Subcouncil 1

Resolution detail

It was RESOLVED TO RECOMMEND that:: a) Council resolve that, in terms of section 14 of Local Government Municipal Finance Management Act 56 of 2003, that the subject property, being Erf 192 Atlantis Industrial, in extent 994 m² as shown cross-hatched and lettered ABCD on Plan TA 661v1 (Annexure “A”), is not needed to provide the minimum level of basic municipal services and has considered the fair market value of the assets and the economic and community value to be received in exchange for the asset; b)Council grants in-principle approval in terms of regulation 5(1)(b)(ii) of the Municipal Asset Transfer Regulations for the disposal of Erf 192 Atlantis Industrial, in extent 994 m² as shown crosses-hatched and lettered ABCD on Plan TA 661v1 (Annexure “A”); c)That the disposal of Erf 192 Atalntis Industrial, in extent 994 m² as shown cross-hatched and lettered ABCD on Plan TA 661v1 (Annexure “A”) to Chesterwood Investment 88 CC, or their successor(s) in title, be approved, subject to the following conditions, that: i. A purchase price of R220 000 excluding Vat be payable. ii. The purchase price is to be escalated at 6% per annum compounded annually on a pro-rata basis, commencing 6 months from date of valuation, i.e. from 1 October 2017, until date of registration; iii. The valuation is to be reviewed if approved by the delegated authority within 18 months from date of valuation, i.e. by 1 October 2018; iv. 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 any land use requirements be complied with; bb) that Erf 192 be consolidated with the purchaser’s Erf 191 Atlantis Industrial; cc) that all costs related and incidental to the transaction be borne by the purchaser.