Wilmington leaders will consider the sale of two tracts of city-owned land on the north end of downtown next week.

The city has received a $1.15 million bid for 17,780 square feet across portions of city-owned properties at 908 and 922 N. Front St. The Wilmington City Council will consider a resolution that could kickstart the upset bid process on the land at its regular meeting on Tuesday, according to the meeting agenda.

City leaders declared the 0.37-acre tract at 908 N. Front St. and the 0.73-acre tract at 922 N. Front St. as surplus properties in August. If the properties are sold, proceeds would help the city pay for its purchase of Skyline Center, the former headquarters of PPD and later Thermo Fisher Scientific at 929 N. Front St.

The bidder, ILM Downtown Holdings LLC, is registered to Raiford Trask III, president of Trask Land Company. The limited liability corporation currently owns nearby parcels at 923 and 909 N. Third St., according to property records. Gardner Noble, development manager with Trask Land Company, declined to comment on Friday, citing the pending deal.

In addition to the bid, city leaders will also consider a property exchange in which ILM Downtown Holdings LLC would give the city approximately 7,918 square feet of land on its 909 N. Third St. tract along with $943,000 in cash in exchange for approximately 22,424 square feet across parts of both 908 and 922 N. Front St., according to the meeting agenda.

In all, the city would receive approximately $2.1 million along with 7,918 square feet of land – giving the city approximately 48 feet of additional frontage on N. Third Street, according to the meeting agenda. 

“Furthermore, the resulting parcels will provide the City with property that is more attractive for sale and more conducive to high-density developments, which are afforded by the land development code in the area,” the agenda states.

ILM Downtown Holdings LLC has already paid the required 5% deposit on the offer. If city leaders approve the resolution on Tuesday, it will kickstart the upset bid process for the land. Anyone wanting to upset the current offer would have to submit a sealed bid within 10 days after a notice of the sale is published.

A qualifying higher bid must raise the existing offer by at least 10% of the first $1,000 of the current offer and 5% of the remainder of the offer. A qualifying bid also must be accompanied by a deposit that is 5% of the amount of the new bid.

If no other qualifying offer is received during the upset bid period, the offer from ILM Downtown Holdings LLC would be accepted.