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0 Resolution Authorizing Upset Bid Process t7 Union Street South Property WHEREAS, Cabarrus County is the owner of a parcel of land located at 86 Union Street South and identified as part of Parcel Identification Number 5620 -97 -1492 (the "Property ") as indicated on attached maps, which is surplus to its needs; and WHEREAS, N.C. General Statute 160A -269 permits the County to sell real property by upset bid, after receipt of an offer for the property; and WHEREAS, the County has received an offer to purchase an approximate 1,000 square feet part of the Property described above in the amount of $6,000.00, submitted by Rinker Commercial Properties for their client Bright Parsun, LLC; and WHEREAS, Rinker Commercial Properties have paid the required five percent (5 %) deposit on their offer; THEREFORE, THE CABARRUS COUNTY BOARD OF COMMISSIONERS RESOLVES THAT; 1. The County Commissioners authorize the sale of the property described above through the upset bid procedure of the North Carolina General Statute 160A -269. 2. The County 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. Persons wishing to upset the offer that has been received shall submit a sealed bid with their offer to the County Manager within 10 days after the notice of sale is published. During the 10 -day bidding period, the Clerk shall open any bids received, if any, and the highest such bid shall 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. 4. If a qualifying higher bid is received, the County 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 bids having been received. At that time, the amount of the final high bid shall be reported to the County Commission. 5. A qualifying higher bid is one that raises the initial or existing highest offer by not less than ten percent (10 %) of the first $1,000.00 of the previous offer and five percent (5 %) of the remainder of that offer. 6. A qualifying higher bid must also be accompanied by a deposit in the amount of five percent (5 %) of the bid, the deposit made in cash, cashier's check, or certified check. The County 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 County will return the deposit of the final high bidder at the closing. Attachment number 1 F -6 Page 105