Agenda - 12-05-2022; 8-h - Approval of Sale of 129 East King Street, Hillsborough, NC

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3 RES-2022-028 Attachment 1 Resolution Authorizing Upset Bid Process for 129 East King Street WHEREAS, ©range 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--2.69 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 bid; 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.