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2 <br />The process steps are as follows: <br />Advertise the properties for sale as required in a local newspaper. Circulate <br />information via Internet and post signs on the buildings for sale; (completed during <br />September 2009) <br />Accept bids and open publicly; (October 20, 2009) <br />• Present results to the Board who would "propose to accept the offer", thereby <br />commencing the upset bid process; (November 5, 2009) <br />• Next steps, to commence November 6, 2009: <br />o Advertise the highest responsible bid amount as the basis for upset bids and <br />commence the upset bid process. <br />o Accept upset bids fora 10 day period after advertisement after which time a bid <br />opening would be held. Assuming a valid upset bid was received (must be a <br />minimum of 10% of the first $1,000 and 5% of the balance in order to be <br />considered) additional rounds of the upset process would be continued until no <br />further upset bids were received. <br />o Present results to the Board for consideration after the conclusion of the final <br />upset bid process. <br />FINANCIAL IMPACT: No financial impact will be realized until such time properties are sold <br />and proceeds received. <br />RECOMMENDATION(S): The Manager recommends the Board propose to accept the highest <br />offers submitted as outlined and approve the attached Resolution Authorizing Upset Bid <br />Process; and authorize the Chair to sign the resolution as appropriate. <br />