It is recommended that, Subcouncil 10 SUPPORTS

a)    In terms of Sections 14(2)(a) and (b) of the Local Government: Municipal Finance Management Act 56 of 2003;

i)             Council resolve that Erf 651 situated at the corner of Spine and Makabeni Roads in Khayelitsha, approximately 2196m2 in extent, zoned Limited Use, shown lettered ABCEDEFGHJKL on Plan LIS 1678v0, is not needed to provide the minimum level of basic municipal services; and

ii)            Council confirm that the fair market value of the asset described in 7(a)(i) and the economic and community value to be received in exchange for the asset described in 7 (a)(i) have been considered;

b)    In terms of Regulations 5(1)(b) of the Municipal Asset Transfer Regulations (MATR), R. 878 promulgated on 22 August 2008, Council approve in principle the disposal of Erf 651, Khayelitsha as described in 7(a)(i) above;

c)    The sale’s price shall escalate at 5% per annum compounded annually on pro rata basis commencing 6 months from date of valuation (i.e. from 2021-05-01) until date of registration.

d)    The market value is to be reassessed if the transaction is not approved by the relevant decision making authority of Council within 24 months from date of valuation (i.e.by 2022-10-31).

bb.

Action: T Madikane; S Makhuleni