HomeMy WebLinkAboutCarlsbad Ranch Company LP; 2013-10-31; (6)CITY OF
CARLSBAD
Office of the Mayor www.carlsbadca.gov
October 17, 2013
Chris Calkins
Carlsbad Ranch Company, LP.
5600 Avenida Encinas, Ste #100
Carlsbad, CA 92008
SUBJECT: AGP 13-04-AGRICULTURAL CONVERSION MITIGATION FEE GRANT FUNDING AGREEIVIENT
Dear Mr. Calkins,
)n its meeting on September 10, 2013, the Carlsbad City Council approved the Agricultural Conversion
Mitigation Fee Ad Hoc Citizens Committee's recommendation to award your organization's funding
request of one hundred sixty-two thousand, eight hundred thirty-three dollars and fifty-three cents
($162,833.53) in Agricultural Conversion Mitigation Fee Grant funding. The funding is awarded for
Agricultural Conversion Mitigation Fee Grant Project (AGP) AGP 13-04 (Floral Trade Center
Improvements), to provide support for coolers, display and supporting equipment required for the
operation of the floral wholesalers in the proposed Floral Trade Center. A copy of City Council
Resolution(s) No. 2013-230, which approves the allocation of grant funding, is enclosed for your
infoi^m ation.
LETTER OF AGREEMENT
This letter is to serve as a Letter of Agreement ("Agreement") for disbursement of $162,833.53 in grant
funding from the Agricultural Conversion Mitigation Fee Grant Fund to support installation of energy
efficient cooler systems, modern and uniform display areas, and efficient storage and operational
facilities. Disbursement ofthe balance of funds to complete subsequent phases of Carlsbad Ranch L.P.'s
master plan will be subject to the execution of separate funding agreements. All persons who signed
the grant application must sign this agreement. Please return the signed agreement along with:
1. The attached Annual Solicitation (Substitute W-9 Form), and
2.. An updated project budget and schedule that describes the work tasks, estimated costs,
completion dates and disbursement schedule for those portions of the grant to be funded with
the $162,833.53 of awarded grant funding.
Release of Grant Funds
Once you have provided the information requested and satisfied the requirements specified above. City
staff will.forward the Agreement to the Mayor for signature. Upon signature by the Mayor, staff will
begin the initial release of funds according to the approved funding schedule. Failure to successfully
implement any component of the project funded will result in funding reconsideration and possible
CAni/3i/9nir^
^ 1200 Carlsbad Village Drive, Cartsbad, CA 92008-1949 T 760-434-2830 F 760-720-9461 ®
AGP 13-04-AGRICULTURAL CONVERSION MITIGATION FEE GRANT FUNDING AGREEMENT
October 17, 2013
Page 2
cessation of funding. In addition, funding not spent for its specified purpose must be returned to the
City immediately unless the City has approved other purposes for which the funding may be utilized. If
you need to make changes in your project or schedule, please contact the Planning Division. Grant
recipients are required to recognize on all printed material, including interpretive signage installed
through this grant, thatthe project is funded in part or in full by the City of Carlsbad.
Reporting Requirements
Progress reports detailing accounting information on funds spent must be submitted with each
subsequent disbursement request, or annually from date each disbursement is made, whichever occurs
first. A final report on how the funds were spent and what the project accomplished must be filed with
the City of Carlsbad within thirty days of project completion. In addition, the grant recipient agrees to
maintain original records (including receipts) for at least five years from the date on which final grant
funds are disbursed and agrees to make them availabte to the City should the City request to audit
them.
Thank you for your participation in the Agricultural Conversion Mitigation Fee Grant process. Should
you have any questions, please feel free to contact Kevin Pointer in the Planning Division at (760) 602-
4620.
CA 01/2013
AGP 13-04 - AGRICULTURAL CONVERSION MITIGATION FEE GRANT FUNDING AGREEMENT
October 17, 2013
Page 3
ACKNOWLEDGED AND AGREED:
Carlsbad Rarpeh Company, L.P.:
By:.
CITY OF CARLSBAD
By:_
Matt Hall, Mayor
Date: //) ^A/- I ^
ATTEST:
(Name/Title) (^^-<^^^*^*4*H'^ ^ ^C^€^
(Name/Title4^^^'^ '^'hiJ4^**frf.<^^- o£-cftS^ Barfefa
Date: ^0 "23 ^
(Chairman, president or vice-president and secretary, assistant secretary, CFO or assistant treasurer must
sign for corporations. Otherwise, the corporation must attach a resolution certified by the secretory or
assistant secretary under corporate seal empowering the officer(s) signing to bind the corporation.)
