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LUTM:PB:DKW:SMW:C50953.pcword.plan Santa Monica, califor~ - 8 1332
council Mtg: September 8, 1992
TO: Mayor and city council
FROM: City Staff
SUBJECT: Recommendation to Adopt Resolution Approving Final Map for
Tenant-Participating Conversion TPC-l85 at 2424-2428 oak
street.
INTRODUCTION
This report transmits for City Council approval a Final Map for the.
following Tenant-participating conversion project:
Tract No. TPC HO. ADDRESS OWNER UNITS
50953 185 2424-2428 Oak street David L. Jaquette 12
& stratton C.
Jaquette
BACKGROUND
The city Planning Commission approved the Tentative Map and the
Tenant-Participating conversion for the above project on February 5,
1992, after a public hearing and a careful review of the record and
staff recommendations. The action of the Planning cormnission was
based on the Commission's findings that the proposed Tenant-
Participating Conversion meets the requirements of Article XX of the
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.
The owners have submitted to the City a written Consent Agreement
binding the owners and any suocessors in interest to each condition
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SEP - 0 i99L
imposed in connection with approval of this Tenant-Participating Con-
version. This Written Consent has been approved by the 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-Participating 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 Attorney's office has approved a Declaration of Covenants,
Conditions, and Restrictions, or equivalent document, for this proj-
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 Council action and approval by the California Depart-
ment of 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 tha t unit. These taxes will be used to
assist low and moderate income households to purchase or improve
their units subject to affordable repayment per Section 2009 of Arti-
cle XX.
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BUDGET/FISCAL IMPACT
The recommendation presented in this report does not have an immedi-
ate budget or fiscal impact. If and as units in the project are sold
in the future, Tenant-Participating Conversion Taxes will be col-
lected 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 for this Tenant-
Participating Conversion be approved by adoption of the accompanying
resolution.
Prepared by: D. Kenyon Webster, Planning Manager
Susan White, Assistant Planner
PC/C50953
8/10/92
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RESOLUTION NO. (CCS)
(City Council Series)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO. 50953
FOR A PROJECT AT 2424-2428 OAK STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the Final Map for Tract No. 50953 in the ci ty
of Santa Monica hereby is accepted and approved.
SECTION 2. That the City Clerk hereby is authorized and direct-
ed to endorse upon the face of said Map this order authenticated by
the Seal of the city of Santa Monica.
SECTION 3. That the City Clerk shall certify to the adoption of
this Resolution, and thenceforth and thereafter the same shall be in
full force and effect.
APPROVED AS TO FORM:
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ROBERT M. MYERS ...J
City Attorney
pc/c50953
SMW
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