Coversheet


Town of Huntersville REQUEST FOR BOARD ACTION 3/21/2016

REVIEWED:

To: The Honorable Mayor and Board of Commissioners

From: Gerald D. Vincent, Assistant Town Manager

Subject: Harvest Point Lots

Matt McMullen, Grande Homes, has submitted a formal offer to the Town, plus a deposit of 5 percent, to purchase two vacant lots within the Harvest Point Subdivision for residential purposes.

This process is required by North Carolina Statute known as an Upset Bid process whereas a proposed formal offer is made, a 5 percent deposit is submitted, the Board will hear the request and authorize staff to proceed with an advertisement to be published in a local newspaper. Within 10 days of the advertisement, prospective bidders may submit an upset bid. Once the 10 days has passed, the item will be set for the April 18 agenda for Board approval.

An appraisal was performed approximately 2 years ago indicating a market value was $45,000/lot as of August 5, 2014.

ACTION RECOMMENDED:

Consider accepting offer to purchase lots (00925231 and 00925230 within Harvest Point subdivision) for $30,000 each and authorize staff to submit an advertisement with a local newspaper to advertise the sale of the above-mentioned properties.

FINANCIAL IMPLICATIONS:

To receive miscellaneous revenue in the amount of $60,000

ATTACHMENTS:
	Description	Type
	Back-up Information	Backup Material