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2 <br /> any person may raise the bid by not less than ten percent (10%) of the first one thousand dollars, <br /> and five percent (5%) of the remainder. When a bid is raised, the bidder shall deposit with the <br /> County five percent (5%) of the increased bid, and the County shall re-advertise the offer at the <br /> increased bid amount for an additional ten days. This procedure shall be repeated until no further <br /> qualifying upset bids are received, at which time the Board may accept the offer and sell the <br /> property to the highest bidder. The final offer will be brought back to the Board for consideration <br /> and approval. <br /> FINANCIAL IMPACT: The property is currently sitting vacant and there are no plans to renovate <br /> or re-occupy the site. Due to the extremely poor condition of the facility, the appraised value of <br /> the property is based upon the value of the land only. Sale of 129 East King Street will convert a <br /> non-productive capital asset into at least $178,000 that may be re-allocated to other County <br /> needs. <br /> SOCIAL JUSTICE IMPACT: There are no Orange County Social Justice Goal impacts <br /> associated with this item. <br /> ENVIRONMENTAL IMPACT: There are no Orange County Environmental Responsibility Goal <br /> impacts associated with this item. <br /> RECOMMENDATION(S): The Manager recommends that the Board: <br /> 1) Approve the sale of 129 East King Street, Hillsborough, NC through a negotiated offer, <br /> advertisement and upset bid process, in accordance with North Carolina General Statute <br /> 160A-269; and <br /> 2) Approve and authorize the Chair to sign the resolution authorizing the sale through this <br /> process. <br />