Title
Upset Bid Process for City-Owned Property on Pegram Street
Action
Action:
A. Adopt a resolution authorizing the Upset Bid Process for an approximately 0.084-acre city-owned property located at 1726 Pegram Street (parcel identification number 081-166-32) for an initial bid amount of $175,000,
B. Direct the City Clerk to cause a notice of the proposed sale to be published, which shall describe the property, the amount and terms of the offer, and the terms under which the offer may be upset, and
C. If there are no qualifying upset bids received after the initial public notice, allow the City Manager, or his designee, to negotiate and execute all documents necessary to complete the transaction.
Body
Staff Resource(s):
Phil Reiger, General Services
Gregory Crawford, General Services
Explanation
§ ShareWealth Investments Group LLC (ShareWealth) proposes to purchase an approximately 0.084-acre city-owned property at 1726 Pegram Street (Property), which is zoned N2-B (residential) and located in Council District 1.
§ The city purchased the Property through foreclosure in 2005, and the site is currently undeveloped.
§ The Property was evaluated for affordable housing opportunities by city staff. However, characteristics of the site limit its suitability and potential for affordable housing development as a standalone lot.
§ The Property has been through the standard mandatory referral process, has been determined to be surplus, and is eligible to be sold.
§ City Council has the authority to sell properties through the upset bid procedures outlined in NC General Statute 160A-269, and Section 8.22 of the city’s Charter.
§ The Property was appraised for $175,000 on February 25, 2026.
§ An offer to purchase in the amount of $175,000, along with the required five percent deposit from ShareWealth has been made.
§ ShareWealth owns property adjacent to this Property: parcel identification number 081-166-04.
§ This action is consistent with the City-Owned Real Estate and Facilities Policy.
Fiscal Note
Funding: Proceeds from the sale of the property will be deposited into the General Fund
Attachments
Attachment(s)
Map
Resolution