Subcouncil 15

Resolution detail

It was RESOLVED that Subcouncil 15 RECOMMEND to Council that

1. Council resolve, in terms of section 14 of the Local Government Municipal Finance Management Act 56 of 2003 that, the subject property, a portion of remainder of erf 99939, Cape Town, known as the Cape Town Market, an extend of 30.18 hectares on plan LIS2269, attached as annexure A, to the report, is not needed 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. In terms of Regulation 33(3)(b)(ii) and 5(1)(b)(ii) of the Municipal Asset Transfer Regulations (MATR), R.878 promulgated on 22 August 2008, Council approve in-principle the granting of long term rights to use, control and manage a portion of remainder erf 99939, situated off Gunners Circle, Epping, in extent approximately 30.18 hectare as shown on plan LIS2269, attached to the report as annexure A, by way of long term lease.