Property Description

250CG054 - 0.53 acresAn exceptional residential development opportunity is now available in Oak Island, North Carolina. Conveniently located on Elizabeth Drive. On the Intracoastal side of the Island. § 160A-269.Negotiated offer, advertisement, and upset bids.A city may receive, solicit, or negotiate an offer to purchase property andadvertise it for upset bids. When an offer is made and the council proposes toaccept it, the council shall require the offeror to deposit five percent (5%) of hisbid with the city clerk, and shall publish a notice of the offer.The notice shall contain a general description of the property, the amount andterms of the offer, and a notice that within 10 days any person may raise the bidby not less than ten percent (10%) of the first one thousand dollars ($1,000) andfive percent (5%) of the remainder. When a bid is raised, the bidder shall depositwith the city clerk five percent (5%) of the increased bid, and the clerk shallre-advertise the offer at the increased bid.This procedure shall be repeated until no further qualifying upset bids arereceived, at which time the council may accept the offer and sell the propertyto the highest bidder. The council may at any time reject any and all offers.isteddeadline. Step 1: Submit a Written OfferTo begin the process, please submit a written offer via email to mgreene@marccom.com,kjackson@oakislandnc.gov, and lstites@oakislandnc.gov- Subject Line: Offer for 250CG056 & 250CG054- Required Terms: Purchase price, closing period, and proof of funds.- Note: This initial offer acts as a Letter of Intent and is not a formal contract.Step 2: Town Council ReviewThe Town Council must vote to ''propose to accept'' the initial offer. This review will take placeat either the next regularly scheduled meeting or a specially called session. Prospectivebidders should understand that bids will be discussed in open session, and the Council willdecide in open session whether to accept a offer or not.Step 3: Deposit and Upset Bid ProcessIf the council proposes to accept your offer, you must deposit 5% of the bid amountwith the Town Clerk. The clerk will then publish a public notice of the offer pursuant toNC General Statute § 160A-269, which officially opens the 10-day upset bid process.Pursuant to statute, the town holds the deposit.Step 4: Final Approval and ContractOnce the upset bid period closes and the final high bidder is determined, the Town Council will pass a resolution authorizing the Town Manager to work with Marguerite Greene (C21 Collective) to execute the formal purchase contract. Step 1: Make an Initial OfferYou submit a formal ''Offer to Purchase'' directly to the town for a specific piece ofproperty.Step 2: Town Review & Earnest MoneyIf the town board is interested in your offer, they will pass a resolution toaccept it conditionally.You must place a 5% deposit (bid bond or cash deposit) with the townclerk to secure your position while the public bidding period opens.Step 3: The 1

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