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City Of M01.117d5 View Memo <br /> • To: Honorable Mayor and City Council // <br /> From: Kurt Ulrich, City Administrator <br /> Date: 11/9/05 <br /> Item Title/Subject: Auction Results <br /> The net proceeds to the City from the November 9th Golf Course auction amounted to <br /> $123,202.04. Total proceeds were $146,202.50 less expenses of$23,000.46, which <br /> included the 9% commission plus advertising expenses for two different auction dates <br /> due to the cancellation of the October 20th date. Additional credit card charges of <br /> -08:7b e incurred due toy;-;re tact that all iGnd phone service had been remover', <br /> based upon the original auction date. <br /> A description of all the auction lots sold and sales price are included for y ur information. <br /> Each item has a buyer number (MN) from which the buyer may be identified from the <br /> attached list. Buyers came from all over Minnesota, Wisconsin, Iowa, and the Dakotas. <br /> The greens turf did not sell, but everything else was sold except a couple of <br /> miscellaneous items from the clubhouse. <br /> For now, proceeds will be deposited to the Golf Course Fund which will be closed-out by <br /> the end of the year. Any surplus existing in the fund at that time will be transferred to <br /> other City funds deemed appropriate by the Council. <br /> • <br /> • <br />