The city today opened a $1.75 million upset bid on the Roanoke Rapids Theatre from The Victor Enterprises along with a cashier’s check for the required deposit of $87,500.
The sealed bid is the same amount of the original offer the city received from the company last month — an offer that the council rescinded at a meeting almost two weeks ago because no deposit had been sent.
Victor Freeman of the concern submitted the upset bid on June 12.
The letter of intent accompanying the upset bid does not go into specifics of plans Freeman has for the venue.
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City Manager Kelly Traynham said she plans to discuss the offer with the city attorney and it will also be discussed at the city council’s meeting Tuesday, which begins at 5:30 p.m. in the Lloyd Andrews City Meeting Hall on Jackson Street.
No other upset bids were received and the one received today is $250,000 more than the one the council approved after rescinding Freeman’s original offer.
“For the upset process we look at the bid amount and the deposit amount,” Traynham said.
Traynham said the council will determine whether the offer is a qualifying upset bid. If it is considered to be a qualifying upset bid then the city will proceed with another 10-day upset bid process. “The sealed bid process is outlined by North Carolina general statutes as far as the bid amount and the deposit amount set by a specific formula. The purpose is to continue to receive sealed bids that are confidential in nature to essentially get the best market price or the best price available for the purchase of the property.”
Once the city council accepts a final offer, Traynham said, the city council would adopt a resolution which would allow a purchase and sales contract. “The process will go on until no more upset bids are received.”
