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Consider Accepting the Offer to Purchase County Owned Property
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INFORMATION CONTACT:
Brian Matthews, County Manager, 704-292-2597
ACTION REQUESTED:
1) Accept $50,000 for the sale of the Reverter interest in parcel #09-366-006 and (i) authorize the sale of the real property, in accordance with the Board’s “Resolution Authorizing the Use of the Upset Bid Process for the Sale of a Future Interest in Certain Real Property,” adopted October 7, 2024, to the final highest responsive, responsible bidder, Union Academy, in the amount of $50,000; and (ii) authorize the County Manager to negotiate and execute any documentation necessary to effectuate such sale; or
2) authorize additional upset bid periods; or
3) reject the current bid.
PRIOR BOARD ACTIONS:
October 7, 2024, Regular Meeting, Agenda Item # 24-686 - Adopted Resolution Authorizing the Use of the Upset Bid Process for the Sale of a Future Interest in Certain Real Property
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 until the occurrence of the earliest of the following events: 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 in the amount of $50,000. The required five percent deposit was received by the clerk on October 18, 2024. The Board authorized the use of the upset bid process for the sale of this Reverter, as set forth in N.C.G.S. § 160A-269. A 10-day period for upset bids to be received for the Reverter was advertised and ended on October 22, 2024, at 5pm. No upset bids have been received. Once a 10-day period has passed without any qualifying upset bids, the amount of the final high bid shall be reported back to the Board. The Board shall determine whether or not to accept the high bid no later than ninety (90) days after the final upset bid period has passed. Staff is bringing this matter to the Board to consider whether to accept the current offer of $50,000 from Union Academy.
FINANCIAL IMPACT:
Revenue of $50,000 minus any closing costs for the transaction.