Orange County NC Website
RES- 2022 -028 <br /> Attachment # 4 <br /> Resolution Authorizing Upset Bid Process for 129 East King Street <br /> WHEREAS, Orange County owns certain property, . 24 acres of land and 7 , 100 square feet of <br /> building improvements located at 129 East King Street, Hillsborough , NC; and <br /> WHEREAS, North Carolina General Statue 160A- 269 permits the County to sell property by upset <br /> bid , after receipt of an offer for the property; and <br /> WHEREAS, Orange County has received an offer to purchase the property described above , in <br /> the amount of $ 178, 000 submitted by Miller Property Management , LLC, Durham , NC; and <br /> WHEREAS, Miller Property Management has paid the required five percent ( 5 % ) deposit on its <br /> offer; <br /> THEREFORE , we , the Orange County Board of County Commissioners resolve that . <br /> 1 . The Orange County Board of County Commissioners authorizes the sale of the property <br /> described above through the upset bid procedure of North Carolina General Statute <br /> 160A- 269 . <br /> 2 . The Orange County Purchasing Agent ` shall cause a notice of the proposed sale to be <br /> published . The notice shall describe the property and the amount of the offer, and shall <br /> 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 <br /> their offer to the office of the Purchasing Agent, located at 405 Meadowlands Drive , <br /> Hillsborough , NC, within 10 days after the notice of sale is published . At the conclusion <br /> of the ten - day period , the Purchasing Agent shall open the bids , if any, and the highest <br /> such bid will become the new offer . If there is more than one bid in the highest amount, <br /> the first such bid received will become the new offer . <br /> 4 . If a qualifying higher bid is received , the Purchasing Agent shall cause a new notice of the <br /> upset bid to be published , and shall continue to do so until a 10 - day period has passed <br /> without any qualifying upset bids having been received . At that time , the amount of the <br /> final high bid shall be reported to the Orange County Board of County Commissioners . <br /> 5 . A qualifying higher bid is one that raises the existing offer by not less than ten percent <br /> ( 10 % ) of the first $ 1 , 000 of that offer and 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 <br /> percent ( 5 % ) of the bids the deposit may be made in cash , cashier' s check, or certified <br /> 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 <br /> return the deposit of the final high bidder at closing . <br />