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Councd Mtg October 27, 1998 5anta Monica, California
TO Mayor and City Council
FROM City Staff
SUBJECT Recommendation to Adopt Resolution Approving Final Map No 52300 for
Tenant-Participating Conversion TPC-330 at 924 5th Street
INTRODUCTION
This report transmits for Ctty Council approval a Final Map for the following Tenant-
Participating Conversion pro~ect
Tract No TPC NO ADDRESS OWNER UNITS
52300 330 924 5th Street Eugene Temkin 10
BACKGROUND
The City Planning Commission approved the Tentative Map and the Tenant-Participating
Conversion for the above pro~ect on April 16, 1997, after a public heanng and a careful
rewew of the record and staff recommendations The action of the Planning Commission
was based on the Commission's findings that the proposed Tenant-Partiapating
Conversion meets the requirements of Article XX ofthe City Charter and that the proposed
subdivision is consistent with applicable general and specific plans as adopted by the City
of Santa Monica along with all mandatory requirements of the Subdivision Map Act of the
State of California
1 ~~
OCT27~9,98
The owners have submitted to the City a Wntten Consent Agreement bindmg the owners
and any successors in interest to each condition imposed in connection with approval of
this Tenant-Participatmg Conversion This Written Consent has been approved bythe City
Attorney and the City Manager Each participating tenant has been informed in writing of
his or her rights under Article XX of the City Charter The License Division reports that
proper arrangements have been made to ensure payment of the Tenant-Participatmg
Conversion Tax
The Final Map conforms to the Tentative Map The Final Map has been certified by the
City Engineer for conformance with the Tentative Map and conditions thereon, the
Subdivision Map Act and local ordinances The City Attorneys office has approved a
Declaration of Covenants, Conditions, and Restnctions, or equivalent document, for this
pro~ect as complying with the conditions of the Tentative Map and the Tenant-Participating
Conversion
Council approval of a final map for a Tenant-Participating Conversion represents one of
the last steps necessary in the conversion process Following City Counal action and
approval bythe California Departmentof Real Estate, the applicants may begin selling their
units 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 times the monthly maximum allowable rent for that
unit These taxes will be used to assist low and moderate mcome households to purchase
or improve their units sub~ect to affordable repayment per Section 2009 of Article XX
2
BUDGET/FISCAL IMPACT
The recommendation presented in this report does not have an immediate budget orfiscal
impact If and as units in the pro~ect are sold in the future, Tenant-Participating Conversion
Taxes will be collected pursuant to the provisions of Article XX of the City Charter and
some increased property tax revenues may be generated
RECOMMENDATION
It is respectfully recommended that the Final Map forthis Tenant-Participating Conversion
be approved by adoption of the accompanying resolution
Prepared by Suzanne Frick, Director of PCD
Karen Gmsberg, Planning Manager
David Martm, Senior Planner
Gina Szilak, Assistant Planner
City Planning Diwsion
Planning and Community Development Department
RESOLUTION NO 9330 (CCS)
(City Councd Senes)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROV{NG
A FINAL SUBDIVISION MAP FOR TRACT NO 52300
AT
924 5th Street
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS
SECTION 1 That the Final Map for Tract No 52300 m the City of Santa Monica
hereby is accepted and approved
SECTION 2 That the City Clerk hereby is authonzed and directed to endorse
upon the face of said Map this order authent~cated by the Seal of the City of Santa Monica.
SECTION 3 That the City Clerk shall certify to the adoption of this Resolution,
and thenceforlh and thereafter the same shall be in full force and effect
APPROVED AS TO FORM
;~~~~1~~
MARSHA J~ES MOUTRIE
City Attorney
Adopted and approved this 27th of October, 1998
~~. ~~~
Robert Holbrook, Mayor
I. Mana M Stewart, City Clerk of the City of Santa Monica. do hereby certify that
the foregoing Resolution 9330 (CCS) was duly adopted at a meeting of the Santa
Monica City Councd held on the 27th of October, 1998 by the following vote
Ayes Councilmembers Feinstein, Genser. Holbrook, O'Connor.
Rosenstem
Noes Counalmembers None
Abstam Counciimembers None
Absent Councdmembers Ebner
ATTEST
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Maria M Stewart, Crty Clerk