(If signed by an individuol partner, the partnership must attach a statement of partnership authorizing
the partner to execute this instrument).
APPROVED AS TO FORM:
CELIA A. BREWER, City Attorney
By:.
Assis^^^m^City Attomey
CA 01/2013
ACMFP 2013 Grant
Carlsbad Ranch -Tillian Row
Floral Trade Center Improvements
Updated Grant Budget 10/22/13
(a) Budget
Total cost , $818,143
Grant Support $162,833.53
(b) Funding Schedule
Funding (30 days prior to start of construction with Tenant Improvement permit issued)
Amount Estimated Date
$162,833.53 8/15/14-10/15/16
Completion (6 months following commencement of construction) 2/15/15-4/15/17
Carlsbad Ranch Company LP.
Certification of Authority
The undersigned Lizbeth A. Ecke, asSecretary of Carltas Management, a California Corporation, hereby
certifies that the following resolution was adopted by the Board of Directors of Carltas Management, in
its capacity as General Partner ofthe General Partner of Carlsbad Ranch Company on September 23,
2013:
RESOLVED, Christopher C. Calkins as President, and Lizbeth A. Ecke as Secretary, are authorized and
directed to execute any all documents on behalf of Carlsbad Ranch Company L.P. Carltas Company L.P.,
as General Partner of Carlsbad Ranch Company LP. with respect to acceptance of grants approved by
the Carlsbad City Council by resolution No. 2013-230, and to commit to any performance or other
obligations required thereunder.
Dated: October 23, 2013
Li^th A. Ecke
Secretary, Carltas Management
Ratification
By execution hereof Carltas Company L.P., a California Limited Partnership, as sole general and sole
limited partner of Carlsbad Ranch Company L.P., hereby ratifies the foregoing resolution of Carltas
Management.
Carltas Company L.P.
By: Carltas Mana^
By:
ation, its general partner
A. Ecke, Secretary
Agricultural Mitigation Fee Program
Floral Trade Center Improvements
MAY 2 3 2013
CITY OF CARLSBAD
PLANNING DiVISICikrlsbad Ranch Company
5/24/13
CITY OF <^^lS>
CARLSBAD'^
AGRICULTURAL CONVERSION MITIGATION FEE (ACMF) PROGRAM
GRANT APPLICATION FORM
This Application and all supporting documents must be received no later than 5 p.m. on May 24, 2013
Submit to:
City of Carlsbad
Community @ Economic Development Department
Attn: Kevin Pointer, Associate Planner
1635 Faraday Avenue
Carlsbad, CA, 92008
Project Number:
FOR STAFF USE ONLY
Project No.: AGP 13-04.
Project Name: Floral Trade Center
Improvements
Project Name; ^ate Received; 5/23/13
Submittal Formatting Requirements
All submittals must be typed on 8 34 x 11 sized paper (drawing exhibits may be larger), and
applicants must provide twelve (12) full sets of all documents submitted. In addition to the
materials required below, applicants must also provide a one-page summary of the proposed
project. All documents submitted become the property of the City of Carlsbad. In addition to the
written application, project proponents mav be asked to make a presentation to the Committee.
Please complete the following application using the guidance provided on the "Application
Instructions" sheet. Applicants may attach additional pages, subject to the "Submittal Formatting
Requirements," above.
Name of Applicant: Carlsbad Ranch Company. L.P.
Address: 5600 Avenida Encinas. Suite #100
Phone: (760) 431 -5600 Email: ccc{S!carltas.com
Contact 1) Christopher Calkins C760) 431-5600X112
nome phone
Contact 2) Lizbeth Ecke (160) 431-5600X113
name phone
Please note: Successful applicants will be required to provide a Federal Tax ID Number or Social
Security Number before any grant funds are released.
Total Amount of Grant Request: S 250.00.00
Application must be for a minimum of $2,500.00.
Funding request reduced to $162.833.53 per Resolution No. 2013-230 signed September 10, 2013.
Page 1
I. ELIGIBILITY REQUIREMENTS
Projects MUST implement one of the four categories betow to be eligible for a grant frorn the
ACMF fund. Please contact Associate Planner Kevjn Pojnter at the City of Carlsbad (760-602-
4620 or kevin.pointer@cartsbadca.-govl fpr further information.
