Description
This public notice announces the City of Wilmington’s intent to sell a roughly 17,780‑sq‑ft parcel located at 908 & 922 N Front Street. The City has an existing baseline offer of $1,157,000 and is accepting “upset‑bid” submissions that must exceed the baseline by a statutory increment (minimum $100 plus 5 % of the amount over $1,000). Bids must be sealed, include a 5 % deposit, and be delivered in person to the City Clerk by 3:00 PM on October 17 2024. The highest qualifying bid will be reviewed by the City Council within 45 days; upon approval, a purchase contract is executed and must close within 30 days of its effective date. The sale is “as‑is,” with no warranties, and the buyer must obtain a boundary survey and any environmental assessments at its own expense. Possession transfers immediately at closing.
• Property: ~0.41 acre, waterfront‑adjacent, no improvements, zoning to be verified by buyer.
• Financials: Baseline $1,157,000; qualifying bid must be roughly $1.215 M or higher; 5 % deposit required; 5 % earnest money at closing.
• Process: Open upset‑bid competition, City Council approval, 30‑day closing window, “as‑is” sale, special‑warranty deed.