SR-6-C (81)
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~ . - . .. JAN 1 1 1994
LUTM:SF:DKW:F:\PLAN\SHARE\TORCA\tp261fm Santa Monica, California
Counc~l Mtg: January 11, 1994
TO Mayor and City Council
FROM City Staff
SUBJECT Recommendation to Adopt Resolution Approving Final Map for
Tenant-Partlcipatlng ConverSlon TPC-261 at 826 2nd Street.
INTRODUCTION
ThlS report transmlts for Clty Councll approval a Final Map for the
followlng Tenant-Partlclpatlng ConverSlon project:
Tract No. TPC NO. ADDRESS OWNER UNITS
51378 261 826 2nd Street Shu Living Trust 21
BACKGROUND
The City Plannlng CommlSSlon approved the Tentatlve Map and the Ten-
ant-Part~cipating Conversion for the above project on September 16,
1992, after a publlc hearlng and a careful reVlew of the record and
staff recommendations. The action of the Planning Commission was
based on the Commission's findings that the proposed Tenant-
Participating Conversion meets the requirements of Article XX of the
C~ty Charter and that the proposed subd~v~s~on ~s cons~stent w~th
appllcable general and speclflc plans as adopted by the City of Santa
Monlca along wlth all mandatory requlrements of the Subdivision Map
Act of the State of Callfornla.
JAN 1 1 1991t
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The owners have submltted to the City a Written Consent Agreement
binding the owners and any successors in interest to each condltion
imposed lD connectlon with approval of this Tenant-Partlcipat1ng Con-
version. ThlS Written Consent has been approved by the City Attorney
and the Clty Manager. Each particlpatlng tenant has been lnformed in
writlng of hlS or her rights under Artlcle XX of the Clty Charter.
The License Dlvislon reports that proper arrangements have been made
to ensure payment of the Tenant-Particlpatlng Conversion Tax.
The F1nal Map conforms ~o the Tentatlve Map. The Flnal Map has been
certlfied by the Clty Englneer for conformance with the Tentative Map
and condltions thereon, the Subdlvislon Map Act and local ordinances.
The Clty Attorney's office has approved a Declaratlon of Covenant s ,
Conditions, and Restrictions, or equlvalent document, for this proj-
ect as complYlng wlth the condltions of the Tentative Map and the
Tenant-Particlpating Conversion.
Council approval of a final map for a Tenant-Partlcipating ConverSlon
represents one of the last steps necessary in the conversion process.
Following Clty Council actlon and approval by the Callfornia Depart-
ment of Real Estate the applicants may begln selllng thelr units to
the tenants. As each unit is sold a conversion tax per Section 2008
of Artlcle XX lS due in an amount equal to twelve times the monthly
maXlmum allowable rent for that unit. These taxes wlll be used to
assist low and moderate lncorne households to purchase or improve
thelr units subject to affordable repayment per Section 2009 of Arti-
cle xx.
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BUDGET/FISCAL IMPACT
The recommendation presented In th1S report does not have an 1mmedi-
ate budget or f~scal impact. If and as units ln the project are sold
1n the future, Tenant-Participat1ng ConverS1on Taxes will be col-
lected pursuant to the provislons of Article XX of the Cl ty Charter
and some lncreased property tax revenues may be generated.
RECOMMENDATION
It. 1S respect.fully recommended t.hat. t.he Final Map for t.hlS Tenant-
Particlpating ConverS10n be approved by adopt.lon of the accompanying
resolutlon.
Prepared by. Suzanne Frlck, Acting Dlrector of LUTM
D Kenyon Webster, Planning Manager
Drummond buckley, Associate Planner
Plannlng and zoning Divlslon
Land Use and Transportation Management Department
f:\plan\share\torca\tp261fm
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~2S0LUTION NO. 8704 (ees)
(Clty Council Serles)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL S~~DIVISION MAP FOR TRACT NO. 51378
AT 826 SECOND STREET
THE CITY COUNCIL ,.."..., THE CITY OF SANTA MONICA DOES RESOLVE AS
vr
FOLLOWS:
SECTION 1. That tie Flnal Map for Tract No. 51378 in the City
of Santa Monica hereby ~5 accepted and approved.
SECTION 2. That t~e City Clerk hereby 15 authorlzed and direct-
ed to endorse upon the face of said Map thls order authenticated by
the Seal of the City of Santa Mon1ca
SECTION 3. That the City Clerk shall cert1fy to the adoption of
this Resolut1on, and thenceforth and thereafter the same shall be ln
full force and effect.
APPROVED AS TO FORM.
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LAWRENCE
City Attorney
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Adopted and approved thIS 11th day of January, 1994
9t lif/6
Mayor
[ hereby certIfy that the foregomg ResolutIon No 8704 (CCS) was duly adopted at a
meetmg of the CItY Councll11th day of Januarv, 1994 bv the followmg vote-
_.. rtI J "" '-"
Ayes Councllmembers ' Abdo, Genser, Greenberg, Holbrook, Olsen. Rosenstein
~oes Councllmembers
Abstaill. CouncIlmembers:
Absent' Councllmembers' Vazquez
ATTEST.
L~~/f1~
------ City Clerk
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