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Council authorizes acceptance of offer and start of upset-bid process for former City Hall building
Summary
Mount Holly City Council adopted a resolution accepting a $762,500 offer for 131 South Main Street (former City Hall) and authorized the statutory upset-bid procedure under North Carolina law; the buyer must deposit 5% to trigger the notice period.
Mount Holly City Council unanimously adopted a resolution to accept an offer of $762,500 for 131 South Main Street, the former City Hall, and to initiate the statutory upset-bid process required by North Carolina law.
City Attorney Anders and staff outlined an addendum to the contract that preserves an easement for the armed-forces emblem on the building’s north wall, protects existing utility equipment that serves downtown festival lights and streets, clarifies the sale is ‘‘as is, where is,’’ and places publication and closing costs on the buyer. Anders told council the bidder had not objected to the proposed addendum and that, if the resolution were approved, the bidder planned to deposit the 5% statutory earnest amount; city staff stood ready to publish the required 10-day legal notice in the Gaston Gazette to start the upset-bid period under North Carolina General Statute 168-269.
Councilmember Meadows asked whether the council could exit the process; Anders noted the council may cancel during the 10-day upset-bid period or consider upset bids, but cautioned that once the upset-bid process is complete and the city is in contract the city would be bound. Meadows moved approval; Councilmember Craig seconded. The vote was unanimous.
If no qualifying upset bids are filed during the 10-day publication period, the sale will proceed into the buyer’s due-diligence period and eventual closing on the schedule set out in the contract addendum.
