SALE OF LAND

3 Months Ended

Mar. 31, 2013

SALE OF LAND

SALE OF LAND

(17)  SALE OF LAND

The asset purchase agreement with IASCO, dated June 22, 2010, includes a three year option allowing IASCO to reacquire the 2,750 acres of unusable land for $1.0 million.  On March 8, 2013, the Partnership sold the option parcel directly to a third party for $1.215 million and received net proceeds of $1.07 million after the payment of closing costs, subdivision costs and a $10,000 fee to IASCO for cancellation of the option.  A gain of $73,000 was recorded on the sale.