Subcouncil 16

Resolution detail

 RESOLVED to RECOMMEND that:
 
a)       Council resolve that, in terms of section 14 of the Local Government: Municipal Finance Management Act, Act 56 of 2003, the subject property being a portion of City land, Erf 515 Tamboerskloof, situated at Albert Road, Tamboerskloof, in extent approximately 54 m², shown by the hatched figure lettered ABCD, on the Plan STC 2525v1 (Annexure “A”) attached to the report, is not required 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. Council grants in-principle approval in terms of regulation 5(1)(b)(ii) of the Municipal Asset Transfer Regulations for the transfer of a portion of City land, Erf 515 Tamboerskloof, situated at Albert Road, Tamboerskloof, in extent approximately 54 m², shown by the hatched figure lettered ABCD, on the attached Plan STC 2525v1  (Annexure “A”);

 

3. Council in terms of section 4  of the City of Cape Town Immovable Property By-Law, 2015, approve the closure of the subject property being a portion of City land, Erf 515 Tamboerskloof, situated at Albert Road, Tamboerskloof, in extent approximately 54 m², shown by the hatched figure lettered ABCD, on the attached Plan STC 2525v1 (Annexure “A”);

 

4. The transfer of a portion of City land, Erf 515, situated at Albert Road, Tamboerskloof, in extent approximately 54 m², shown by the hatched figure lettered ABCD, on the attached Plan STC 2525v1  (Annexure “A”); to Richard Kohler, or his successor(s) in title, be approved, subject to the following conditions, that:

 

1. A purchase price of R490 000.00 excluding VAT be payable;

 

2. The purchase price is to be escalated by 8% per annum compounded annually on a pro-rata basis from 1 January 2020 until 31 March 2020. The escalated purchase price will thereafter escalate at 5% per annum until date of registration;

 

3. That the market value be reassessed if the transaction is not approved within 24 months from date of valuation, i.e. 2021-12-31

 

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

 

5. That the objections not be upheld.

 

6. Subject to such further conditions to be imposed by the Director: Property Management in terms of her delegated authority, inter alia the following:

 
aa)      that all further statutory and land use requirements be complied with;
 
bb)  that the subject portion of Erf 515 Tamboerskloof be consolidated with the purchaser’s Erf 1411 Tamboerskloof;
 
cc)     A public right of way servitude is to be registered over the existing footpath located on the subject property;
 
dd)      that all costs related and incidental to the transaction be borne by the purchaser.