Title
Resolution to Authorize an Upset Bid Process for Surplus Property Comprised of Portions of 908 and 922 N. Front Street
Body
LEGISLATIVE INTENT/PURPOSE:
WHEREAS, the City of Wilmington owns approximately 0.37 acres of real property located at 908 N. Front Street (Parcel ID R-04712-005-006-000), hereinafter referred to as the "908 Parcel," as well as approximately 0.73 acres of real property located at 922 N. Front Street (Parcel ID R-04712-005-005-000), hereinafter referred to as the "922 Parcel"; and,
WHEREAS, the 908 Parcel and the 922 Parcel were both declared surplus by City Council via a resolution on August 20, 2024; and,
WHEREAS, the City has received an unsolicited bid in the amount of $1,157,000, submitted by ILM Downtown Holdings, LLC, for a portion of the 908 N. Front Street Parcel and a portion of the 922 N. Front Street Parcel, which comprise a total area of approximately 17,780 square feet, said portions collectively shown in Attachment A and hereinafter referred to as the "Property"; 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, ILM Downtown Holdings, LLC, has paid the required five percent (5%) deposit on this offer.
THEREFORE, BE IT RESOLVED:
THAT, City Council authorizes sale of the Property through the upset bid procedure of N.C.G.S. ?160A-269.
THAT, the City Clerk 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.
THAT, persons wishing to upset the offer that has been received shall submit a sealed bid utilizing the form available online at www.wilmingtonnc.gov/bids or in person at 929 N. Front Street, to the office of the City Clerk. within 10 days after the notice of sale is published.
THAT, at the conclusion of the 10-day period, the City Clerk shall open the bids, if any, and the highest such bi...
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