adminoperations at Pension, Ingwe, Crowborough and Churu farms.
“Authority be granted to finalise and conclude the securing of a loan facility amounting to US$5 million with ZB Bank in respect of commercialising the Harare Farms,” read part of the minutes.
The farms would now be run as a stand-alone utility under the management of a board of directors.
Chamber secretary Mrs Josephine Ncube said an interim board headed by town clerk Dr Tendai Mahachi, herself and Harare Water director Engineer Christopher Zvobgo was in place.
The city has on several occasions complained of liquidity problems in its efforts to commercialise some of its operations.
Government has also encouraged the city to be proactive and innovative in raising funds and in ensuring that it leverages its resources.
If the city raises money through business ventures, it means it would be able to reduce the burden on ratepayers – who it has traditionally relied upon when it wants to fund capital projects.
Mrs Ncube presented the report to the business committee on June 21.
She said US$700 000 was required for Ingwe farm, US$400 000 for Pension Farm, US$405 000 for Crowborough and US$200 000 for Churu Farm.
Another US$900 000 was required to fund plant and equipment, while US$1 million was required for the purchase of 100 pure breed heifers and the fattening of 1 000 head of cattle for sale.
Part of the money is needed to provide fencing and to meet operational costs.
Online Reporter