title
Resolution to Authorize Upset Bid Process for 2451 S College Road
body
Department:
Economic Development
Meeting Date:
6/17/2025
Contact Name:
Aubrey Parsley
Public Hearing:
No
Contact Phone:
910-200-8382
Advertising Date/Advertised By:
6/23/2025
Attachments:
Resolution Authorize Upset Bid 2451 S College Road
PURPOSE:
The purpose of this resolution is to authorize the sale of real property owned by the City of Wilmington located at 2451 S. College Road (the "Property") using the upset bid process pursuant to N.C.G.S. ?160A-269.
BACKGROUND:
The Property was acquired by the City in 2008 and utilized by the Wilmington Police Department until January 2025. The relocation of WPD operations to various other locations has rendered this property vacant.
City staff procured the services of TJT Management Company, LLC ("Town & Country"), following a competitive procurement process which concluded with Council's approval on July 16, 2024, and a listing agreement reached on October 19, 2024. After performing due diligence activities and preparing marketing materials, the Property was listed for sale on the Multiple Listing Service on February 10, 2025. City staff received an offer in the amount of $1,000,000 from Vinny Inc., and now brings this item forward for Council consideration.
Should the resolution pass, staff would proceed by:
1) Posting an unsolicited bid application form for the Property to www.wilmingtonnc.gov/bids on or before June 23, 2025
2) Posting a public notice to a newspaper of general circulation on June 23, 2025, as is required by statute. The posting will describe the property to be sold, the terms and conditions of the sale, and the requirements for submitting a qualifying upset bid within 10 days after the date of publication. Bids would be due on or before 3:00PM on July 3, 2025. A qualifying upset bid must be an amount at least 10% of the first $1,000 of the original offer and 5% of the remainder.
If a qualifying bid is re...
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