Title
Resolution to Authorize an Upset Bid Process for 115 Market Street, 114 North 2nd Street, 115 North 3rd Street, and 210 Chestnut Street
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, the City of Wilmington owns approximately 2.42 acres of real property located at 115 Market Street, 114 North 2nd Street, 115 North 3rd Street and 210 Chestnut Street, hereinafter referred to as "the Properties"; and,
WHEREAS, N.C.G.S. ?160A-269 permits the City to sell property by upset bid, after receipt of an offer for the property; and,
WHEREAS, the City has received an unsolicited offer to purchase the Properties in the amount of $16,000,000, submitted by Dinosaur Holdings, LLC ("Dinosaur"), a North Carolina limited liability company; and,
WHEREAS, Dinosaur has paid the required five percent (5%) deposit on the offer; and,
WHEREAS, key terms of the offer to purchase the properties described above include the following:
1. Property to be sold in "As-Is" condition.
2. Property to be conveyed by Special Warranty Deed, free of all liens and encumbrances which are not of record, and subject to existing leases.
3. Buyer has a 60 day right of entry to complete due diligence and 30 days to close after expiration of due diligence.
4. Buyer may, for any reason or no reason, terminate the contract and be entitled to a full earnest money deposit refund of $800,000.
5. Seller to provide lease information, rent roll, service contract information, and other information related to operations of the Properties.
6. Leases and license agreements must remain substantially the same, at the sole discretion of Buyer, to affect closing.
THEREFORE, BE IT RESOLVED:
THAT, City Council authorizes sale of the Properties through the upset bid procedure set forth in N.C.G.S. ?160A-269.
THAT, the City Clerk shall cause a notice of the proposed sale to be published describing the Properties, the amount of the offer, and the terms under which the offer may be upset.
THAT, persons wishing to upset th...
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