Subcouncil resolution details
Subcouncil 6
Agenda item no
06SUB 37/10/2020
Subject
PROPOSED LEASE OF CITY LAND, REMAINDER ERF 7386 AND A PORTION OF ERF 7371 PAROW, BETWEEN BEDFORD ROAD AND SMITH STREET, GLENLILY, PAROW: THE TASK TB TRUST
Meeting date
Monday, October 19, 2020
Resolution
Recommend
Date closed
Monday, November 02, 2020
Resolution detail
Subcouncil 6 supported and noted the report and recommended to the Director: Property Management that the lease of City Land, being Remainder Erf 7386 and a portion of Erf 7371 Parow situated between Bedford Road and Smith Street, Glenlily, Parow, shown hatched and lettered ABCD and EFGH on the attached plan TA 983v1 marked Annexure A, in extents approximately 993m² and 248m², to The Task TB Trust, owner of Erf 7389 Parow, or its successors-in-title, be approved subject to inter alia the following conditions:
a) A market rental of R12 000 per month inclusive of rates and excluding VAT calculated at the rate applicable at the time of transaction be payable. The monthly rental is to escalate at 8% per annum compounded annually commencing 1 December 2019 until 2020-03-31 and thereafter 6% per annum. Rental to be reviewed after a period of 5 years;
b) The rental will escalate at 6% per annum;
c) The lease will endure for a period of ten years;
d) The property be used for parking and security purposes only;
e) Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority;
f) Subject to compliance with any other statutory requirements;
g) No compensation will be payable for any improvement made to the property;
h) The objection not be upheld.
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FOR INFORMATION: PATRICIA DAVIS
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