TOWN OF EDENTON PROPERTY SALES IN REDEVELOPMENT ZONES

This document will provide a guide for the sale of properties acquired by the Town in Redevelopment Zones. Edenton has two

Redevelopment Zones, the North Oakum St Redevelopment Zone and the Moseley St Redevelopment Zone. The plans for the

two Redevelopment Zones were adopted by Town Council on June 22 of 2015 with the intention of promoting the health, safety

and welfare of the inhabitants of the chosen communities and their blighted areas. The North Oakum St and Moseley St

Redevelopment Zone Plans can be found on the Town's website. The process by which the Town will be selling properties will

be Upset Bid, an authority given to them in Article 22 of G.S. §160A-500 through §160A-526 and outlined further in in

Article 12 of G.S. §160A-265 through §160A-280. All properties being sold in Redevelopment Zones by the Town of Edenton

have protective covenants attached to the deed of each property outlining, among other things, the requirements of rehabilitation,

construction, maintenance, modifications to structures of historical significance, etc.…

Contents

The Upset Bid Process………………………………………………………………………………………………… 2

Properties for Sale in Redevelopment Zones………………………………………………………………………….. 2

Frequently Asked Questions……………………………………………………………………………………………3

Protective Covenant for Properties Outside of the Historic District………………………………………………….8

Protective Covenant for Properties in the Historic District………………………………………………. ………. . 12

Upset Bid Form………………………………………………………………………………………………………...16

Resources

Chowan County GIS

This can be used as a tool to see the exact size/shape of a parcel being sold as well as what zoning district it’s in, whether or not

it is in the historic district, what its appraisal value is, when the building was last appraised, etc…

Edenton Redevelopment Plans

Reviewing the Redevelopment Plants currently in place in Edenton will help deepen your understanding of the purpose behind

the establishment of the North Oakum Street and Moseley Street Redevelopment Areas in Edenton, what their boundaries are,

how they affect parties wanting to buy properties or construct in the Redevelopment Areas, etc…

Article 22 of G.S. §160A-500 through §160A-526

This article on Urban Redevelopment Law gives the Town of Edenton statutory authority to establish Redevelopment Areas

(“Areas” to be used interchangeably with “Zones” throughout this document) and Redevelopment Commissions.

Article 12 of G.S. §160A-265 through §160A-280

This article on the Sale and Disposition of Property outlines the procedure(s) by which a municipality may dispose of acquired

properties. The procedure that the Town of Edenton will be following is Upset Bid Process.

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The upset bid process will take place over several weeks. The Town Council retains final authority over the sale of properties

and can choose reject a bid or remove a property from the market if they so wish. Properties currently available for sale are listed

beginning on page two.

1. Anyone wishing to begin the Upset Bid Process should first speak with staff in the Town Planning Department

about the property they are interested in and to learn more about the Redevelopment Zones in Edenton and the

Upset Bid Process.

2. The Upset bid process begins when the Town of Edenton receives an offer to purchase a property establishing

the initial bid. To be a qualifying initial bid, the bidder must submit the Upset Bid Form and a five percent (5%)

deposit of their bid amount in the form of cash, cashiers check or certified check in a sealed envelope to the

Town Clerk at 400 South Broad St, Edenton, NC, 27932.

3. Once the initial bid has been received, the Town Council must adopt a Resolution beginning the upset bid

process at their next meeting.

4. If Town Council accepts the Resolution, the Town will publicize a notice of sale in the paper for a period of ten

(10) days, allowing time for other interested parties to bid on the property. The notice will describe the

property, set out the amount and terms of the offer and specify the requirements for submission of an upset bid.

The upset bid process will remain open for ten (10) days after the initial publication date of the notice (not in-

cluding the actual day it was published).

5. Any person wishing to submit a qualifying upset bid must do so by submitting the Upset Bid Form in a sealed

envelope to the Town Clerk before 5:00 PM on the tenth (10th) day of the upset bid process along with a five

percent (5%) deposit of their bid in the form of cash, cashiers check or certified check. Submitted upset bids will

be stamped with the date and time that they were received.

a. A qualifying bid must raise the initial bid amount by at least ten percent (10%) of the first $1,000 of that

offer and five percent (5%) of the remainder. The minimum qualifying bid amount will be clearly listed in

the publicized notice. Additionally, an example of how to make the calculation is included below:

Original Offer: $9,000 Minimum Upset Bid Original Offer……………………………….$9,000 + 10% of first $1,000…………………….$100 + 5% of the remainder ($8,000)…………$400 _______ $9,500

b. If a bid is not accepted, the deposit will be returned to the bidder in full.

