title
Resolution Authorizing an Upset Bid Process to Lease Real Property at 929 N. Front Street
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:
N/A
Attachments:
Attachment #1: Resolution
PURPOSE:
The purpose of this resolution is to take in an initial offer and authorize an upset bid process based upon that offer for the lease of a portion of the eighth floor ("Property") of 929 N. Front Street ("Skyline Center").
BACKGROUND:
Attached for your consideration is a resolution to receive an initial offer and authorize an upset bid process based on that offer for the lease of the Property. An offer to lease the Property was received from McKim & Creed, Inc. The Property consists of approximately 22,580 rentable square feet of space. The lease term offered has an initial term of eleven (11) years, as well as two (2) options to renew the lease for an additional five (5) years each. The initial annual rent offered for the Property equals $541,920 and escalates annually by 2.5% thereafter.
N.C.G.S ?160A-272 authorizes the City to enter into leases exceeding ten years in term, with such leases being treated as a sale of property that may be executed by following the procedures authorized for the sale of real property. N.C.G.S. ?160A-269 permits the City to lease property pursuant to upset bid procedure after receipt of an offer.
Should the resolution pass, staff would proceed by 1) posting a bid application form for the Property to www.wilmingtonnc.gov/bids on or before June 23, 2025; and 2) posting a public notice to a newspaper of general circulation on or before June 23, 2025. The postings will describe the property to be leased, the terms and conditions of the lease, and the requirements for submitting a qualifying upset bid within 10 days after the date of publication. Bids would be due on or before 3:00 PM on July 3, 2025.
A qu...
Click here for full text