The Wilmington City Council voted unanimously Tuesday night to start the upset bid process for city-owned land on North Front Street.

The city received a $1.15 million offer for 17,780 square feet across 908 and 922 N. Front S. from ILM Downtown Holdings LLC, an entity registered to Raiford Trask III, president of Trask Land Co. The corporation currently owns nearby parcels at 923 and 909 N. Third St., according to property records.

If the upset bid clock starts ticking on Oct. 7 when a notice of sale is expected to be published, bids would be due by 3 p.m. Oct. 17, according to council documents. 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 of 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.

In addition to the upset bid process, the council unanimously approved 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.

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, making way for a potential sale. 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.