7. At 5:00 PM on the 10th (tenth) day of the upset bid process, the Town Clerk will open all (if any) new bids that

have been received. The largest upset bid received will become the new high bid and offer to purchase. If more

than one bid is submitted in the same amount, the bid submitted earliest will be the new high bid.

8. At this time, the Town will publicize a new notice with the new offer to purchase and the upset bid process will

THE UPSET BID PROCESS

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continue in this manner until a 10 (ten) day period passes without receipt of a qualifying upset bid.

9. Once a period of ten (10) days has passed without receipt of an upset bid, the Redevelopment Commission may

either accept or reject the bid. A successful high bidder must be able to demonstrate financial ability to

complete a rehabilitation / construction project.

10. Once the Redevelopment Commission has accepted a final bid, the Town Council will have thirty (30) days to

approve the sale. As the Town Council appointed themselves to be the Redevelopment Commission, an

acceptance of the highest bid on behalf of the Redevelopment Commission will be understood as an authoriza-

tion by Town Council to complete the final sale.

11. Town staff, with the assistance of the Town Attorney, will then begin to execute the necessary documents and

close the sale.

1. Will I get my deposit back if my bid is not accepted?

Yes you will. If your bid is accepted, your deposit will be returned to you in full before you pay your full bid

amount. If your bid is rejected or upset by a higher bidder, your deposit will be returned to you in full.

2. Can I make payments or do I need to pay my full bid amount at closing?

You mat not make payments. You must be prepared to pay the entirety of your bid at closing, should it be accepted

by Town Council.

3. Is there a minimum amount that I have to bid on a property?

No, there is not a minimum amount that you must bid on a property. However, there are appraisal values (the prop-

erty appraisal value, not the tax appraisal value) listed in the property descriptions in this packet, and bids that are

approaching or are the appraisal value are more likely to be accepted.

4. Are there rehabilitation requirements?

There is not a list of specific requirements that must be complete on the property, however, all of the properties

being sold by the Town are in need of rehabilitation / construction and that work must begin within one year of

purchasing it and be completed within two years of purchasing it. All of the properties being sold by the Town are

subject to the protective covenants listed in this packet as well as all normal building / zoning regulations and if

they are overlaid in Edenton’s Historic District, all rehabilitation / construction must be approved by the Historic

Preservation Commission.

5. Will the Upset Bid Process for a property be advertised online or in the paper?

Advertisements will always be in the paper.

6. If someone upsets my bid, can I make another bid?

Yes you can. If someone upsets your bid during the upset bid process with a qualifying higher bid, the upset bid

process will start over and you will have 10 days to submit a new bid.

FREQUENTLY ASKED QUESTIONS

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123 East Gale St—North Oakum Street Redevelopment Zone

At a glance…

Two story, single family home

R5 zoning

0.13 acres

1.5 bathrooms

117 years old

1,399 square feet

Total value: $15,500 (last appraised 12/19/2016)

123 East Gale St is located in the North Oakum Street

Redevelopment Zone and is overlaid in the Edenton Historic

District. As it is located in the Historic District, in addition to the

protective covenants placed on the parcel, it is also subject to the guidelines of the Edenton Historic Preservation

PROPERTIES FOR SALE

7. Are all of the properties listed in the Redevelopment Zone Plans for sale?

No they are not. The North Oakum and Moseley Street Redevelopment Plans list all of the properties that are

physically inside of the Redevelopment Zone boundaries. The only properties currently for sale are listen in this

packet.

8. What happens if I’m unable to adequately provide proof of my financial capacity to complete a

rehabilitation or construction project?

If you are unable to provide adequate proof of your financial capacity to complete a rehabilitation / construction

project for the property you wish to purchase, your bid will be rejected. Before you submit a bid for a property, it is

recommended that you contact a contractor for an estimate on how much rehabilitation / construction will cost.

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must adhere to those guidelines. This parcel is directly across the street from the Hannibal Badham Jr. House and

in close proximity to Kadesh A.M.E. Zion Church and the Hannibal Badham Sr. House. Surrounded by history, this

single family home comes with a 0.15 acre plot of land and a backyard with shade trees. The structure is vacant but

not yet in a severe state of dilapidation. This parcel is within walking distance of historic downtown Edenton.

