The City will continue with certain maintenance and servicing of the park, but does not have funding for a capital project of this magnitude which means that the Trust will only be successful in its ambition to secure the park if we can raise private funding from residents and stakeholders.
Despite the dire economic environment, there has been extraordinary interest from residents who seeking a solution to securing secure the park, and many have already pledged support. A fundraising initiative will be launched shortly to ask residents to back this interest and fund the plans presented here.
The project will proceed in phases. A minimum of R2 646 000 is required for the completion of phase 1, which is to fence the perimeter of the park as depicted on the diagram with specific gateways.
Residents whose property values will be most positively impacted by the redevelopment of the park and who can afford to do so, are encouraged to consider a contribution of R50,000, which is likely to be less than 1% of the value of their property and vastly less than the amount by which the value of their property will increase. When one takes into account the tax deductibility of any contribution, the total cost thereof is likely to be significantly less than this amount*.
More remote residents are asked to consider a contribution R12500*, which is likely to be less than 0.25% of the value of their property.
We completely appreciate that this is not affordable to everyone and wish to stress that any and all contributions will be valued.
* The Trust is a registered Public Benefit Organisation and donations are tax deductible. This means that a contribution of R50 000, for an individual in the upper income bracket, will receive a tax-refund of approximately R20 000.