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RES- 2025 -007 "? •)()' I Jg ) 11,9J" <br /> Attachment 3 <br /> Resolution Authorizing Upset Bid Process for 0 . 26 Acre Plot, GIS PIN # 9862246076, <br /> Hillsborough , NC <br /> WHEREAS, Orange County owns certain property, 0 . 26 acres of land located at GIS PIN <br /> # 9862246076, Hillsborough , NC; and <br /> WHEREAS, North Carolina General Statute 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 $ 4, 500 submitted by Ravi and Rosemary Kumar, owners of adjacent property <br /> located at 1501 Valley Creek Drive, Hillsborough , NC; and <br /> WHEREAS, Mr . and Mrs . Kumar have paid the required five percent ( 5 % ) deposit on the 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 bid ; 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 />