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6 <br /> RES-2026-010 <br /> Attachment 3 <br /> Resolution Authorizing Upset Bid Process for 1.24 plot, GIS PIN #9865614458, <br /> Hillsborough, NC <br /> WHEREAS, Orange County owns certain property, 1.24 acres of land located at GIS PIN <br /> #9865614458, Hillsborough, 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$10,000 submitted by Jeanette Stephens, Owner of Dylan Grey Properties, LLC; <br /> and <br /> WHEREAS, Ms. Jeanette Stephens 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 /> 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 131 West Margaret Lane, <br /> Suite 300, Hillsborough, NC 27278, within 10 days after the notice of sale is published. <br /> At the conclusion of the ten-day period, the Purchasing Agent shall open the bids, if any, <br /> and the highest such bid will become the new offer. If there is more than one bid in the <br /> highest amount, 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 /> 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 />