Description
The City of Wilmington is offering a parcel of city‑owned land (approximately 17,780 sq ft at 908 & 922 N Front St.) for sale under an upset‑bid procedure. An existing baseline offer of $1,157,000 has been recorded; any qualifying higher bid must exceed this amount by a statutory increment (10 % of the first $1,000 plus 5 % of the remainder). Bidders must submit a sealed bid with a 5 % deposit in person by the deadline, after which the City Council will approve the highest qualifying bid within 45 days. The contract, once executed, is “as‑is,” requires a buyer‑conducted survey, and must close within 30 days of the effective date.
• Property: ~0.41 acre, waterfront‑adjacent, no improvements, sold “as‑is.”
• Financials: Baseline offer $1,157,000; qualifying higher bid ≈ $1.215 M; 5 % deposit required; 5 % earnest money at closing.
• Process: Upset‑bid submission (deadline Oct 17 2024), Council approval (≤45 days), 30‑day contract window, immediate possession at closing.