WAINWRIGHT, AK – The OC Board of Directors approved the sale of seven residential lots in Wainwright, Alaska, by sealed bid auction. Bidding is open to Olgoonik Corporation shareholders only. Please read the full bid packet linked below and all affiliated materials for detailed information about the lots and the bid process. All completed bids must be submitted by mail only and received by Sramek Hightower by 5 PM on Monday, March 1, 2021. All materials are available to download and print here:
For your convenience, starting Dec. 31, 2020, printed copies of the materials are also available at the OC Store in Wainwright and in the outer lobby of the Anchorage office in the shareholder document file drawers. For shareholders unable to access a printer or printed packets in Wainwright or Anchorage, printed packets can be requested from Sramek Hightower. Due to potential delays by postal service, please allow sufficient time to complete and return your sealed bid by the March 1 deadline.
*IMPORTANT NOTE: The sealed bid process is designed to preserve anonymity of bidders during the initial review and selection process. To ensure fairness, Sramek Hightower will be managing the bid process for Olgoonik Corporation. Please review the full packet and the Frequently Asked Questions (FAQ) below before calling Sramek Hightower with follow-up questions. OC staff have been instructed to direct all inquiries to Sramek Hightower to ensure fairness during this process. Some complex questions may require Sramek Hightower to consult with OC.
FREQUENTLY ASKED QUESTIONS (FAQ)
1. How much are the residential lots?
Olgoonik’s Board of Directors has set a minimum bid price for each of the lots based on appraised market value. Pricing is specific to these lots and should not be viewed as an indicator of pricing for any future lot sales. All minimum bid information is included in the linked packet above.
2. How do I submit a bid on a residential lot?
Print* a bid packet (linked above). Complete the Bid Form and backup documentation, as outlined in the bid packet. Mail your completed bid documents to Sramek Hightower. The address is in the bid packet. To preserve the anonymity of the sealed bid process, OC will NOT accept hand delivered bid documents. All materials must be mailed directly to Sramek Hightower.
*For your convenience, printed packets are also available at the OC Store in Wainwright and in the outer lobby of the Anchorage office in the shareholder document file drawers. Shareholders unable to access a printer or the printed packets in Wainwright or Anchorage can contact Sramak Hightower to request that a printed packet be mailed to them. Please allow sufficient time for delivery and return of completed bid packet.
3. Can I drop off my bid at the OC Office?
No. All sealed bids must be mailed directly to Sramek Hightower.
4. Who can I contact if I have questions about the bid process or about the lots?
We have included detailed information about the process and the lots in the bid packet. Please reference that first. If you do have follow-up questions, call Sramek Hightower at 907-677-3320 and let them know you have questions about the Olgoonik Corporation residential lots. For some complex questions, they may have to consult with OC, but they will preserve the anonymity of each bidder. Any calls to the OC offices about the lots or process will be directed to Sramek Hightower.
5. Is there road access and utility access to the residential lots?
Please read section 4 of the bid packet for detailed purchase terms. It is the bidder’s responsibility to fully investigate road and utility access with the North Slope Borough (NSB). The NSB is responsible for all roads and utilities.
6. Will shareholders have to pay taxes on the lots?
Yes, after closing, the shareholder buyer is responsible for all taxes and assessments levied by the NSB and the City of Wainwright.
7. What happens after bids are submitted? How soon after the bid deadline will I hear from OC?
Section 2.E-G of the bid packet provide a detailed outline of the bid evaluation and notification process. Sramek Hightower will do the initial review of bids for completeness after the March 1 deadline. They will remove all identifying information from each bid and share the anonymous bids with OC for review and ranking. The #1 ranked bidder will be notified no later than 90 days after the bid deadline. The bidder must close the purchase of the property within 30 days of notification.
8. Can a shareholder bid on more than one lot?
Yes, but a shareholder may purchase only one lot.