Please indicate which ofthe following four categories the proposed project would implement:
Yes No
a) Restoration of the coastal and lagoon environment including but
not limited to acquisition, management and/or restoration involving
wildlife habitat or open space Preservation;
b) Purchase and Improvement of agricultural lands for continued pTl
agricultural production, or for ttie provision of research activities or
ancillary uses necessary for the continued production pf agriculture
and/or aquaculture in the city's coastal zone; including, but not
limited to, farm worker housing;
c) Restoration of beaches for public use including, but not limited to |=j|
local ahd regional sand replenishment programs, vertical and lateral '—'
beach access improvements, trails, and other beach-related
improvements that enhance accessibility, and/or public use of
beaches;
d) Improvements to existing or proposed lagoon nature centers.
II. PROJECT DESCRIPTION. SCOPE. AND BENEFITS
1. Describe the proposed project; The description should a) provide sufficient.detail for a
clear understanding of the proposed project; b) include clear intended outcomes of the project;
and, c) specifically address how/the project satisfies the eligibility requirement(s). (Please
attach separately; maximum 3 typed 8 >1 x 11 pages plus-drawings)
See Attached ^
2. How will the project benefit the citizens of Carlsbad?
See Attached
Page 2
ACMFP 2013 Grant Request
Carlsbad Ranch -Tillian Row
Floral Trade Center Improvements
II. Proiect Description, Scope, and Benefits:
1. Proiect Description
The grant will provide support for coolers, display and
supporting equipment required forthe operation ofthe floral
wholesalers in the proposed Floral Trade Center. Existing
equipment and facilities are either functionally obsolete or
will be destroyed with demolition of the existing floral trade
center. By supporting installation of energy efficient cooler
systems, modern and uniform display areas, and efficient
storage and operational facilities the project will substantially
reduce the cost for initial operation and encourage the continued operation in Carlsbad ofthe floral
wholesale trade.
The support requested is substantially the same kind provided by the mitigation fund in 1988 for
creation of the original Floral Trade Center. Providing such supporting elements was a critical
inducement to attract grower wholesalers who are the central element in the trade center. Aggregate
costs of these proposed tenant improvements will be approximately $900,000 of which the requested
grant of $250,000 will support a portion ofthe cost ofthe critical floral storage and operational end of
the wholesale trade.
2. Benefits to the Carlsbad community
The proposed grant will support a key element- the continued
presence of a strong floral distribution center and of an overall
agricultural program including The Flower Fields®. This is consistent
with the objective ofthe 2006 public vote (Proposition D) to identify
and support an economically feasible agricultural operation in the
increasing urbanized Carlsbad area.
The overall economic health ofthe Carlsbad community benefits
from retaining and enhancing a destination floral distribution facility. Sustaining this capacity has been a
critical element in the continuing economic sustainability of The Flower Fields®.
By making the wholesale market accessible to the public in the new location, the project will specifically
benefit Carlsbad residents with the economic benefit from the value and variety provided by a
wholesale marketplace, while supporting the producers and wholesalers through lower distribution
costs. The quality ofthe facilities for storage, display and processing are critical to the ability to sustain
effective distribution.
111. PROJECT FEASIBILITY AND PLANNING
3. What permits/approvajs (federal, state, local, other) will the project require?
CUP. CDP. Grading. Building and Occupancv Permits
4. What is the time line for implementation ofthe project? See Attached
5. How will the project be implemented? Identify specific milestones that would be used
to measure progress of project implementation and who yj\\\ be responsible for
irnplementation, See Attached ^ .
IV. APPLICANT INFORMATION AND EXPERIENCE:
Individual applicants, please complete items 6 and 10 in this section (Section IV).
Organization/Agency applicants, please complete all items in this section.
6. This applicant is a (an):
rii Individual Ql Organization (Non-Proflt) [x]l Organization (For Profit)
Q1 Public Agency (State/Local) Q] Other
7. a; Years in Business: ,20 ._ Carlsbad Ranch Company, L.P. ("CRC") has no
b. Number of Employees: . employees but acquires its service from its parent
c. Number bf Volunteers: Carltas Company (16 employees) and its affiliate
CB Ranch Enterprises (The Flower Fields®).
NOTE: If the applicant is an organization/agency an oi^ganizational chart is also required
for submittal.
