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June 29, 2000 <br /> <br />ICe'ARgUS COU I <br /> NORTH CAROLINA <br /> <br />MEMORANDUbl <br /> <br />TO: Prospective Bidders <br /> <br />FROM: Susie Bonds, Clerk to the Board <br /> <br />RE: Upset Bid Process for the Cabarrus County Schools Administrative Complex <br /> <br />The Cabarrus County Board of Commissioners, act. i.'ng as agent for the Cabarrus County Board of <br />Education, has voted to pursue the upset bid process for the sale of approximately 15 acres of school <br />property (the Cabarrus County Schools Administrative Complex) located on U. S. Highway 29 North <br />(Concord Parkway) in the City of Concord. An offer has been received from Benderson Property <br />Development, Inc. and Stephen B. Goodman in the amount of $1,425,000.00 for the purchase of the <br />property. A copy of the "Contract of Sale" is enclosed along with a copy of North Carolina General <br />Statute 160A-269 outlining the upset bid requirements. <br /> <br />Also enclosed is a copy of the "Notice of Offer" scheduled for publication in THE INDEPENDENT <br />TRIBUNE and THE CHARLOTTE OBSERVER on Friday, June 30. The advertisement outlines the <br />process for submitting an upset bid. Persons will have 10 days from the date of publication to submit any <br />upset bids. The closing date for new bids will be 5:00 p.m. on Monday, July'10, 2000. <br /> <br />The upset bid must meet "at least" the minimum requirements of the Statute and be accompanied by the <br />required deposit. The minimum upset bid for the current offer would be in the amount of $1,496,300.00 <br />with a five percent (5%) bid deposit of $74,815.00. <br /> <br />As stated in the "Notice of Offer," specific terms of the Contzact include, among other things, a second <br />and essential contract (the "Facility Construction Contract"), for the design and development of a 67,300 <br />square foot administrative facility for the County School Board upon a site provided by the CoUnty at a <br />cost not to exceed $3,850,000.00. Person~ will have 30 days from the date of publication to provide the <br />Facility Construction Contract or equivalent Terms. <br /> <br />The process will be repeated until there is a final offer with no upset bids to be considered. The purchase <br />offer is then brought back to the Board of County Commissioners for their consideration. A closing <br />process as established in the proposal is then pursued. <br /> <br />If you have any questions, or need additional information, please call me at 788-8110. <br /> <br />Enclosures: <br /> <br />"Notice of Offer" Advertisement <br />N. C. General Statute 160A-269 <br />Benderson/Goodman "Contract of Sale" <br />Map <br /> I <br /> <br />Board of County Commissioners <br /> <br /> <br />