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 459 Clifton( Public Street) situated off Fourth Beach Street, Clifton,  in extent approximately 60m², shown hatched and lettered ABCDE, on the Plan STC 2915v1 marked ( Annexure “A”) attached to the report, 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 459 Clifton( Public Street) situated off   
             Fourth   Beach Street, Clifton,  in extent approximately 60m², shown hatched and lettered ABCDE, on the Plan STC 2915v1 marked
              ( 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 subject property being a portion of Erf 459 Clifton( Public Street) situated off Fourth Beach Street, Clifton,  in extent approximately 60m², shown hatched and lettered ABCDE, on the  Plan STC 2915v1 marked ( Annexure “A”) attached to the report;
    
4. the transfer of a portion of Erf 459 Clifton,  in extent approximately 60m², as shown cross hatched and lettered ABCDE, on Plan STC 2915v1 marked ( Annexure “A”) to Michelle Claudia Magid, or her successor(s) title, BE APPROVED, subject to the following conditions, that :
    
                  i) A purchase price of R1 800 000 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 June 2018 until date of registration;
    
                   iii) The valuation is to be reviewed if the transaction is not implemented withi 18 months from the date of                        valuation,     i.e by 1 June 2019;

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