1. (a) The Corporation will, in its discretion, dispose of real property described in 15 AAC 150.600 through the solicitation of sealed bids for the purchase. The solicitation will conform to the provisions set out in 15 AAC 150.640. The solicitation of bids will contain the following information:

   1. (1) the date of the solicitation;
   2. (2) the last date and time on which a bid will be accepted;
   3. (3) a description of the real property that is to be sold, including the number of square feet;
   4. (4) the location of the real property that is to be sold;
   5. (5) identification of the location where other relevant information concerning the real property may be obtained; and
   6. (6) any additional relevant information.

2. (b) A bid submitted to the Corporation pursuant to a solicitation, in addition to any other requirements imposed on that particular bid, must contain the following:

   1. (1) the name of the bidder;
   2. (2) the amount of the bid; and
   3. (3) any other information or documentation, including a good faith deposit, as required by the Corporation for the particular bid.
3. (c) The Corporation will receive a sealed bid at the date and time set forth in the invitation to bid. The Corporation, upon receipt of each sealed bid, will date and time-stamp the bid and place the respective bid in a file of bids until opening. At the time and place specified in the solicitation, the Corporation will open all sealed bids in public. However, the opening of all bids will commence within five minutes of the closing time established for receiving bids. The Corporation will not permit a bidder to alter a bid after the scheduled bid opening time.
4. (d) A bidder may submit a revised bid. However, the Corporation must receive revised bids at least 48 hours before the date and time set for the receipt of bids. A person delivering a revised bid must deliver the revised bid in a sealed container. Additionally, if the modification or revision is not explicit and if in any sense it is subject to misinterpretation, the revised as well as the original bid are subject to rejection by the Corporation.
5. (e) A bidder may withdraw a sealed bid on written or telegraphic request dispatched by the bidder in time for delivery in the normal course of business to the time fixed for opening of bids. If the bidder telegraphs a request for withdrawal, the Corporation will honor the request only if (1) the bidder mails a written confirmation of the telegraphic withdrawal signed by the bidder and (2) the confirmation is postmarked before the time set for bid opening. The Corporation will promptly return the good-faith deposit of any bidder withdrawing its bid in accordance with this subsection.

6. (f) The Corporation will, in its discretion, reject a bid when any of the following conditions exist:

   1. (1) the bidder has failed to comply with the solicitation requirements;
   2. (2) the bidder qualifies or changes the terms and conditions of the invitation to bid in a manner that makes the bid not responsive to the purpose sought by the Corporation in issuing an invitation to bid;
   3. (3) the Corporation receives the bid after the scheduled closing time;
   4. (4) the bid is not signed; or
   5. (5) there is a conflict of interest with the bidder and a board member or employee of the Corporation.
7. (g) It is the responsibility of the bidder to insure that its bid is in the proper office of the Corporation prior to the closing time established for receiving bids. The Corporation will consider bids received after the scheduled closing time as late bids. The Corporation will award a sale to the bidder who has submitted the highest purchase price for the real property that is the subject to the invitation to bid. In any event, the Corporation will not make an award to a bidder that has not submitted a bid purchase price greater than the appraised fair market value of the real property. However, the Corporation will not be obligated to execute any contract or to convey or sell any real property until and unless all grievances or complaints that may be filed, because of the award under 15 AAC 150.600 - 15 AAC 150.780, are resolved.
8. (h) If two or more bidders submit the same highest responsible purchase price, the Corporation will award the sale by the flip of a coin by the executive director. The executive director will flip the coin in the presence of the tied bidders or their designated agents or representatives.

(Eff. 5/7/93, Register 130)

Authority: AS 18.55.100