8. Names of Officers and Board of Directors: (General Partner - Carltas Company)
Name: Title:
Christopher C. Calkins . President ,
.Tames R. Bornemarm Vice President / CFO
Lizbeth A. Ecke Director / Secretary
Paul Ecke IIL Director / Assistant Treasurer
Sara Ecke May Director
Page 3
ACMFP 2013 Grant Request
Carlsbad Ranch -Tillian Row
Floral Trade Center Improvements
111. Proiect Feasibility and Timing
4. Timeline
Complete Discretionary Approval (CUP/SDP)
Engineering, final design. Leasing
Construction Permit-Work commences on Tenant Improvements
Funding (30 days prior to construction)
Work Complete- Tenants in Occupancy
8/1/13-10/1/13
8/1/13-12/31/14
9/15/14-11/15/14
8/15/14-10/15/14
2/14/15
5. Proiect Implementation
Concurrent with final design and permitting, the CRC will negotiate leases for floral tenants In the new
facility. The grant funds will be allocated among the prospective tenants to provide a base for
determining rent and cost for occupancy in business by business discussions. The grant funds will be
applied as spaces are completed and readied for occupancy. With the grant funds support the proposed
improvements can be assured of maximum energy efficiency and reduced operating costs as well as
consistency in appearance and quality.
CRC will be responsible for assuring acquisition and installation ofthe facilities supported by the grant.
9. What is the purpose or mission of your agency/organization? Within an overall mission to
hold and operate the Carlshad Ranch properly, the mission of CRC for ft.s agricultural lands is a.s foi lows:
• To create an economically sustainable agricultural operation consistent with the standards-
vision, and policies of the City of Carlsbad
• To support and enhance the continued viability of floral production and distribution from
the Carlsbad Ranch.
10. Describe applicant's experience in the project area. Through its affiliate CB Ranch Enterprises
(The Flower Fields®) CRC has created and successftillv operated an integrated visitor serving and floral
production and distribution business for more than 20 years, including all supporting infrastructure.
In addition through an affiliate and CRC converted an abandoned circuit board plant and operated the
San Diego International Floral Trade Center for 14 years. Finally, through its parent, CRC was
responsible for planning and developing the entire Carlsbad Ranch of which the proiect site is a part.
V. FINANCIAL RESOURCES/BUDGET
All applicants must attach a budget and a proposed funding schedule for the proposed
project; After a grant has been awarded and prior to distribution of grant funds, the financial
condition of ah agency/organization will be evaluated through submittal of either an audited
financial statement (encouraged/preferred); a reviewed financial statement; an IRS-990 tax
return; or other evidence of financial condition as agreed upon by the city. All applicants are
encouraged, but not required, to submit this documentation at the time of application
submittal.
11. If other resources/funding will be used, please describe all funding you have already
secured or anticipate securing for the proposed project, and identify the amount, type> status,
and source(s) of all such funds. Please indicate if no other resources/fundmg will be used.
The proposed grant will be matched by funds from applicant and commercial lenders. A]l overhead.
design, engineering and other expenses associated with provision of the facilities for the floral -
tenants will be provided bv applicant from its resources or commercial lending sources.
12. Describe any previousxity funding requested or received (for any projiect) in the past
five years. None
Page 4
VI. GENERAL COMMENTS/INFORMATION
13. Is there anything else you wish to make the Committee and City Council aware of
regarding yourself, your organization, or your proposed project? Carlsbad has had a unique position
as the only location south of Los Angeles with a maior floral distribution center and market. However.
because of the physical characteristics of the existing location and its zoning it is not accessible to
the public generally unlike the Los Angeles Flower Market and the San Francisco Flower Market-
Encouraging the location in efficient facilities with reduced energy requirements will be a maior
inducement to continuation of a floral center for all of Southern Califomia in Carlsbad.
VII. DISCLOSURES/REQUIREMENTS/CERTIFICATION
Disclosures:
These grants may be used in cornbjnation with funding from other sources or may be used for
projects for which other funds are npt available. Project proponents must submit a written
appMcatipn. Project proponents may also be asked to make a presentation to the Cornmittee.
