2004-05-17 W&S Exhibits
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RESOLUTION
OF THE
WATER AND SEWER DISTRICT
BOARD OF COMMISSIONERS
OF
NEW HANOVER COUNTY
WHEREAS, the Water and Sewer District of New Hanover owns certain property, Tax
Parcel ID R02611-001-003-000, Property Address 4407 Northchase Parkway NE lA, Legal
Description Lot 1A Northchase Park of Commerce Section 1A;
AND WHEREAS, North Carolina General Statue 160A-269 permits the District to sell
property by upset bid, after receipt of an offer for the property;
AND WHEREAS, the District has received an offer to purchase the property described
above, in the amount of one hundred twenty-five thousand ($125,000.00) submitted by Landmark
Land, Inc.;
AND WHEREAS, Landmark Land, Inc. has paid the required five percent (5%) deposit on
his offer;
NOW, THEREFORE, BE IT RESOLVED by the Water and Sewer District Board of
Commissioners of New Hanover County that:
1. The District authorizes sale of the property described above through the upset bid
procedure of North Carolina General Statute 160A-269 and directs the Finance Office to conduct
sale in accordance with the General Statute requirements and specifically to act on behalf of the
Clerk to the Board for all Clerk duties as specified in the General Statutes regarding upset bid
procedures.
2. The Finance Office shall cause a notice ofthe 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 shall submit a sealed bid with their offer to the Finance
Office within ten (10) days after the notice of sale is published. At the conclusion of the ten (10)
day period, the Finance Office shall open the bids, if any, and the highest qualifying bid will become
the new offer. If there is more than one bid in the identical highest qualifying amount, the first such
bid received will become the new offer.
4. If a qualifying higher bid is received, the Finance Office shall cause a new notice of upset
bid to be published, and shall continue to do so until a ten (10) day period has passed without any
qualifying upset bid having been received. At that time, the amount of the final high bid shall be
reported to the Water and Sewer District Board of Commissioners for final approval or rejection.
5. A qualifying higher bid is one that:
5.1 raises the existing offer by not less than ten percent (10%) of the first $1,000.00
of the existing offer and five percent (5%) of the remainder of the existing offer.
5.2 is accompanied at the time of submission by a deposit in the amount of five
percent (5%) of the bid; the deposit may be made in cash, cashier's check, or certified check.
5.3 is made by correctly completing a "County Offer to Purchase" form; District
reserves the right to waive minor deviations.
5.4 submits the required deposit and the correctly completed "County Offer to
Purchase" form in a sealed envelope marked, "Sealed Bid", identified by the property, within the
specified ten (10) day period.
6. The District 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 District will retain the deposit
of the final high bidder until the closing, at which time the deposit will be credited to Buyer (final
high bidder). If the Water and Sewer District Board of Commissioners fails to approve final
qualifying higher bid, the deposit will be returned.
7. At the end of the upset bid process, the Water and Sewer District Board of Commissioners
shall vote to determine whether or not to grant final approval and acceptance of the final high
qualifying offer.
8. The terms of the final sale are that:
8.1 the closing for the sale shall take place within one hundred twenty (120) days
of the Water and Sewer District Board of Commissioners final acceptance of
the high qualifying offer. The one hundred twenty (120) day period is the
Due Diligence Period to determine, in Buyer's sole discretion, the suitability
of the property for Buyer's intended use. Such Due Diligence shall include,
but shall not be limited to:
8.1.1 During the Due Diligence Period, Buyer shall have the right to enter
upon the Property for the purpose of performing physical inspections
of the Property to include but not be limited to environmental tests,
subsurface tests, soil borings, engineering studies, drainage
determinations, percolation tests and topographical and boundary
surveys.
8.1.2 If during the Due Diligence Period, Buyer cannot, in its sole
discretion, obtain satisfactory results from its inspection of the
Property, then Buyer shall giver Seller written notice of its intent to
terminate this contract and all deposits shall be refunded to Buyer in
full and this contract shall be terminated.
8.2 Blanket Easement:
8.2.1 The Buyer agrees to grant a blanket easement (hereinafter "Blanket
Easement") on the Property beginning on the date of closing and
terminating two (2) years from such date (hereinafter "Blanket
Easement Period"), providing access by Seller or its authorized agents
upon, across, over and under the Property for ingress, egress,
replacing, repairing and maintaining the sewer pressure mains
existing on said property.
8.2.2 Buyer and Seller agree that the Blanket Easement shall not prevent
nor deter Buyer from constructing or causing to be constructed on the
Property paved roads, driveways, parking areas or the like during or
after the Blanket Easement Period.
8.2.3 It is understood and agreed that during the Blanket Easement Period,
the maintenance of the Property is the responsibility ofthe Buyer, its
successors and assigns and maintenance and repair of the sewer
pressure mains located on the Property are the responsibility of Seller,
its successors and assigns. It is further understood and agreed that
during the Blanket Easement Period, property taxes of the Property
are the responsibility of the Buyer, its successors and assigns.
8.2.4 the Buyer agrees to sign a Grant of Easement document as part of the
closing of the property.
8.3 the conveyance of the property shall be by a non-warranty deed; the property
is sold in "as is" condition and the District gives no warranty with respect to
usability of the property; possession of the property shall be transferred from
District to Buyer immediately upon closing;
8.4 at closing, the Buyer will be responsible for the payment of prorated ad
valorem taxes, if any are due, for the tax year in which closing occurs;
8.5 the District shall prepare the proper deed; Buyer shall pay for recording the
deed and for preparation and recording of all other instruments, if any,
incidental to closing; and
8.6 the balance of the purchase price shall be paid by cash, cashier's check,
certified check at closing.
9. The District reserves the right to withdraw the property from sale at any time before the
final approval and acceptance of the high qualifying bid is granted by the Water and Sewer District
Board of Commissioners and reserves the right to reject at any time any or all bids.
Adopted this 17th day of May, 2004.
(SEAL)
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Chairman, Water and Sewer
District Board of Commissioners
ATTEST:
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Clerk to the Board