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,  56 of 2003, that the subject property being a portion of Erf 915 Vredehoek situated on the corner of Upper Mill and Clive Streets, Vredehoek in extent approximately 60m², shown hatched and lettered ABCDEFG, on the attached Plan STC1557 (Annexure “A”) 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. In-principle approval, in terms of Regulation 5(i)(b)(ii) of the Municipal Asset Transfer Regulations, be granted for the granting of rights to use, control and manage municipal capital assets by way of transferring an Air Rights Servitude over a portion of Erf 915 Vredehoek situated on the corner of Upper Mill and Clive Streets, Vredehoek in extent approximately 60m² shown hatched and lettered ABCDEFG, on the attached Plan STC1557 as (Annexure “A”);

3. The granting of rights to use, control and manage a municipal capital asset by way of transferring an Air Rights Servitude over a Portion of Erf 915 Vredehoek situated on the corner of Upper Mill and Clive Streets, Vredehoek in extent approximately 60m² shown hatched and lettered ABCDEFG, on the attached Plan STC1557 (Annexure “A”) in favour of David Lewis McCormick and Polly Elizabeth Snaith (applicants), or their successor(s) in title, be approved, subject to the following conditions:
   1. A purchase price of R330 000 excluding VAT be payable;

2. The purchase price is to be escalated by 5% per annum compounded annually on a pro-rata basis from 01-10-2020 until date of registration;

3. An amount of R1650 per month excluding VAT to be charged in lieu of occupational rental with effect from 01 October 2020, escalating at 6% per annum until date of transfer of the subject property;

4. The valuation is to be reviewed if not implemented within 18 months from date of valuation;

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

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