Subcouncil 16

Resolution detail

RESOLVED to RECOMMEND that:
 

1. Council resolve that, in terms of section 14 of the Local Government: Municipal Finance Management Act, Act 56 of 2003, the subject property being a portion of Unregistered State Land abutting Erf 1159 Green point (Public Street), situated at Bay Road, Green point, in extent approximately  9 m², shown by the hatched figure lettered ABCD, on the Plan STC 2992 (Annexure “A”) attached to the report is not required 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 approve the granting of in-principle approval for the granting of rights to use and control or manage municipal capital assets by way of granting a building rights servitude over a portion of Unregistered State Land abutting Erf 1159 Green point (Public Street), situated at Bay Road, Green point, in extent approximately  9 m², shown by the hatched figure lettered ABCD, on the Plan STC 2992 as Annexure A, attached to the report which represents a balcony, in terms of regulation 5(1)(b)(ii) of the Municipal Asset Transfer Regulations;

3. The granting of rights to use and control or manage municipal capital assets by way of granting a building rights servitude over a portion of Unregistered State Land abutting Erf 1159 Green point (Public Street), situated at Bay Road, Green point, in extent approximately  9 m², shown by the hatched figure lettered ABCD, on the Plan STC 2992 as Annexure A attached to the report in favour of Erf 1159 Greenpoint to: Taurus Properties (Pty) Ltd, or their successor(s) in title, BE APPROVED, subject to the following conditions, that:

1. A compensation amount of R110 000, excluding VAT be payable;

2. The compensation amount is to escalate at 8% per annum compounded annually on a pro-rata basis commencing 1 November 2019 until 31 March 2020; thereafter it will further escalate at 5% per annum until date of registration;

3. An occupational rental of R550 per month (Excluding VAT) shall be payable from 1 November 2019, escalating at 8% per annum until 31 March 2020; thereafter it will further escalate at 6% per annum until date of registration.

4. That the market value be reassessed if the transaction is not approved within 36 months from date of valuation, i.e. 30 June 2024.

5. The building rights servitude is to be restricted to 9m².

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

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