SR-6E (6)
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Council Mtg: February 28, 1995 Santa Monica, California
TO: Mayor and City Cauncll FES 2 8 1995
FROM. Clty Staff
SUBJECT: Recommendatlon to Adopt Resolutlon Approvlng Flnal Map
for Tenant-Participating Conversion TPC-263 at 520 Strand
Street.
INTRODUCTION
ThlS report transmits for City Caunell approval a Final Map for the
followlng Tenant-Particlpating Conversion proJect:
Tract No. TPC NO. ADDRESS OWNER UNITS
50892 263 520 Strand Street K. Downing 10
BACKGROUND
The Clty Plann~ng Comrnlssion approved the Tentatlve Map and the Ten-
ant-Partlclpating ConverSlon for the above project on November 4,
1992, after a public hearing and a careful review of the record and
staff recommendations. The actlon of the Planning Commlssion was
based on the CommlSSlon's flndings that the proposed Tenant-
Particlpating ConverSlon meets the requlrements of Article XX of the
City Charter and that the proposed subdlvision is consistent wlth
applicable general and specific plans as adopted by the Cl ty of
Santa Monlca along wlth all mandatory requlrements of the
Subdlvislon Map Act of the State of Callfornia
The owners have submitted to the Clty a Written Consent Agreement
bindlng the owners and any successors lD interest to each condition
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FEB 2 8 1995
imposed In connectlon with approval of this Tenant-Participatlng
ConverSlon. Thls Written Consent has been approved by the City
Attorney and the Clty Manager. Each partlcipating tenant has been
lnformed In wrltlng of his or her rights under Artlcle XX of the
ci ty Charter The License DlVlSlon reports that proper arrangements
have been made to ensure payment of the Tenant-Particlpatlng
Converslon Tax.
The Final Map conforms to the Tentative Map. The Final Map has been
certified by the City Englneer for conformance wlth the Tentatlve
Map and condltions thereon, the Subdlvlslon Map Act and local
ordinances. The Clty Attorney's office has approved a Declaration
of Covenants, Condltlons, and Restrictions, or equlvalent document,
for thls proJect as complying with the condltlons of the Tentative
Map and the Tenant-Participating ConverSlon.
Council approval of a flnal map for a Tenant-Partlclpatlng
ConverSlon represents one of the last steps necessary in the
converSlon process. Followlng City Council action and approval by
the California Department of Real Estate the appllcants may begin
selllng thelr unlts 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 tlmes the monthly maximum allowable rent for that
unit. These taxes wlll be used to aSslst low and moderate income
households to purchase or improve thelr unlts subJect to affordable
repayment per Section 2009 of Artlcle XX.
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BUDGET/FISCAL IMPACT
The recommendatlon presented in th1.S report does not have an immedi-
ate budget or f1.scal 1.mpact. If and as un1.ts 1.n the project are
sold in the future, Tenant-Part1.c1.pating Conversion Taxes will be
collected pursuant to the prov1.s1.ons of Article XX of the C1.ty
Charter and some increased property tax revenues may be generated.
RECOMMENDATION
It is respectfully recommended that the Final Map for th1.s Tenant-
Partlclpat1.ng ConverSlon be approved by adoptlon of the accompanying
resolutlon.
Prepared by: Suzanne Fr1.ck, Dlrector of PCD
D. Kenyon Webster, Planning Manager
Drummond Buckley, Assoc1.ate Planner
Planning and Zon1.ng D1V1Slon
Plannlng and Community Development Department
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RESOLUTION NO. 8871 (CCS)
(Clty Cauncll Serles)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO. 50892
AT 520 STRAND STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the Flnal Map for Tract No. 50892 In the City
of Santa Monlca hereby 1S accepted and approved.
SECTION 2. That the City Clerk hereby 15 authorlzed and
dlrected to endorse upon the face of said Map this order
authenticated by the Seal of the Clty of Santa Monica.
SECTION 3. That the Clty Clerk shall certlfy to the adoption
of th1S Resolut1on, and thenceforth and thereafter the same shall
be In full force and effect.
APPROVED AS TO FORM:
~~b~
MARSHA JONES MOUTRIE
City Attorney
DB
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Adopted and approved thIS 28th of February, 1995
;tJ~
Mayor
I hereby certify that the foregomg Resolution 8871 (CCS) was duly adopted at a
meetmg of the CIty CouncIl held on the 28th of February. 1995 by the followmg vote:
Ayes CouncIlmembers Abdo. O'Connor, Greenberg, Holbrook. Genser
Rosenstem.
Noes CouncIlmembers None
Abstam CouncIlmembers' None
Absent. CouncIlmembers Ebner
ATTEST
J.ltdne-4/
/ ,/ c:J
City Clerk