2. 133 East Gale Street—North Oakum Street Redevelopment Zone

133 East Gale St is located in the North Oakum Redevelopment Zone and is overlaid in the Edenton Historic

District. As it is located in the Historic District, in addition to the protective covenants placed on the parcel, it is

also subject to the guidelines of the Edenton Historic Preservation Committee and all construction/rehabilitation

must adhere to those guidelines. This two story brick home was built in 1900 and comes with a 0.25 acre plot of

land with trees in the backyard area and a second structure (a garage) behind the home that is in a severe state of

dilapidation. This parcel is in close proximity to Kadesh A.M.E. Zion Church and is within walking distance of

historic Edenton, the waterfront, Taylor Theater, the Farmer’s Market. The property also has a paved driveway

for your vehicle.

At a glance…

Two story, single family home

R5 zoning

0.25 acres

1.1 bathrooms

2,039 square feet

Built in 1900

Total value: $29,000 (last appraised on 09/26/2019)

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3. 136 East Albemarle St—North Oakum Street Redevelopment Zone

136 East Albemarle St is located in the North Oakum Redevelopment Zone. It is a single story, ranch style brick

home with a lovely, large backyard with several shade trees and 0.30 acres. The front yard has a fence around the

property and there is a small garage. The main structure is 61 years old and has 1.1 bathrooms. This parcel is in

close proximity to Kadesh A.M.E. Zion Church and is within walking

distance of historic Edenton, the waterfront, Taylor Theater, the

Farmer’s Market and has a paved driveway for your vehicle.

At a glance…

Single story home

R5 zoning

0.30 acres

Built in 1956

1.5 bathrooms

1,387 square feet

Total value: $30,000 (last appraised 03/03/2017)

4. 304 East Church St—North Oakum Street Redevelopment Zone

At a glance…

Two units (A—front unit, B—back unit)

R5 zoning

0.25 acres

3 total bathrooms (between the two units)

1,394 square feet (between the two units)

Total value: $12,500 (last appraised 09/24/2018)

Unit A

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304 East Church St is located in the North Oakum Redevelopment Zone. Both of

the units are single story homes estimated to be over 100 years old and come with

a lovely, large backyard with several shade trees and on 0.25 acres. Both struc-

tures are vacant and not in occupiable condition. The first structure appears to

have been constructed to be a duplex. This parcel is in close proximity to Kadesh

A.M.E. Zion Church and is within walking distance of historic Edenton, the wa-

terfront, Taylor Theater, the Farmer’s Market and has a paved driveway for your

vehicle.

Questions regarding any of these properties or interest in submitting an offer for purchase may be directed to:

Elizabeth Bryant

Planning Director

elizabeth.bryant@edenton.nc.gov

252.482.2155, Ext. 182

Last updated June, 2020

Unit A Unit A

Unit B Unit B

Upset Bid Form

***During the Covid-19 Pandemic, we ask that you contact Tammy Woodley (252.482.7352ext.181) or Anne-Marie Knighton (252.482.7352) before bringing your bid to Town Hall to ensure

that it can be safely received.***

This form must be submitted in a sealed envelope to the Town Clerk in Town Hall along with a fivepercent (5%) deposit of your bid in the form of a cashier's check, cash or certified check. Before

submitting this form, please make sure that you have spoken to staff in the Town PlanningDepartment about your interest in a property, the upset bid process and Redevelopment Zones.

Name (s)

Address

Phone Number (s)

Email (s)

Property Address

The last bid was in the amount of $

My (our) bid for the property is $ and increases the last bid by not less

than ten percent (10%) of the first $1,000 and five percent (5%) of the balance.

Enclosed is a deposit in the amount of $ ,not less than five percent (5%) of

my (our) bid for the property.

I (we) understand that submitting this form does not guarantee that my (our) bid will be the highest

bid or that it will be accepted by the Redevelopment Commision. I (we) understand that if my (our)

bid is accepted by the Redevelopment Commission, the Upset Bid Process will be open for a period

of ten (10) days in which our bid may be upset.

Upon notification that my (our) offer has been accepted and there have been no upset bids, I (we)

would like the Town of Edenton to begin preparing the necessary documents to close the sale in

the amount of my (our) bid.

Date

Signature (s)

Town of Edenton

Redevelopment Commission

Upset Bid Form for Redevelopment Zone Properties

Town Hall

400 South Broad StEdenton, N.C. 27932

252.482.2155