RES-2022-028-Resolution Authorizing Upset Bid Process for 129 East King Street

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RES- 2022 -028 Attachment # 4 Resolution Authorizing Upset Bid Process for 129 East King Street WHEREAS, Orange County owns certain property, . 24 acres of land and 7 , 100 square feet of building improvements located at 129 East King Street, Hillsborough , NC; and WHEREAS, North Carolina General Statue 160A- 269 permits the County to sell property by upset bid , after receipt of an offer for the property; and WHEREAS, Orange County has received an offer to purchase the property described above , in the amount of $ 178, 000 submitted by Miller Property Management , LLC, Durham , NC; and WHEREAS, Miller Property Management has paid the required five percent ( 5 % ) deposit on its offer; THEREFORE , we , the Orange County Board of County Commissioners resolve that . 1 . The Orange County Board of County Commissioners authorizes the sale of the property described above through the upset bid procedure of North Carolina General Statute 160A- 269 . 2 . The Orange County Purchasing Agent ` shall cause a notice of the proposed sale to be published . The notice shall describe the property and the amount of the offer, 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 the Purchasing Agent, located at 405 Meadowlands Drive , Hillsborough , NC, within 10 days after the notice of sale is published . At the conclusion of the ten - day period , the Purchasing Agent shall open the bids , if any, and the highest such bid 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 Purchasing Agent shall cause a new notice of the upset bid to be published , and shall continue to do so until a 10 - day period has passed without any qualifying upset bids having been received . At that time , the amount of the final high bid shall be reported to the Orange County 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 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 bids 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 final high bidder at closing .