The Agricultural Conyersiori Mitigation Fee Committee will review project proposals and v\/ill
recommend tp the City Council those projects selected for funding. Final approval of funding
will require City Council approval. This grant opportunity may or may not be available annually
or after the first year, depending upon the number of meritorious proposals, the amount of
funds available, and the amount of funds ultimately awarded by City Council. Projects
approved for funding in the first year have no expressed or irhplied guarantee for future
funding. The full amount ofthe available funds may not be disbursed if there are not sufficient
meritorious applications. These grants will not be awarded on a first-come/first-serve basis but
will be considered according tp specific criteria. Any project that is awarded funds will be
required to meet agreed-upon rnllestones. Failure to satisfy the agreedrupon milestpnes will
result in project reconsideration and possible cessation of funding. All documents submitted
become the property ofthe City of Carlsbad.
l/we understand the information above;
YeslU NoD
Reporting Requirements:
Grant recipients will be required to file with the City a report on how the funds were spent
annually, or when funds are spent, or at other agreed upon intervals (e.g., upon achievement of
a milestone), whichever comes first. Proof of project expenses (i.e., receipts) are required to be
held for at least two years (or longer if so specified in the Grant Funding Agreernent)> during
which time the City reserves the right to audit the records.
l/we agree to adhere to the funding and reporting requirements described above:
Yes[x] NoQ
Page 5
Other Requirements
Grant recipients will be required to recognize on all printed material that the project is funded
fully or in part by the City of Carlsbad.
Certification:
We, the undersigned, do hereby attest that the above information is true and correct to the
best of bur knowledge. (Two signatures required)
Title Date
Title Date
INSTRUCTIONS AND APPLICATIONS FORM FEEDBACK
The Comhiittee's intent is to make the application instructions and application form easy to
understand ahd complete. Therefore, we would appreciate you taking a few moments to
provide feedback on both. If there were instructions or questions that were confusing or
difficult to complete, please identify those areas on a separate sheet of paper and provide any
suggestions you may have. Suggestions and comments will be utilized to improve the function
and efficiency of future programs. Feedback regarding this process will not be reviewed as part
of the grant proposal consideration process and will in np way impact project eligibility pr
consideration.
Page 6
ACMFP 2013 Grant Request
Carlsbad Ranch - Tillian Row
Carlsbad Ranch Company Organizational Chart
Owned by Carltas
, : Company -1 Carlsbad Ranch •
. Company
President •
Christopher G.
Calkins
, Vice-President '
Lizbeth A. Ecke
CFO
James R.'
Bornemann:
^ Carlsbad Ranch
; ; Restaurant
: • Company-, LLC^
Lot 3 >.
Carlsbad Ranch
Mellano and; < . -
Company
Farming ' ' '
CaHtas:Staff-
Mahageiheiit
ACMFP 2013 Grant Request
Carlsbad Ranch -Tillian Row
Floral Trade Center Improvements
V. Financial Resources/Budget
(a) Budget
Total cost (see attached White Construction proposal) $818,143
Grant Support $250,000
CRC Resources (including commercial financing) $568,000
(b) Funding Schedule
Funding (30 days prior to start of construction) $250,000 8/15/14-10/15/14
(C) Financial Statements- (attached)
UCTION
PROPOSAL
Carlsbad Ranch Company
5600 Avenida Encinas
Carlsbad CA 92008
Attention: Christopher Calkins
Prepared By: Dave Sarto
Date: 05/08/2013
Project: CRC FMP Budget
Cannon Rd. & Car Country Dr.
Carlsbad CA 92008
Project Number: 8650
CSI CODE DESCRIPTION TOTALS
Coolers & Assoc. Work
1035.000 5,900.00 General Conditions
Supervision for 1 month part-time
Project Management
Temp Facifities; (\ob site trailer, toilets, hand wash, power, water, labor, dumpsters, signage)
11420.000 Walk-in Coolers 560,000.00
18ea. Walk in Cooler- We will provide and install 20x24x10 walk in coolers with refrigeration
system capable of 35°. These coolers are priced without any specific temperature or humidity
requirements. The coolers are priced to be installed as shown on page A-5, though we highly
recommend putting the condensing unit outdoors.
Excluded: Electrical, condensate receptor, framing and building penetrations
15300.000 Fire Sprinklers - Wet & Dry for Coolers 25,200.00
* Scope of Work;
Provide design, permits, fees, material, tools, lift equipment and labor to install Dry pendent
sprinklers {no water) to be installed in 18ea. coolers (below 40 degrees).
