Subcouncil 16

Resolution detail

  
UNANIMOUSLY RESOLVED to RECOMMEND 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 a portion of Erf 5488, situated off Canterbury Street, Cape Town, in extent approximately 81 m² as shown cross-hatched and lettered ABCD on Plan STC 2970, Annexure A attached to the report, 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 Assets Transfer Regulations for the transfer of a portion of Erf 5488, situated off Canterbury Street, Cape Town, in extent approximately 81 m² as shown cross-hatched and lettered ABCD on Plan STC 2970 as per Annexure A attached to the report;

 

3. Council, in terms of section 4 of the City of Cape Town Immovable Property By-law, 2015, approve the closure of a portion of Erf 5488 (Public Road), in extent approximately 81 m² as shown cross-hatched and lettered ABCD on Plan STC 2970 as per Annexure A attached to the report;

 

4. That the transfer of a Portion of Erf 5488, in extent approximately 81 m² as shown cross-hatched and lettered ABCD on Plan STC 2970, Annxure A attached to the report, to Snow Summit Investments 141 CC, or his/her/their successor(s) in title, BE APPROVED, subject to the following conditions, that:

 

1. A purchase price of R300 000.00 excluding VAT be payable;

 

2. The purchase price is to be escalated by 6% per annum compounded annually on a pro-rata basis commencing 6 months from date of valuation from 1 July 2018 until date of registration;

 

3. The sale is to be subject to a condition restricting the bulk to floor area factor of 1.0.

4. 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;
 
bb)  that after closure the subject portion of Erf 5488 Cape Town  must be consolidated with the purchaser’s Erf 168579 Cape
       Town;
 
cc)  that all costs related and incidental to the transaction be  borne by the purchaser.
 
dd)  the applicant will be liable for all costs in connection with this  transaction i.e. survey, rezoning transfer and Impact      
       Assessment