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become the new offer. If there is more than one bid in the highest amount, the first such <br />bid received will become the new offer. <br />5. In order to qualify as an upset bid, the next bid submitted must raise the initial bid by an <br />amount equal to 10% of the first $1000 and 5% of the remaining bid. This bid then <br />becomes the basis for any future upset bids that may be received within the ten (10) day <br />period. <br />& The procedures outlined in steps three and four above, are repeated until no upset bid is <br />received. <br />7. The final qualifying offer is presented to the Board of Commissioners for approval. <br />Should the Board choose to do so, it may accept the original offer, subject to upset as <br />part of the resolution. This serves to expedite the closing of the final sale. <br />FINANCIAL IMPACT: Although upset bidding could potentially raise the amount, the County <br />will receive a minimum of $38,018 from the sale of this property. <br />RECOMMENDATION(S): The Manager recommends that the Board: <br />• Declare the subject property as surplus; and <br />• Approve the resolution, which recommends sale of the subject property on Graham <br />Street, Chapel Hill, NC, subject to upset bid, to Toben Properties, LLC, Chapel Hill for <br />the sum of $38,018; and <br />• Direct the Clerk to the Board to advertise as indicated in the resolution; and <br />• Authorize the Attorney, Manager and his designees to execute documents to affect the <br />sale at such time the upset bid requirements may be met.