Subcouncil 1

Resolution detail

IT WAS UNANIMOUSLY RESOLVED that:
 

1. Council resolve that, in terms of section 14 of the Local Government Municipal Finance Management Act 56 of 2003, that the subject property, being Erf 28 Big Bay, situated at corner of Oyster Land and Moolman Road, in extent 96m² as shown in attached and lettered ABCDE on Plan TA 894v1 (Annexure “A”), is 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;
2. Council grants in-principle approval in terms of regulation 5(1)(b)(ii) of the Municipal Asset Transfer Regulations for the transfer of Erf 28 Big Bay, situated at corner of Oyster Land and Moolman Road, in extent 96 m² as shown attached amd lettered ABCDE on Plan TA 894v1 (Annexure “A”);
3. That the transfer of Erf 28 Big Bay, in extent approximately 96 m² as shown attached and lettered ABCDE on Plan TA 894v1 (Annexure “A”), to Georgia Kostirls, or her successor(s) in title, be approved, subject to the following conditions, that:
   1. A purchase price of R380 000, excluding Vat, be payable;
   2. The purchase price is to be escalated by 8% per ammum compounded annually on a pro-rata basis, commencing 6 months after date of valuation, i.e. from 1 March 2019, until date of registration;
   3. The valuation is to be reviewed if not implemented within 18 months from date of valuation, i.e. by 1 March 2020;
   4. Rates and municipal charges, if applicable, be levied; and
   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:
      1. That all further statutory and land use requirements be complied with;
      1. Service servitudes to be registered in favour of the City of Cape Town to protect the municipal services that traverse the subject property;
      1. That all costs related and incidental to the transaction be borne by the purchaser.