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PCD SF RES f 1PLANISHAREITORCAIfnmaplfmtpc24$ wpd
Cauncil Mtg August 12, 1997
TO Mayar and City Council
FROM City Staff
Santa Monica, California
AUf ~2~?
SUBJECT Recommendation to Adopt Resolu#kan Appra~mg Final Map for Te~ant-
PartECipatmg Cor~vers~an TPC-248 at 1915 - 1925 10th Street
INTRODUCTION
This repart transmits for City Council appro~al a Final Map for the folfowing T~nant-
Participattng Conversian pro~ect
Tract No TPC NO AD~RESS OWNER UNITS
51349 248 1915-1925 10tF~ Street Dupond F~nancfal 6
Services, Inc
BACKGROUND
The City Planning Commission approved the Tentative Map and the Tenant-Partic~patir~g
Conversion for the abave pro~ect on September 16, 1992, after a public hearmg and a
careful review of the record and staff recommendat~ons The act~on of the Planning
Comm~ssion was based on the Commission's findEngs tF~at the proposed Tenant-
Participating Convers~on mee#s the requirements of ArticEe XX of the C~ty Charter and that
the praposed subdivision is cons~ster~t with ap~l~cable general and spec~fic plans as
adopted by th~ C~ty of Santa Monica a~ong with all mandatory requirements af the
Subdivksion Map Act o~ the State of Califarnia
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The owners have submitted ta the City a Written Corisent Agreement bmdEng th~ owners
and any successars in inter~st to each cor~dit~on imposed in connection with approval of
this Tenant-Participatmg Conversaon This Wntten Consent has been approved by the
City Attorr~ey and the City Manager Each ~art~cipating tenant has been infarmed in writ~ng
of his or h~r r~ghts under Article XX af the City Charter The LECense Divks~on reports that
proper arrangements ha~e been macte to ensure payment of the Tenant-Part~c~pating
Conversion Tax
The Final Map cor~forms fa the Tentati~e Map Tne Fina! Map has bee~ certified by the
Crty Eng~neer for conformance with the Tentati~e Map and conditEOns thereon, the
Subdivision Map Act and local ard~nances The City Attarney's office has approved a
Declaration of Covenants, Conditions, and Restnctions, or equ~~alent document, far th~s
pro~ect as camplying with the cond~tions of the Tentat~~e Map and the Tenant-Part4cipating
Canversion
Council appro~al of a final map for a Tenant-Par~~cipatmg ConvErsion represents one of
the fast steps ~~cessary in the con~ersion process Foliowing City Council actior~ and
approval by the Cal~fornia Department of Real Estate the appl~cants may begin selling their
units to the tenants As each unrt is sold a cor~version tax per S~ctian 2008 of Article XX
is due m an amaunt equal to twel~e times the manthly maximum allowable rent for that
un~t These ta~c~s w~lE be used ta assist low and mflderate ~ncome households to purchase
or improve their units sub~ect to affardabfe repayment per Section 2009 of Article XX
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BUDGET/FISCAL IMPACT
The recommendation presented rn this repart daes not ha~e an immediate budget ar fiscal
impact If and as u~~ts in the pro~ect are sold in the future, Tenant-Participat~ng
Conversion Taxes wi[I ~e collected pursuant ta the provisions ot Article XX of the City
Charter and same increased praperty tax reven~es may be generated
RECOMMENDATION
~t is respectfully recommended that the F~nal Map for this Tenant-PartECrpating Convers~on
be appro~ed by adaptian of the accompanymg resolutian
Prepared by Suzanne Fnck, Director of PCD
Gi~a Sza~ak, Ass~stant Planner
City Planning Divis~on
Planning ar~d Commur~~ty aevelopment Department
Attachment A Resolution AccEpting and Appro~mg Final Map
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RESOLUTION NO 4175 ( ~cs)
{City Council Series}
A RESOLUTI4N 4F THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROV~NG
A FINAL SUBDIVISiON MAP F~R TRACT NO 51349
AT
1915-1925 10th Street
THE CITY COUNCIL ~F THE CITY OF SANTA MONICA DOES RESO~VE AS
FOLLOWS
SEGTION 1 T~at the Final Map for Tract No 51349 in the C~ty of Santa Manica
hereby is accepted and appraved
SECTION 2 T~at the City Clerk hereby is author~zed and directed to endorse
upan the face o# sard Map thrs order authertticated ~y th~ Seal of t~e Crty o~ Santa Mon~ca
SECTION 3 That #he City Clerk shall certify to the aciopt~on of this Resolution,
and thenceforth and thereafter the same shall be ~n full farce and effect
APPROVED AS TO FORM
AR A J4NES MDUTRIE
City Attarney
Adopted and appro~°ed this 12nd of August ~ 997
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Pam O'Connor, ~iaz-ar
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I. A~~aria ~~1 Ste«•art. Grt<< Clerk of the C~t~ of Santa Monica. do hereb~~ certifi- that the
foregning Resolution 917~{CCS) was dul~~ adopted at a meeting of the Git~• Council hel~ on the
1?nd of ~u~ust_ 1997 b~- the fallo«~in~ ~~ote
~~~es Councilmembers Ebner. Feinstein. Genser. Greeni~er~. l~a~'or Pro Tem
Holbrook, ~~iati-or O'Connor. Rosenstein
l~oes GounciIrnembers '~lone
~bstain Gouncilmembers None
~bsent Gouncilmembers None
ATTEST
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'I~iaria ll'I Ste~~~art, Crt~ Ierk