The deposit represents 5 percent of the $3 million offer Thomas and Evon McClean have made on the building, City Manager Joseph Scherer said this morning.

A notice announcing the upset bid process will be posted Friday on rrspin.com as well as the local newspaper.

In trying to obtain more information on the potential buyers of the theater, Scherer said the couple has indicated to the city they don’t wish to be interviewed at this point.

The city manager said during a meeting Monday the couple divides their time between Chocowinity and Florida. It has not been disclosed who other potential partners are in the project.

Scherer said following Monday’s meeting, where a resolution was passed on the offer, the McCleans intend to operate it to put shows, develop it as a meeting place, develop it as an attraction and conduct internet gaming.

He said this morning receipt of the down payment shows, “They are conducting business in good faith.”

The upset bid process will begin Friday and closes at 5 p.m. November 20 and that time the city clerk shall open the bids, if any, and the highest qualifying bid will become the new offer.

If there is more than one bid in the highest amount, the first such bid received will become the new offer.

A qualifying higher bid is one that raises the existing offer to an amount not less than $3,150,000.

City council must approve the final high offer before the sale is closed, which it will do within 30 days after the final upset bid period has passed.