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Resolution Authorizing Upset Bid Process Old Bethel School Property WHEREAS, Cabarrus County is the owner of parcels of land known as the Old Bethel School Property on Highway 24 -27 (the "Property ") , as indicated on the attached Exhibit A, which Property is surplus to its needs; and WHEREAS, N.C. Gen. Stat. § 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 two (2) offers to purchase the property described above, both in the amount of $10,000.00, submitted by Woodson University and C- Voltaics, Inc.; and WHEREAS, Woodson University and C- Voltaics, Inc. have paid the required five percent (50) deposits on their offers: THEREFORE, THE CABARRUS COUNTY BOARD OF COMMISSIONERS RESOLVES THAT: 1. The County Commissioners authorizes sale of the property described above through the upset bid procedure of 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 office of 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 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. 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 existing offer by not less than ten percent (100) of the first $1,000.00 of that offer and five percent (50) of the remainder of that offer. 6. A qualifying higher bid must also be accompanied by a deposit in the amount of five percent (50) of the bid, the deposit may be 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 closing. 7. The terms of the final sale are that • the County Commission 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 Attachment number 7 E -1 Page 69