately $36,000 of real estate taxes, costs of environmental cleanup, title charges, survey charges, and other closing adjustments. The sale closed on December 31, 1993, with a net to the estate of $336,063. The Debtor also has received authorization to sell a right-of-way consisting of approximately 15 acres for $15,000, which is not subject to a sales commission. The buyer has agreed to pay closing and settlement fees not to exceed $300. The exact net which will be realized by the Debtor is yet unknown. Title to the right-of-way shall be passed by quit claim deed. In December 1993, the prospective purchaser requested an amendment to the legal description contained in the sale order entered by the Bankruptcy Court. The Debtor is submitting the amended order, and a closing is expected in the First Quarter of 1994. In December 1993, the Debtor received an offer from the Town of Carbondale to purchase a 14 acre parcel containing a machine shop, a truck repair shop, and a truck wash facility, referred to as the "Carbondale Industrial Park. " The property was appraised in 1993 at $1,231,300. The Town of Carbondale has offered to purchase the property for $1, 125,000. The offer is subject to several closing contingencies, one of which involves approval by the Denver & Rio Grande Railroad of a right of way which would permit the Town to improve access to the property with a street extension. The Railroad's willingness to satisy this contingency currently is unknown, and satisfaction of this contingency could substantially delay closing of the proposed sale. Subject to a determination that this and other contingencies reasonably can be satisfied so as to permit a closing by mid-1994, the Debtor intends to submit the offer for Court approval. D. Reclamation of Mine Site Regulatory framework. The Colorado Surface Coal Mining Reclamation Act [C.R.S. § 34-33-101 et seg. , hereinafter the "Act" ] provides the regulatory scheme for reclamation of coal mines in Colorado. The definition of "surface coal mining operations" in § 34-33-103(26) (a) includes "surface impacts incident to an underground coal mine, " and therefore the Act covers reclamation of underground mines despite the title of the Act. The Act also has a federal counterpart, the Surface Mine Control and Reclamation Act of 1977 ( "SMCRA" ) , 30 USC § 1201 et seq. , which is administered by 12