PRO FORM BALANCE SHEET
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CLEARWATER 235, ING.
PRO FORMA BALANCE SHEET
June 21, 1972
ASSETS:
Land (See description attached)
Valued at sale price, April 26 1972
Buildings known as Florida Garden Apartments
(Copy of M. A. 1. appraisal attached)
Pledge of William G. Blackburn et. al.
$60,500.00
565 000,00
28 500.00
$654,000.00
LIABILITIES AND NET WOR TH
Liabilities
Current Liabilities
Due City of Clearwater for F. H. A. fees
Due Trimm/ Clark, construction to date
Total Current Liabilities
$2,280.00
59,519.22
$61,799.22
Contingent and Future Liabilities
Due City of Clearwater on satisfac+' on
of Construction Mortgage per
Agreement dated June 14. 1972
$60,500. D
Total Liabilities
$122.299.22
Net Worth
$531.700.78
TOTAL LIABILITIES AND NET WOR TH
$654,000.00
NOTE:
The. Corporation has entered into moving and rehabilitation contracts
requiring periodic future payments upon completion of portions of the
moving and rehabilating of the apartments and has secured a firm F. H. A.
commitment to insure the initial projects upon completion. It presently
anticipates borrowing to pay construction costs to be secured by a first
mortgage on the real estate and buildings of the corporation and by a firm
take out commitment issued by the Jack Collier East Company, Inc.
This statement is furnished The Exchange Bank & Trust Company of
Clearwater for the purpose of securing the extension of credit and the
undersigned officers hereby certify the above statement to be a true and
correct statement of the financial status of this corporation based upon
current information and appraisa.ls.
CLEARW A TER 235, INC.
By (~~, ?1~ Y. p.
PaulM. Wade, Vice Pres] dent
By L~ze:~
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