R-8831
RESOLUTION NO. 8831 (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO. 51342
AT 121-125 Strand Street
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the Final Map for Tract No. 51342 in the City
of Santa Monica hereby is accepted and approved.
SECTION 2. That the City Clerk hereby ~s authorized and
directed to endorse upon the face of said Map this order
authenticated by the Seal of the City of Santa Monica.
SECTION 3. That the City Clerk shall certify to the adoption
of this Resolution, and thenceforth and thereafter the same shall
be in full force and effect.
APPROVED AS TO FORM:
~~'
MARSHA JO S MOUTRIE~
City Attorney
imposed in connection with approval of this Tenant-Participating
Conversion. This Written Consent has been approved by the City
Attorney and the City Manager. Each participating tenant has been
informed in writing of his or her rights under Article XX of the
City Charter. The License Division reports that proper arrangements
have been made to ensure payment of the Tenant-Participating
Conversion Tax.
The Final Map conforms to the Tentative Map. The Final Map has been
certified by the City Engineer for conformance with the Tentative
Map and conditions thereon, the Subdivision Map Act and local
ordinances. The City Attorney's office has approved a Declaration
of Covenants, Conditions, and Restrictions, or equivalent document,
for this project as complying with the conditions of the Tentative
Map and the Tenant-Participating Conversion.
Council approval of a final map for a Tenant-Participating
Conversion represents one of the last steps necessary in the
conversion process. Following City Council action and approval by
the California Department of Real Estate the applicants may begin
selling their units to the tenants. As each unit is sold a
conversion tax per Section 2008 of Article XX is due in an amount
equal to twelve times the monthly maximum allowable rent for that
unit. These taxes will be used to assist low and moderate income
households to purchase or improve their units subject to affordable
repayment per Section 2009 of Article XX.
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BUDGET/FISCAL IMPACT
The recommendation presented in this report does not have an immedi-
ate budget or fiscal impact. If and as units in the project are
sold in the future, Tenant-Participating Conversion Taxes will be
collected pursuant to the provisions of Article XX of the City
Charter and some increased property tax revenues may be generated.
RECOMMENDATION
It is respectfully recommended that the Final Map for this Tenant-
Participating Conversion be approved by adoption of the accompanying
resolution.
Prepared by: Suzanne Frick, Director of PCD
D. Kenyon Webster, Planning Manager
Drummond Buckley, Associate Planner
Planning and Zoning Division
Planning and Community Development Department
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Adopted and approved this 15th of November, 1994.
9t $4
Mayor
I hereby certify that the foregoing Resolution 8831 (CCS) was duly adopted at a meeting
of the City Council held on the 15th of November, 1994 by the following vote:
Ayes: Councilmembers: Abdo, Genser, Greenberg, Olsen, Rosenstein, Vazquez
Noes: Councilmembers: None
Abstain: Councilmembers: None
Absent: Councilmembers: Holbrook
ATTEST:
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City Clerk