SR-6-N (18)PCD SF RES f IPLANISHAREITORCAIfnma~lfmtpc247 wpd
Council Mtg August 12, 1997
TO Mayor and City Council
FR~M City Staff
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Santa Mon~ca, Californ~a
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SUBJECT Recammendation to Adopt ResolutEOn Appro~mg Final Map for Tenant-
Part~cEpating Cor~version TPC-247 at 848 - 850 Euclid Street
ENT~ODUCTION
This report transmits for City Council approval a Final Map far t~e foflowing Tenant-
Participating Canversion pro~ect
Tract No
51388
TPC NO ADDRESS
247 848-850 E~clfd Street
BACKGROUND
~WNER UNITS
Da~~d York 6
Ttie Ctty Plannmg Cammission approved the Tentative Ma~ and the Tenant-Participat3ng
Conversian for the abave pro~ect on October 21, 1992, aft~r a public hear~ng and a careful
review of #he record and staff recommendations The action of the Planrnng Commiss~on
was based on the Commission's findings that the proposed Tenant-Participating
ConversGOn meets the requirements of Article XX of the C~ty Charter and that t~e proposed
subdivis~on is car~sistent w-th appficabfe gen~rai and spec~f~c plans as adaptad by the City
of Santa Mon~ca a(ong with all mandatory requirements of the Subdi~ision Map Act of the
State of California
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The owners have submitted ta the C~ty a Written Consent Agreement binding the nwners
and any successars in interest to each condition rmposed m connection with approval o~
thES Tenant-Participating Canvers~on This Vllritten Consent has been appro~ed by the
City Attomey and the City Manager Each part~cipating tenant has been ~nformed in writing
of his or her rights under Article XX of the City Charter The Licer~se D~vision reports that
proper arrangements have been made to ensure payment of the Tenant-Partic~pating
Convers~on Tax
The Final Map confarms to the Tentat~ve Map The F~nal Map has been certified by thE
City Engir~eer for conformance with the Tentative Map and cond~tions thereon, the
Subdivision Map Act and local ardinances The City Attorney's office has approved a
Declarat~on of Covenants, Cond~t~or~s, and Restrictions, or equivalent document, for this
pro~ect as comp~ying with the cond~tions of the Tentati~e Map and #he Tenant-Participating
Conversion
Councii approval of a fmai map for a T~r~ant-Partac~patmg Canv~rs~on represents one of
fF~e last steps necessary ~n the canversion process Following City Counaf action and
approval by the Califam~a Department of Real Estate the appl~cants may bsgin selling their
urnts to the tenants As each unit is sofd a convers~or~ tax ~er Section 20D8 of Art~cie XX
~s due in an amount equal to twelve times the monthly maxfmum allowable rent for that
unit Th~se taxes will be used to assist ~ow and moderate income households ta purchase
or improve their units sub~ec# to a~fordable repayment per Section 2009 of Article XX
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BUDG~TlFISCAL IMPACT
TF~e recommendation presented m this repart does not have an rmmediate budget or fiscal
impact If and as units in the pro~ect are soEd ~r~ the fut~re, Tenant-Participatmg
Conversian Taxes will be collected pursuant tfl #he provisions of Article XX of the City
Cha~er and same increased property tax revenues may be generated
RECOMMENDATION
!t is respectFully recommended that the Fina! Map for this Tanant-Partic~pating Converston
be approved by adoption af the accompany~ng resolutian
Prepared by Su2anne Frick, Director of PCD
Gina Szilak, Ass~stant Planner
City Planning DivisEOn
Planning and CQmmunity Deuelopment Qe~artment
Attachment A Resolutian Accept~ng and Approving Final Map
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RESOLUTION NO 9181 ~ ccs)
(City Council Series)
A RESOLUTION OF THE CITY COUNClL
OF THE GITY O~ SANTA MONICA
ACCEPTING AND APPROVING
A FiNAL SUBDfViSION MAP FQR TRACT NO ~1388
AT
848-850 EUCLID STREET
THE CITY COUNCIL QF THE CITY OF SANTA MONlCA DOES RESOLVE AS
FOLLOWS
SECTiON 1 That #he Fi~a! Map for Tract No 51388 ~n the C~ty of Santa Monica
hereby ~s accepted and appro~ed
SECT~ON 2 That the City Cierk hereby is au#horized and directed to encforse
upon the face of said Map th~s order authenticated by the Seal of the C~ty of Santa Monica
SECTlON 3 That the City Clerk shal! certify to the adoption of this Resolu#ion,
and thenceforth and thereafter the samE shaii he in full force and effect
APPROVED AS TO FORM
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% M~RSHA J ES MOUTRIE
~~y Attarney
Adopted and appro~~ed this 12nd of ~ugust 1997
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Pam a'Cnnnor. ~~a~•or
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I, l~laria l~~1 Ste«~art. C~t~- Clerk of the C~t~.- of Santa ~1-ionica, do hereb~- certifi• that the
fareaoine Resolutton 9I 8I {GCS} ~~~as duh~ adopted at a meetmg of the Cit~- Gouncil held on t~e
1?nd af ausust, 1997 bv the fallo~~~in~ vote
A~-es Councilmembers Ebner. Feinstein, Genser. Greenl~erg. v1a~-ar Pro Tent
Holbroo~_ I~~1a~~or O~Connor. Rosenstein
~oes Councilmembers None
.~bsta~n Gouncilmembers ~one
~bsent Councilmembers '~ione
ATT~ST
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Mar~a M Ste~~°art, C~t~~ ~lerk