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City says it will re-evaluate R100 lease fee once CT Stadium brings in money

18 October 2019 1:10 PM
Tags:
Cape Town Stadium
Subsidy
City of Cape Town
James Vos
lease
R100
rental fee

Cape Town stadium will be leased to a municipal body that's subsidised by the city for R100 per annum.

The City of Cape Town will lease the Cape Town Stadium for R100 a year to a municipal body created to operate and manage the site.

The City's mayco member for economic opportunities and asset management James Vos says it doesn't make sense to charge a market-related amount.

This, he says, is because the municipal entity is subsidised by the City.

RELATED: Why the city is planning to lease Cape Town Stadium for R100

The City of Cape Town subsidised the stadium. Therefore, if a market-related rental is charged, the municipal entity will use the proceeds of the subsidy to pay the market-related rental back to the city.

Alderman James Vos, Mayco Member for Economic Opportunities and Assets Management

It does not make sense to charge a market-related rental if it is going to be paid back.

Alderman James Vos, Mayco Member for Economic Opportunities and Assets Management

A nominal rental of R100 per annum was used.

Alderman James Vos, Mayco Member for Economic Opportunities and Assets Management

He says the City will re-evaluate the rental amount once the stadium company establishes additional revenue streams such as an anchor tenant.

As the stadium company, which is a municipal entity, becomes less reliant on the city subsidy there is scope for the rent to move closer to a market-related rental.

Alderman James Vos, Mayco Member for Economic Opportunities and Assets Management

Listen to the explanation on Today with Kieno Kammies:


18 October 2019 1:10 PM
Tags:
Cape Town Stadium
Subsidy
City of Cape Town
James Vos
lease
R100
rental fee

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