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, that the subject property being a portion of Erf 460 Bantry Bay (Public Street) situated on Kloof Street, Bantry Bay, shown hatched and lettered ABC, on the Plan STC 2604  (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 Erf 460 Bantry Bay (Public Street) situated on Kloof Street, Bantry Bay, shown hatched and lettered ABC, on the Plan STC 2604 as (Annexure “A”) attached to the report;

 

3. 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 Erf 460 Bantry Bay (Public Street) situated on Kloof Street, Bantry, shown hatched and lettered ABC, on the Plan STC 2604 marked (Annexure “A”) attached to the report,

 

4. The transfer of a portion of Erf 460 Bantry Bay (Public Street) situated on Kloof Street, Bantry Bay, shown hatched and lettered ABC, on the Plan STC 2604 (Annexure “A”) attached to the report, to Fullimput 42 Pty Ltd, or their successor(s) in title, BE APPROVED, subject to the following conditions, that:

 
 

1. A purchase price of R85 000.00 excluding VAT be payable;

 

2. The purchase price is to be escalated by 5% per annum compounded annually on a pro-rata basis, commencing 6 months from date of valuation, i.e. from 01 June 2021 until date of registration;

 

3. The valuation is to be reviewed if not implemented within 24 months from date of current valuation, i.e. by 30 November 2021;

 

4. An Occupational rental of R300.00 per month (excluding Vat) shall be payable as of 01 September 2019, escalating at 8% per annum, until 31 March 2020. The escalated rental will thereafter escalate at 6% per annum until date of registration;

 

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:

 
aa)     that all further statutory and land use requirements be complied with;
 
bb)     that the subject portion of Erf 460 Bantry Bay be consolidated with the purchasers’ Erf 34 Bamtry Bay;
cc)      that all costs related and incidental to the transaction be borne by the purchaser.
 
ACTION:  L VAN HEERDEN, C DAVIS