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Resolution to Authorize an Upset Bid Process for 305, 315, and 319 Chestnut Street
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LEGISLATIVE INTENT/PURPOSE:
WHEREAS, the City of Wilmington owns approximately 1.65 acres of real property located at 305, 315, and 319 Chestnut Street (Parcel IDs R04817-015-003-000, R04817-015-006-000 & R04817-015-007-000) 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, the City has received an offer to purchase the Property described above, in the amount of $1,700,000, submitted by Cape Fear Holdings, LLC; and,
WHEREAS, Cape Fear Holdings, LLC has included in the bid a provision which would restrict the principal use of the Property to a retail grocery supermarket for a duration of at least 10 years; and,
WHEREAS, Cape Fear Holdings, LLC has paid the required five percent (5%) deposit on the offer, which is requisite to begin the upset bid process.
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, describing 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 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.
THAT, if a qualifying higher bid is received, the City Clerk shall cause a new notice of upset bid to be published, and shall continue to do...
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