title
Resolution to Authorize Upset Bid Process for 2451 S College Road
body
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Department: |
Economic Development |
Meeting Date: |
6/17/2025 |
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Contact Name: |
Aubrey Parsley |
Public Hearing: |
No |
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Contact Phone: |
910-200-8382 |
Advertising Date/Advertised By: |
6/23/2025 |
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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 received, the public notice (advertisement) process would be repeated and the upset bid process would continue until no additional qualifying upset bid is received.
After no additional qualifying bid has been received, Council would either 1) award to the highest responsive, responsible bidder; or 2) reject all bids.
Council may reject the original bid before or during the 10-day period of the publication of the public notice. Council may also reject any subsequent qualifying bid. Should an upset bid be received, Council would again be required to vote for approval of the final bid to grant the authority necessary for Staff to conduct the transaction.
budget
BUDGET IMPACT:
Should the proposed transaction successfully close, it is expected to generate net proceeds of approximately $960,000.
recommendation
RECOMMENDATION / ACTION REQUESTED:
Passage of the resolution is recommended.