SR-6E (11)
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PCD:SF'DKW-GS:\PLAN\SHARE\TORCA\fnmap\tpc316
Council Mtg Apr1l 11, 1995 Santa Mon1ca, Cal1fornia
APR 1 1 1995
TO: Mayor and City Counc1l
FROM: C1ty Staff
SUBJECT Recommendat1on to Adopt Resolutlon Approvlng F1nal Map
for Tenant-Part1cipating Conversion TPC-316 at 425 Idaho
Avenue.
INTRODUCTION
Th1S report transmits for City Council approval a Final Map for the
fo:lowing Tenant-Partlcipating Convers1on project:
Tract No. TPC NO. ADDRESS OWNER UNITS
51850 316 425 Idaho F1fth St. North 10
BACKGROUND
The City Plannlng Commlssion approved the Tentative Map and the Ten-
ant-Partlcipating ConverSlon for the above proJect on May 4, 1994,
after a publ1c hearing and a careful reV1ew of the record and staff
recomnendations. The act10n of the Planning Commiss1on was based
on the Comm1sSlon 1 s flnd1ngs that the proposed Tenant-Part1cipating
ConverS1on meets the requ1rements of Article XX of the C1ty Charter
and that the proposed subdlvlslon 1S cons1stent w1th applicable
general an~ speclfic plans as adopted by the C1ty of Santa Monica
along wlth all mandatory requ1rements of the Subdiv1s1on Map Act of
the State of Callfornia
The owners have submitted to the Clty a Wr1tten Consent Agreement
bind1ng the owners and any successors ln interest to each condit1on
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APR 1 1 1995
1mposed in connect1on w1th approval of this Tenant-Part1cipat1ng
ConverSlon Th1S Written Consent has been approved by the Clty
Attorney and the C1ty Manager. Each part1cipat1ng tenant has been
informed in writlng of h1S or ::er rights under Article XX of the
C1 ty Cha:!'ter. The Llcense Dlvlsion reports that proper arrangements
have been made to ensure payment of tr_e Tenant-Participating
Converslon Tax
The rlnal Map conforms to the Tentatlve Map. The F1nal Map has been
certlf1ed by the C1ty Englneer for conformance w1th the Tentative
Map and conditlons thereon, the Subd1v1s1on Map Act and local
ord1nances The C1ty Attorneyls offlce has approved a Declaratlon
of Covenants, Cond1t1ons, and Restrict1ons, or equlvalent document,
for th1S proJect as complY1ng w1th the cond1t1ons of the Tentatlve
Map and the Tenant-Part1cipat1ng ConverS1on.
Counc1l approval of a f1nal map for a Tenant-Partic1pating
Conve::::-S1OD represents one of the last steps necessary 1n the
conversion process. Follow1ng City Counc1l act10n and approval by
the Cal1forn1a Department of Real Estate the applicants may begln
selling the1r unlts to the tenants. As each unlt is sold a
converS1on tax per Sect~on 2008 of Art1cle XX lS due ln an amount
equal to twelve times the monthly maXlmum allowable rent for that
unit These taxes w1ll be used to ass1st low and moderate income
households to purchase or improve the~r un1ts subject to affordable
repayment per Sect10n 2009 of Art1cle XX.
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BUDGET/FISCAL IMPACT
The recomnendat1on presented 1n this report does not have an 1mmed1-
ate budget or f~scal ~mpact If and as units 1n the proJect are
sold ~n the f~ture, Tenant-partic1pating Convers1on Taxes w1ll be
collected pursuant to the provis1ons of Artlcle XX of the C1ty
Charter and some ~ncreased property tax revenues may be generated
RECOMMENDATION
It 1S respectfully recommended that the Flnal ~ap for thlS Tenant-
Partlc1pat1ng ConverSlon be approved by adoptlon of the accompanY1ng
resolutlon.
Prepared by' Suzanne Fr1ck, Director of PCD
D. Kenyon Webster, Plann1ng Manager
G1na Sz~lak, ASs1stant Planner
Plann1ng and Zoning Divlsion
Plann1ng and Community Development Department
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to
RESOLUTION NO. 8884 (CCS)
(City Caunell Ser1es)
A RESOLUTION OF THE CITY COUNCI~
OF THE CITY OF SANTA MONICA
ACCEPTING k~D APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO.51850
AT 425 Idaho Avenue
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS
SECT:CN l That the Flnal Map for Tract No. 5:850 1n the City
of Santa Mon~ca hereby 18 accepted and approved
SECTION 2. That the City Clerk hereby 1$ author1zed and
d1rected to endorse upon the :ace of sald Map this order
authen~lcated DY the Seal of the Clty of Santa Monlca.
SECTION 3. That the Ci~y Clerk shall cert~fy ~o the adoptlon
of t~lS Resolut1on, and thenceforth and the~eafter the same shall
be in full force and effect
APPROVED AS TO FORM:
/JlM--s ~ /luM-~
MARSHA JONaS MOUTRIE
City Attorney
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Adopted and approved thIS 11th of Apnl, 1995
dJ d!-J . -=>
Mayor
I hereby certIfy that the foregomg Resoluuon 8884 (CCS) was duly adopted at a
meetmg of the CIty Councu held on the 11th of Apnl, 1995 by the followmg vote:
Ayes Councllmembers Abdo. O'Connor. Greenberg, Genser, Rosenstem.
Ebner, Holbrook
Noes. Councllmembers None
Abstatn . Councllmembers' None
Absent Councllmembers None
ATTEST
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CIty Clerk
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