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Resolution to Approve an Upset Bid for 2451 S. College Road in the Amount of $1,350,000
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Department: |
Economic Development |
Meeting Date: |
9/9/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
8/15/2025 |
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Attachments: |
Attachment #1: Resolution to Accept Upset Bid |
PURPOSE:
The purpose of this resolution is to accept the final bid received for 2451 S. College Road (“Property”) under the upset bid process.
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 the 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 (“MLS”) on February 10, 2025. The City received an offer in the amount of $1,000,000 from Vinny, Inc., and Council approved authorizing an upset bid process for the property on June 23, 2025.
A subsequent offer was then received in the amount of $1,100,000 from Gorilla, LLC, which met the criteria established in N.C.G.S. §160A-269 as a qualifying upset bid. The bid from Gorilla, LLC was advertised via public notice in a newspaper of general circulation on July 11, 2025, and called for upset bids by 3:00 PM on July 21, 2025.
A subsequent offer was then received in the amount of $1,200,000 from Brier Creek 7780, LLC, which met the criteria established in N.C.G.S. §160A-269 as a qualifying upset bid. The bid from Brier Creek 7780, LLC was advertised via public notice in a newspaper of general circulation on July 28, 2025, and called for upset bids by 3:00 PM on August 7, 2025.
A subsequent offer was then received in the amount of $1,350,000 from Vinny, Inc., which met the criteria established in N.C.G.S. §160A-269 as a qualifying upset bid. The bid from Vinny, Inc., was advertised via public notice in a newspaper of general circulation on August 15, 2025, and called for upset bids by 3:00 PM on August 25, 2025. No qualifying upset bids were received.
Since an upset bid was received after the original bid, Council is required to vote to approve the final bid.
budget
BUDGET IMPACT:
Should the proposed transaction successfully close, it is expected to generate net proceeds of approximately $1,280,000 for the City after deducting related closing costs and contracted commissions.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the resolution is recommended.