Resolution Authorizing Upset Bid Process
TOWN OF ELIZABETHTOWN
 
Resolution Authorizing Upset Bid Process
 
#R-2017-17

WHEREAS, the Town of Elizabethtown owns certain property as described below:

     Being all of Lot 1, 1.04 acres, more or less, as shown and delineated on that plat of survey entitled “A Survey for ER Properties of NC, Inc.” dated March 21, 2017 by M. Shelton Bordeaux           Surveying and recorded in Plat Cabinet CO50 Page 495, Bladen County Registry, which said plat is incorporated herein by reference for further particularity of description.

     And being that same tract described as Tract Three in Deed recorded in Book 678, Page 212, Bladen County Registry.

WHEREAS, on July 10, 2017, Town Council declared the above-described property to be surplus to the needs of the Town; and

WHEREAS, NCGS 160A-269 permits the Town to sell property by upset bid, after receipt of an offer for the property; and

NOW, THEREFORE, the Town Council of the Town of Elizabethtown resolves that:

     1. The Town Council authorizes sale of the property described above through the upset bid procedure of NCGS 160A-269.

     2. The Town Clerk shall cause a notice of the proposed sale to be published. The notice shall describe the property and the amount of the offer, and shall state the terms             under which the offer may be upset.

     3. The minimum amount to be accepted is $85,000.

     4. Persons wishing to upset the offer that has been received shall submit a sealed bid with their offer to the office of the Town Clerk within 10 days after the notice of                 sale is published. At the conclusion of the 10-day period, the Town 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.

     5. If a qualifying higher bid is received, the Town Clerk shall cause a new notice of upset bid to be published, and shall continue to do so until a 10-day period has passed           without any qualifying upset bid having been received. At that time, the amount of the final high bid shall be reported to the Town Council.

     6. A qualifying higher bid is one that raises the existing offer by not less than ten percent (10%) of the first $1,000.00 of that offer and five percent (5%) of the                           remainder of that offer.

     7. A qualifying higher bid must also be accompanied by a deposit in the amount of five percent (5%) of the bid; the deposit may be made in cash, cashier’s check, or                   certified check. The Town will return the deposit on any bid not accepted, and will return the deposit on an offer subject to upset if a qualifying higher bid is received.             The Town will return the deposit of the final high bidder at closing.

     8. The terms of the final sale are that

          • The Town Council must approve the final high offer before the sale is closed, which it will do within 30 days after the final upset bid period has passed, and

          • The buyer must pay with cash at the time of closing.

     9. The Town reserves the right to withdraw the property from sale at any time before the final high bid is accepted and the right to reject at any time all bids.

     10. If no qualifying upset bid is received after the initial public notice, the offer set forth above is hereby accepted. The appropriate Town officials are authorized to                       execute the instruments necessary to convey the property to the successful bidder.

Adopted this 4th day of December, 2017.

Sylvia Campbell, Mayor

 
The Town of Elizabethtown, NC - 1773