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<br />Property. While that is no guarantee that at least one bidder is still interested, these calls are at <br />least indicative of that interest. <br /> <br />The Board has three legally permissible options: <br /> <br />1. Officially accept the Bost Offer, declaring that the Craven Offer was not a valid upset bid due to <br />substantive changes in the contract terms and omission of a technically required provision. <br /> <br />2. Accept the Craven Offer, stating the Board is willing to assume the risk of business terms more <br />favorable to the Buyer in exchange for the higher price. Start the next upset bid term of ten days. <br />Be prepared to have the Craven Offer be the final bid or have a higher bid, using the precedent <br />set for more lenient business terms for the Buyer. <br /> <br />3. Reject both the Bost Offer and the Craven Offer for the reasons stated above and start a new <br />upset bid process at a minimum bid of $1.3 million dollars. Direct County counsel to draft a form <br />contract that all bidders must unequivocally use, with the only permitted change being the price <br />offered. The risk with this option is that no bidders come back at this time. Both parties currently <br />appear highly motivated, but that is not a guarantee. <br /> <br />Please advise as to the business direction you wish to follow. <br /> <br />Respectfully submitted, <br /> <br /> <br />~ <br /> <br /> <br />. Page 3 <br /> <br />£,~ <br />