SR-6-K (24)PCD SF RES f 1PLANISHAREITORCAI~nmaplfmtpc236 wpd
Councii M#g August 12, 1997
TO Mayor and C~ty Council
FROM City Staff
~e~o ~ ~r7~'
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Santa Monica, CaT~ornia ~7
SUBJECT Recommendatian to Adopt Resolutian Approvrng Finaf Map far Tenant-
Partic~pat~ng Con~ersion TPG-236 at 1 Q21 5th Street
INTRODUCTION
This repor# transmits for City Counc~l appraval a Final Map far the following Ter~an#-
Participating Conversio~ projec#
Tract Nv TPC NO AD~RESS OWNER UNITS
51362 236 1021 5th Street Class Limited 21
A Californ~a Lim~ted
Partr~ership
BAGKGROUND
The City Plannmg Commissian appro~ec~ the Tentafive Map and the Tenant-Participat~ng
Cornersion far the abo~e pro~ect on October 26, 1992, after a public hearing and a careful
review of the recard and staff recommendations The act~on af the Plannmg CommissEOn
was based on the Commission's findmgs that the proposed Tenant-Participating
Con~ersion meets the requ~rements af Artic~e XX of the C~ty Charter and that the proposed
subd~Wis~on is cons~stent with appl~cable general anc~ speciftc plans as adopted by the C~ty
af Santa Monica along with all mandatory requirements of the Subd~~isivn Map Act of the
State of Cai~~ornia
1
~~ p ~
AUG 12 ~l
The owners ha~e submitted to the City a Wr~tten Consent Agreement bind~ng t~e owr~e~s
and any successor5 in interest to each condit~on imposed in cannection with approval af
this Tenant-Participating Conversi~n ThES Written Consent has been approved by the
City Attarney and the C~ty Manager Each participating tenant has been ~nformed m writing
af hfs ar her rights under Art~cle XX of the Gaty Charter The L~cense Division reports that
proper arrangements ~ave been made to ensure payment of the Tenant-Participat~ng
Conversion Tax
The Final Map con#arms to the Tentative Map The F+r~al Map has been certified by the
City Engineer for conformance with the Tentati~e Map and canditions thereon, the
Subd~vis~on Map Act and Vocaf ord~nances The C~ty Attorney's offi~e has appro~ed a
Deciarataon o~ Covenants, Cond~tions, and Restrictions, or equ~~alent document, for this
pra~ect as camplymg with the cond~t~ons of the Tentative Map and the Tenant-Partici~aating
Conversion
Council appro~al of a final map for a Tenant-Participating Can~ersion represents one of
the last steps ~ec~ssary in the canversron process Following CEty Council ac#ion and
approval by the Califomia Department af Rea~ Estate the a~pl~cants may beg~n s~!ling their
units to the tenants As each unit is sald a convers~on tax per Section 2~08 of Article XX
is due in an amount equal to twel~e times the monthly maximum allowable rent far that
unit These taxes will be used to assist low and moderate income households to purchase
or impro~e their units sub~ect to affordable repayment per Sectior~ 2009 of Ar~icle XX
2
BUDGETIFISCAL IMPACT
The recammendatian presented ~n this report cfoes not have an rmmediate budget or fiscaf
impact If and as units m tF~e pro~ect are sold m the future, Tenant-Part~cipating
Con~ers~on Taxes will be collected pursuant to the prov~s~ons of Article XX of the City
Charter and some increased property tax revenues may be generated
RECOMMENDATION
It ~s respectfully recammended that the Final Map for th~s Tenant-Participating Conversian
be approved by adop~ion o~ the accompanying resolution
Prepared by Suzanne Frick, Director of PCD
Gina Sz~lak, Assjstant Plar~ner
C~ty Planning DivGSian
P~annmg and Community Development Department
Attachment A Resolution Accepting and Approving Final Map
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RESOLUTION NO g178 (ccs )
(City Caur~c~l Senes)
A RESOLUTiON OF THE CITY C4UNCIL
OF THE CITY ~F SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO 51362
AT
1021 5th STREET
THE CfTY COUNClL ~F THE CITY OF SANTA MQNICA DOES RESOLVE AS
FOLL~WS
SECTION 1 That the ~ina! Map for Tract No ~1362 m the Gity of San#a Monica
hereby Es accepted and approved
SECTION 2 7hat the City Clerk hereby is author~zed and d~rected ta endorse
upon the face of said Map th~s order authenficated by the Seal of the C~ty of Santa Manica
SECTI~N 3 7ha# the Ci#y Clerk shall certify to #he adoption ofi this Resoluti~n.
and thenceforth and thereafter the same shall he En full force and effect
APPROVED AS TO FORM
~ ~,,
M' RSFIA JON~S MOUTRIE
~. C Attarney
Adapted and appro~~ed this 1?nd of August 1997
~ , ~~~-
Pam O' Connor, ~1a~-or
I. Nlaraa 1~•1 Ste~,~-art. Cit~~ Glerk of the Cin- of Santa \~ionica, do hereb~~ cer-tifi~ that the
foregaing Resolution 9~78(CGS) ~~~as dul~~ adopted at a meeung of the Cit~- Counc~l held on the
1?nd of Au~ust. 1997 b~ the follo~~~ing ~-ote
?.ves Councilmembers Ebner_ Fetnstein, Genser, Greenberg, I~1a.~or Pro Tem
Hoi~+rook. ~~1a~-or O'Connor. Rosenste~n
~1oes Co~nctlmembers I~one
Abstain Councilmembers None
Absent Councilmembers ~ione
:~TTEST~
'~, 1 +L~u . . ~ ~~i
I~~Iaria l~~1 Ste~~~art. Cit~- ~rl;