Description
The City of Wilmington is offering for sale a roughly 17,780 sq ft parcel at 908 & 922 N Front St., Wilmington, NC. The property is sold “as‑is” with no warranties, and the sale will be awarded to the highest qualifying upset‑bid that exceeds the existing $1,157,000 offer by the statutory increment. Interested parties must submit a sealed bid and a 5 % deposit in person by the deadline. The City Council must approve the winning bid within 45 days, after which a contract is executed and must close within 30 days of its effective date. The buyer assumes all costs for surveys, title work, and any environmental assessments.
• Baseline offer: $1,157,000; qualifying higher bid must exceed this by a formula‑driven amount (≈ $1,215,350).
• Deposit requirement: 5 % of the bid amount must accompany the bid; an additional 5 % earnest money deposit is required at closing.
• Closing & possession: Immediate upon deed recording; buyer responsible for recording fees; seller provides a Special Warranty Deed.
• Procurement method: Open upset‑bid competition under N.C. § 160A‑269; City may withdraw the property or reject all bids at any time.