HomeMy WebLinkAboutRES-2010-052 Resolution Authorizing Upset Bid Process - Graham Building PropertyResolution Authorizing Upset Bid Process /` ~S ' ~ ~ O ~ ~ s Z
WHEREAS, the Orange County owns the following property located at the following location:, G - ~S - ~ ~
• Graham Building, 118 N. Churton Street, Hillsborough-PIN # 874065497 and; ~ ~'
WHEREAS, North Carolina General Statute § 160A-269 permits the County to sell property by upset bid, after receipt of an offer for
the property; and
WHEREAS, the County has received an offer to purchase the property described above, from the group listed below in the amounts
listed below
Building Name Group Submitting Highest Bid Amount of Highest bid
Graham Building, 118 N. Churton Street, Hillsborough James B. Johnson III $171,408.00
WHEREAS, the bidders have paid the required five percent (5%) deposit on their offers;
THEREFORE, THE BOARD OF COUNTY COMMISSIONERS OF ORANGE COUNTY RESOLVES THAT:
1. 'The Board of County Commissioners authorizes sale of the properties described above through the upset bid procedure of North
Carolina General Statute § 160A-269.
2. The Director of Asset Management and Purchasing Services shall cause a notice of the proposed sales to be published. The notice
shall describe the properties and the amount of the offers, and shall state the terms under which the offer may be upset.
3. Persons wishing to upset the offer that has been received shall submit a sealed bid with their offer to the office of Asset
Management and Purchasing Services within 10 days after the notice of sale is published. At the conclusion of the 10-day period, the
Director shall open the bids, if any, and the highest such bids will become the new offer. If there is more than one bid in the highest
amount, the first such bid received will become the new offer.
4. If a qualifying higher bid is received, the Director of Asset Management and Purchasing Services shall cause a new notice of upset
bid to be published, and shall continue to do so until a 10-day period has passed without any qualifying upset bid having been
received. At that time, the amount of the final high bid shall be reported to the Board of County Commissioners.
5. A qualifying higher bid is one that raises the existing offer by not less than ten percent (10%) of the first $1,000.00 of that offer and
five percent (5%) of the remainder of that offer.
6. A qualifying higher bid must also be accompanied by a deposit in the amount of five percent (5%) of the bid; the deposit may be
made in cash, cashier's check, or certified check. The County will return the deposit on any bid not accepted, and will return the
deposit on an offer subject to upset if a qualifying higher bid is received. The County will return the deposit of the fmal high bidder at
closing.
7. The terms of the fmal sale are that
- the Board of County Commissioners must approve the final high offer before each sale is closed, which it will do within
30 days after the final upset bid period has passed, and
- the buyer must pay with cash at the time of closing.
8. The County reserves the right to withdraw the property from sale at any time before the final high bid is accepted and the right to
reject at any time all bids.
9. If no qualifying upset bid is received after the initial public notice, the offer set forth above is hereby accepted. The appropriate
county officials are authorized to execute the instruments necessary to convey the property to the groups listed above
Adopted June 15, 2010