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, Act 56 of 2003, that the subject property being a portion of Erf 226 Camps Bay(Public Street) situated on Victoria Road, Camps Bay, in extent approximately 65 m², shown hatched and lettered ABCDEFG, on the attached Plan STC 3189( Annexure “A”) is not required to provide the minimum level of basic municipal services; and has considered the fair amount 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 in terms of regulation 5(1)(b)(ii) of the municipal Asset Transfer Regulations for a transfer of a portion of Erf 226 Camps Bay (Public Street) situated on Victoria Road, in extent approximately 65m², shown hatched and lettered ABCDEFG, on the Plan STC3189 (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 of the closure of the of the subject property being a portion Erf 226 Camps Bay (Public Street) situated on 
             Victoria Road Camps Bay, in extent approximately 65m², shown hatched and lettered ABCDEFG, on the Plan STC 3189 marked
            (annexure “A”) attached to the report.
 

4.  That the transfer of a portion of Erf 226 Camps Bay (Public Street), in extent approximately 65m² shown hatched and lettered ABCDEFG, on the Plan STC 3189 marked (ANNEXURE “A”) attached to the report, to Banzi Trade 18 Pty Ltd, or their successor(s) title, BE APPROVED, subject to the following conditions, that :

 
                 i)   A purchase price of R760 000 excluding VAT be payable;
 
                 ii)  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, i.e. from 1 July 2018 until date of registration
 

              iii       The valuation is to be reviewed if the transaction is not implemented within 18 months from date of valuation, i.e. by 1 July
                        2019;

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