Subcouncil resolution details

Subcouncil 16

Agenda item no

16SUB 9/10/2020

Subject

PROPOSED CLOSURE AND TRANSFER OF CITY-OWNED IMMOVABLE PROPERTY: A PORTION OF PUBLIC PASSAGE BEING PORTION OF ERF 956 SITUATED AT DE WET ROAD, BANTRY BAY, TO THE ADJACENT OWNER OF ERF 502 BANTRY BAY

Meeting date

Monday, October 19, 2020

Resolution

Approved

Date closed

Thursday, November 05, 2020

Resolution detail

PROPOSED CLOSURE AND TRANSFER OF CITY-OWNED IMMOVABLE PROPERTY: A PORTION OF PUBLIC PASSAGE BEING PORTION OF ERF 956 SITUATED AT DE WET ROAD, BANTRY BAY, TO THE ADJACENT OWNER OF ERF 502 BANTRY BAY

RESOLVED to RECOMMED that:

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 Public Passage, Erf 956 Bantry Bay, situated at De Wet Road, Bantry Bay in extent approximately 96m², shown hatched and lettered ABCD, on the Plan STC 3341 (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;

Council approve the granting of in-principle approval in terms of regulation 5(1)(b)(ii) of the Municipal Asset Transfer Regulations for the transfer of a portion of Public Passage, Erf 956 Bantry Bay situated at De Wet Road, Bantry Bay in extent approximately 96m², shown hatched and lettered ABCD, on the Plan STC 3341 as (Annexure “A”) attached to the report;

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 Public Passage, Erf 956 Bantry Bay situated at De Wet Road, Bantry Bay in extent approximately 96m², shown hatched and lettered ABCD, on the Plan STC 3341 (Annexure “A”) attached to the report;

Tht the transfer of a portion of Public Passage, being a portion of Erf 956 Bantry Bay situated at De Wet Road, Bantry Bay in extent approximately 96m², shown hatched and lettered ABCD, on the Plan STC 3341 (Annexure “A” to The Body Corporate of Bantry Bay 502, or their successor(s) in title, BE APPROVED, subject to the following conditions, that:

A purchase price of R2 700 000 excluding VAT be payable;

The purchase price is to be escalated by 8% per annum compounded annually on a prorata basis commencing from 01 December 2019 until 31 March 2020. The escalated purchase price will thereafter escalate at 5% per annum until date of registration.

The market value is to be reassessed if the transaction is not approved by the relevant decision making authority by 30 November 2021.

Rates and municipal charges, if applicable, be levied.

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 all further statutory and land use requirements be complied with;

           bb) that the subject portion of Public Passage being portion of erf Erf 956
                 Bantry Bay, be consolidated with the purchaser’s Erf 502 Bantry Bay;

          cc) that all costs related and incidental to the transaction be borne by the
              purchaser.