Subcouncil 3

Resolution detail

Subcouncil 3 RECOMMENDED that:
 

a)Council resolve that, in terms of section 14 of the Local Government Municipal Finance Management Act 56 of 2003, that the subject properties, being Portions of Remainder Erven 3 and 5 Burgundy, situated at Vineyard Road, Burgundy, in extent approximately 7 168 m² as shown hatched and lettered ABCDEFGHJKLMNPQRSTUVWXY on Plan TA 1054v0 (Annexure “A”), are not needed to provide the minimum level of basic municipal services and has considered the fair market value of the asset and the economic and community value to be received in exchange for the asset;

 

b)Council grants in-principle approval in terms of regulation 5(1)(b)(ii) of the Municipal Asset Transfer Regulations for the transfer of Portions of Remainder Erven 3 and 5 Burgundy, in extent approximately 7 168 m² as shown hatched and lettered ABCDEFGHJKLMNPQRSTUVWXY on Plan TA 1054v0 (Annexure “A”);

 

c)Council, in terms of section 4 of the City of Cape Town Immovable Property By-law, 2015, approve the closure of the subject portions of public street, being Portions of Remainder Erven 3 and 5 Burgundy, in extent approximately 7 168 m² as shown hatched and lettered ABCDEFGHJKLMNPQRSTUVWXY on Plan TA 1054v0 (Annexure “A”);

 

d)That the transfer of Portions of Remainder Erven 3 and 5 Burgundy, in extent approximately 7 168 m² as shown hatched and lettered ABCDEFGHJKLMNPQRSTUVWXY on Plan TA 1054v0 (Annexure “A”) to Visigro Investments (Pty) Ltd, or its successor(s) in title, be approved, subject to the following conditions, that:

 

1. A purchase price of R1 435 000, excluding VAT, be payable;

 

2. The purchase price is to be escalated by 8% per annum compounded annually on a pro-rata basis, commencing 6 months from date of valuation, i.e. from 1 December 2019, until date of registration;

 

3. The valuation is to be reviewed if not approved by the delegated authority within 18 months from date of valuation, i.e. by 1 December 2020;

 

4. Rates and municipal charges, if applicable, be levied.

 

5. Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority, including inter alia the following:

 
aa)    that all further statutory and land use requirements be complied with, i.e. inter alia the subdivision of Remainder Erven 3 and 5 Burgundy, the closure of the subject portions of public road, and the approval of amendments to the General Plan;
 
bb) that all costs related and incidental to the transaction be borne by the purchaser.