Sprinkler Systems will meet NFPA #13 and the Carlsbad Fire Dept requirements. Approx.
coverage is 100 sf. per dry pendent head.
" Add/Deduct; Increase or decrease the quantity of 20'x24' coolers at a cost of $ 1,400ea. actual
number of coolers to be determined before the start of fire design.
15400.000 Plumbing
• PROVIDE AND/OR INSTALL (General);
Trenching / backfill as needed
Schedule 40 ABS / DWV waste and vent piping above & below grade
Type "L" copper water piping
Type "M" copper condensate piping
26,560.00
2540 Gateway Rd I Carlsbad, CA 92009 I P: 760.931.1130 I Lie. #452513 I whiteconstructioninc.com
CONS
_i .1
RUcfiON
05/08/2013.
Page# 2
Continued
CSI CODE DESCRIPTION TOTALS
Schedule 40 steel gas piping
* Cooler & Assoc. Work (Specific);
16ea. Floor sinks
16ea. Insulated condensate line for cooler fan coils
16000.000 Electricai - Building Lights/Switch Gear/TeICo 155,000.00
* Summary;
18ea. Tenant space for cooler HVAC power and convenience outlet $ 155,000 ($ 8,600/ea.
space)
* Materials & Work to Include;
18EA. WP GFI 15A 120V PLUG AT COOLER EQUIP PAD
1 SEA. COOLER FAN COIL UNIT 3PH 20A 208V (FBO)
18EA. COOLER CONDENSING UNIT 3PH 20A 208V (FBO)
18EA. LOW VOLTAGE 5 WIRE INTERLOCK-CONDENSING-FANCOILS
18EA. SINGLE POLE PILOT SWITCH FOR COOLER LTG
108EA. COOLER LIGHTING 4FT 2 LMP 120V FLOURS VAPOR PROOF (6 PER UNIT)
18EA. COOLER J-BOX & CONDUIT FOR T-STAT
* Notes:
AVERAGE COOLER ELECTRICAL COST - BASE BID INCLUDES,!SEA. = $ 3,072 EA.
AVERAGE COOLER ELECTRICAL FEED & PANEL FEED - BASE BID INCLUDES 1 SEA. = $
5,494.00 EA.
1630.000 Periodic & Final Cleaning 2,500.00
17001.000 Liability Insurance 1% 7,752.00
17002.000 Contractors Fee 4.5% 35,231.00
Bid Total: 818,143.00
MEP EXCLUSIONS:
Permit fees, space planning fees, engineering fees, special inspections, bonds, off-hour labor, temporary power, utility
company fees, fire alarm/security systems and wiring, union labor, phone/data systems and wiring, x-ray of concrete,
any work to existing equipment/devices, work caused by unforeseen conditions, ADA/T-24 upgrades if required, code
compliance upgrades if required, and any work not specifically stated above.
Fees to any Agencies
Engineering Stamp for Plumbing, Electrical, HVAC
Plotting
Reprographic expenses
2540 Gateway Rd I Carlsbad, CA 92009 I P: 760.931.1130 I Lie. #452513 I whiteconstructioninc.com
CARLSBAD RANCH COMPANY, L.P.
BALANCE SHEET
DECEMBER 31, 2012
(Tax Basis - Unaudited)
ASSETS
Accounts Receivable- Carltas $ 298,173
Property - Land 1,008,510
Investment in CRRC 698,559
Total Assets $ 2,005,242
LIABILITIES AND CAPITAL
Capital Carltas $ 1,981,592
Carltas Mgmt Co. 23,649
Total Capital 2,005,241
Total Liabilities & Capital $ 2,005,241
Carlsbad Ranch Company 2012 Tax Basis Financial Statements 5/21/2013
CARLSBAD RANCH COMPANY, L.P.
INCOME STATEMENT
DECEMBER 31, 2012
(Tax Basis - Unaudited)
INCOME
Land Rent Income
Management Fee Income
Guarantee Payment [CRRC]
Total Income
22,500
8,425
73,759
104,684
EXPENSES
Consultants
Property Taxes
Property Expense
Insurance/Bonds
Accounting
Taxes - State
Association Fees
Travel
Printing
Postage/supplies
Government Fees
Total Expenses
136,310
22,872
805
238
1,583
800
8,559
5,280
4,510
38
12,632
193,627
Net Income (Loss) $ (88,943)
Carlsbad Ranch Company 2012 Tax Basis Financial Statements 5/21/2013