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 unregistered state land abutting Erf 4118 Cape Town(public street) situated on Bree Street, Cape Town shown hatched and lettered ABCD, on the Plan STC 2935( annexure “A”) attached to the report, which represents 2 basement levels of 326m² and 1 level at ground of 301m² 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 for the granting of rights to use and control or manage municipal capital assets by way of transferring building rights servitude over a portion of public street being unregistered state land abutting Erf 4118 Cape Town(public street) situated on Bree Street, Cape Town shown hatched and lettered ABCD, on the Plan STC 2935 ( annexure “A”) attached to the report which represents 2 basement levels of 326m² and 1 level at ground of 301m²;

 

3. A building rights servitude be registered over a portion of public street being

          Unregistered State Land shown hatched and lettered ABCD, on the Plan STC
          2935( Annexure “A”) attached to the report, which represents 2 basement
          levels of 326m² and 1 level at ground of 301m²; subject to:
 
          i)  A purchase price of R3 900 000 excluding VAT be payable;
 
         ii) The purchase price is to be escalated by 8% per annum compounded  
             annually on a pro-rata basis, commencing 6 months from date of
             valuation , i.e. from 1 August  2018 until date of registration;
 
         iii) The valuation is to be reviewed if the transaction is not implemented within
              18 months from the date of valuation, i.e by 1 August 2019;
 
           iv) Rates and municipal charges, if applicable, be levied.