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Upset Bid - Resolution Authorizing Upset Bid Process for a Future Interest Certain Real Property
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INFORMATION CONTACT:
Brian Matthews, County Manager, 704-292-2597
ACTION REQUESTED:
Adopt the Resolution Authorizing the Use of the Upset Bid Process for the Sale of a Future Interest in Certain Real Property.
PRIOR BOARD ACTIONS
None.
BACKGROUND:
Union County currently owns a future, executory interest in approximately 8.15 acres of real property on Old Charlotte Hwy in Monroe, North Carolina, identified as Tax Map #09-366-006 ("Reverter"). Union Academy currently holds a fee simple interest to this property, subject to Union County's Reverter. The County currently does not actively use the property for any governmental functions. The Reverter interest does not vest unless the earliest of the following events occurs: Union Academy's charter is terminated or not renewed for any reason, or Union Academy ceases to occupy said property. County staff desires for the Board to consider the sale of the Reverter and to receive proceeds from the sale.
North Carolina General Statutes allow the disposition of interests in real property by local governments through a variety of means, including advertisement for sealed bids; negotiated offer, advertisement, and upset bid; public auction; or exchange.
Staff has now received an offer to purchase the Reverter. The offer to purchase the Reverter in the amount of $50,000, along with the required five percent, shall be received by clerk while upset bid process takes place. Staff proposes the Board authorize the use of the upset bid process for the sale of this Reverter, as set forth in N.C.G.S. ? 160A-269 and as outlined in the attached resolution. The resolution authorizes the advertisement of a 10-day period for upset bids to be received for the Reverter. There may be several rounds of advertisements and 10-day periods for bids, depending upon whether additional qualifying upset bids are received. Once a 10-...
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