Streaming issues? Report here
Refilwe Moloto 2019 1500 BW
Breakfast with Refilwe Moloto
06:00 - 09:00
volume_up
volume_mute

Up Next: Today with Kieno Kammies
See full line-up
Breakfast with Refilwe Moloto
06:00 - 09:00
Home
arrow_forward
Local
arrow_forward
Business

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:

Subscribe to our Business Wrap Newsletter


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

More from Local

180528prasa

Court orders Prasa to reinstate security guards until new tender finalised

19 November 2019 6:05 PM

The Western Cape High Court ruled that three security companies must get back to work while Prasa finalises alternative contracts.

Share this:
Read More arrow_forward

stethoscope-1584223-960-720jpg

[LISTEN] Update from panel probing alleged racial profiling by medical schemes

19 November 2019 5:39 PM

Advocate Thembeka Ngcukaitobi, who is chairing the panel, says they have concluded the first three stages of the process.

Share this:
Read More arrow_forward

190409windejpg

Independent power for Western Cape not a done deal yet, explains Premier Winde

19 November 2019 5:16 PM

Minister Gwede Mantashe has committed to meeting with the Western Cape and other provincial legislatures to discuss the matter.

Share this:
Read More arrow_forward

190420two-oceansgif

Two Oceans race director: new entry system aimed at creating 'equal opportunity'

19 November 2019 4:01 PM

Entries for the Two Oceans Marathon 2020 have officially opened but not everyone is happy with the new system and price hike.

Share this:
Read More arrow_forward

Adventure Piture by Sasin Tipchai from Pixabay

What are we celebrating this International Men’s Day?

19 November 2019 3:24 PM

International Men’s Day shines a spotlight on men and boys doing good.

Share this:
Read More arrow_forward

right-to-protestjpg

Civil society groups march on Parliament to defend the right to protest in SA

19 November 2019 1:58 PM

The Social justice Coalition says the Constitutional right to protest in South Africa is often met with threats and violence.

Share this:
Read More arrow_forward

191119-andre-de-ruyter-edjpg

'If De Ruyter can stop Eskom unbundling, we will find a way to work with him'

19 November 2019 1:46 PM

Trade union NUM says it rejects the appointment of Andre de Ruyter as Eskom CEO but is willing to work with him conditionally.

Share this:
Read More arrow_forward

151120CRL.jpg

CRL Rights Commission wants exisitng language policies properly utilised

19 November 2019 1:44 PM

The commission says while there are policies in place, they are not being implemented.

Share this:
Read More arrow_forward

student-entrepreneurs-cape-town-finalists-gseajpg

Two Cape Town student entrepreneurs competing for a spot in global awards

19 November 2019 12:49 PM

Two students are hoping to be crowned as the winners of a competition for student entrepreneurs worldwide.

Share this:
Read More arrow_forward

vida-cafe-signjpg

CT store was out of line for Independent Media boycott poster - Vida e caffè CEO

19 November 2019 10:15 AM

Coffee shop franchise CEO Darren Levy condemns a poster in one of its stores claiming to be an "Independent Media Free Zone”.

Share this:
Read More arrow_forward

More from Business

191007-david-scott-kiffnessjpg

I see money as energy – David Scott, The Kiffness

19 November 2019 1:47 PM

The new billionaire is not the person with a billion rand, but the person who can touch a billion people’s lives, says Scott.

Share this:
Read More arrow_forward

student-entrepreneurs-cape-town-finalists-gseajpg

Two Cape Town student entrepreneurs competing for a spot in global awards

19 November 2019 12:49 PM

Two students are hoping to be crowned as the winners of a competition for student entrepreneurs worldwide.

Share this:
Read More arrow_forward

mr-price-logojpg

3 best JSE shares to buy, right now (by The Robert Group)

19 November 2019 12:24 PM

Devin Shutte (Head of Investments at The Robert Group) shares his stock picks of the week with Bruce Whitfield on The Money Show.

Share this:
Read More arrow_forward

Gavin Watson

How Gavin Watson's Bosasa - born from ANC Women’s League – captured the State

19 November 2019 11:29 AM

Bruce Whitfield interviews News24 Editor Adriaan Basson, author of "Blessed by Bosasa - Inside Gavin Watson's State Capture Cult".

Share this:
Read More arrow_forward

christmas-brilliance-garden-of-lights-event-marketing-imagejpg

Garden of Lights event organiser must issue refunds, says WC consumer watchdog

19 November 2019 11:02 AM

The consumer protection authority in the province is adamant that the event organiser must give people their money back.

Share this:
Read More arrow_forward

vida-cafe-signjpg

CT store was out of line for Independent Media boycott poster - Vida e caffè CEO

19 November 2019 10:15 AM

Coffee shop franchise CEO Darren Levy condemns a poster in one of its stores claiming to be an "Independent Media Free Zone”.

Share this:
Read More arrow_forward

cell-cjpg

Telkom desperately wants Cell C (despite its flirtation with MTN)

19 November 2019 10:02 AM

Cell C is in a losing race against MTN and Vodacom. Telkom is not going to let this one go, says TechCentral’s Duncan McLeod.

Share this:
Read More arrow_forward

191115 SAA strike Airways Park3

SAA strike cost taxpayers R200 million in 4 days

19 November 2019 8:50 AM

The Money Show’s Bruce Whitfield asks EWN reporter Sifiso Zulu for the latest on the strike at SAA.

Share this:
Read More arrow_forward

Andre de Ruyter

Andre de Ruyter announced as new Eskom CEO

18 November 2019 5:26 PM

Public Enterprises Minister Pravin Gordhan made the announcement on Monday.

Share this:
Read More arrow_forward

saldanha-bay-industrial-development-zone-websitejpg

Saldanha Bay industrial hub getting into shipshape

18 November 2019 3:17 PM

The industrial hub has signed several new investment agreements expected to boost maritime business and international trade.

Share this:
Read More arrow_forward