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