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RES - 2022 -048 <br /> Attachment # 3 <br /> Resolution Authorizing Upset Bid Process for 0 . 27 acre plot, GIS Pin # 985833971, <br /> Hillsborough , NC <br /> WHEREAS, Orange County owns certain property, 0 . 27 acres of land located at GIS Pin # <br /> 985833971, Chapel Hill , NC ; and <br /> WHEREAS, North Carolina General Statue 160A- 269 permits the County to sell property by <br /> upset 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 $ 4, 000 submitted by Dan and Jean Ricca , owners of adjacent property located at <br /> 200 Dumont, Hillsborough , NC ; and <br /> WHEREAS Mr . Ricca has paid the required five percent ( 5 % ) deposit on its 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 /> Fp <br /> :z <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 <br /> the upset bid to be published , and shall continue to do so until a 10 —day period has <br /> passed without any qualifying upset bids having been received . At that time , the <br /> amount of the final high bid shall be reported to the Orange County Board of County <br /> 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 <br /> offer . <br />