Description
This notice announces the City of Wilmington’s intent to sell a roughly 17,780‑square‑foot parcel at 908‑922 N Front Street. The sale will be conducted under North Carolina upset‑bid procedures, meaning an existing $1,157,000 offer serves as the baseline and any interested party must submit a sealed, qualifying higher bid that meets the statutory increment formula. The highest qualifying bid, if approved by City Council within 45 days of the bid deadline, will become the final offer. The buyer will acquire the property “as‑is,” must provide a 5 % deposit with the bid, obtain a boundary survey, and close within 30 days of the contract’s effective date. Possession transfers immediately at closing, and the City will deliver a Special Warranty Deed. No vendor has been selected yet.
• Property: ~0.41 acre (≈ 17,780 sq ft) on 908 & 922 N Front St., Wilmington, NC.
• Procurement: Open upset‑bid process; deadline Oct 17 2024 3 PM; 5 % bid deposit required.
• Financials: Baseline offer $1,157,000; qualifying higher bid must exceed baseline by formula; 5 % earnest money deposit; cash balance due at closing; 30‑day contract term.
• Conditions: As‑is sale, buyer must conduct surveys and environmental assessments; City provides Special Warranty Deed; no warranties on condition.