The Property will be sold by Internet auction at www.EnergyNet.com. The bids for the Property will only be accepted at www.EfficientMarkets.com and all bidders must conform to the requirement as detailed at www.EnergyNet.com for the Internet auction of this Property. No bids or offers of any type will be accepted directly by the City. The Internet auction will commence on December 11, 2025 and close on December 18, 2025. The City and its employees shall not be liable for failure of a computer, laptop, or tablet computer, smartphone, or any other electronic medium or device, including, without limitation, hardware, software or application, computer network, or Internet website, which prevents a person from participating in the auction. The highest bid will be reviewed by the City Council at the December 3, 2025 meeting. If accepted, Buyer shall negotiate and execute a mutually acceptable purchase and sale agreement (the "PSA") in form and substance that is materially similar to the draft template provided for review as part of the Internet auction process no later than February 6, 2026.
The Property will be sold under the following terms and conditions:
The accepted and highest bidder will have until March 11, 2026 (the “Submittal Period”) to submit for any applicable Planning Commission and City Council entitlement approvals, at the June 16, 2026 and July 15, 2026 meetings, respectively, for its proposed use for the Property, subject only to customary and reasonable conditions of approval, all of which approvals and conditions shall be acceptable to the accepted and highest bidder in the accepted and highest bidder’s sole and absolute discretion. Although the City, in its role as a municipal authority, cannot and does not provide any express or implied guarantees, commitments, or approvals regarding the consideration of the accepted and highest bidder’s entitlement applications, the City agrees that it will commit to exerting reasonable effort and undertaking reasonable and legally permissible actions to the review and consideration by staff and presentation to the Las Vegas City Council for approval of land use entitlement applications for the highest bidder. The City also agrees to reasonably cooperate with and support the accepted and highest bidder in obtaining the necessary permits or other approval from relevant outside agencies. However, City shall bear no costs or responsibility for securing such permits, and any actions taken by the City shall not be construed as a guarantee of approval or compliance with agency requirements.
The Property will be sold for cash. The Earnest Money (as defined herein) deposited by the highest and accepted bidder will be applied towards the purchase price at closing. The purchase of the Property shall not be conditioned on highest and accepted bidder securing financing or obtaining an appraisal.
The Las Vegas City Council may reject any and all bids at any time and withdraw the Property for sale in its sole discretion.
The Property is being sold “AS-IS, WHERE-IS” and the bidders shall conduct their own independent due diligence as to the suitability of the Property for the bidder’s intended use or any other use. The Approval Period under the PSA shall expire on 5:00 pm local Las Vegas time on August 17, 2026. The City makes no warranties or representations as to the physical condition of the Property or the existence of hazardous materials on, under, or about the Property. The City’s interest in the Property will be conveyed by grant, bargain, and sale deed, and shall be subject to all leases and other agreements pertaining to the Property.
All closing and escrow costs, title fees (including buyer’s and/or lender’s title insurance), and real property transfer tax will be paid by the highest and accepted bidder at closing. The City will not pay any real estate or broker commissions or fees for the real estate transaction contemplated hereunder. The highest and accepted bidder shall also pay all publication costs, appraisal costs, Internet auctions fees, buyer’s premium, and other costs for the real estate transaction contemplated hereunder.
John Tippins
NorthCap Multifamily
