SR-6-D (64)
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JAN 1 1 1994
LUTM:SF:DKW:P'\PLAN\SHARE\TORCA\PNMAP\FMTPC259
Council Mtg: January 11, 1994 Santa Mon1ca, Californ1a
TO: Mayor and City Council
FROM: C~ty Staff
SUBJECT: Recommendation to Adopt Resolution Approving Final Map for
Tenant-Participating ConverS1on TPC-259 at 2911 Fourth
Street
INTRODUCTION
This report transmits for C1ty Council approval a Final Map for the
follow~ng Tenant-Part1cipating ConverS1on prOJect.
Tract No. TPC NO. ADDRESS OWNER UNITS
51358 259 2911 4th 2911 4th St. 17
Apartments, A
General Partnersh1p
BACKGROUND
The City Planning Comm1ssion approved the Tentative Map and the Ten-
ant-Particlpat1ng Convers1on for the above project on September 2,
1992, after a publlc hearlng and a careful review of the record and
staff recommendat1ons. The act10n of the Plannlng Commission was
based on the Commisslon's findings that the proposed Tenant-
Part1cipating ConverSlon meets the requ1rements of Article XX of the
City Charter and that the proposed subd~vis1on is cons1stent w1th
applicable general and specif1c plans as adopted by the City of Santa
Monica along with all mandatory requ1rements of the Subd1v1sion Map
Act of the State of Ca11fornia.
JAN 1 1 1991t
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The owners have submltted to the Clty a Wrltten Consent Agreement
binding the owners and any successors 1n interest to each condition
1mposed in connection with approval of this Tenant-Participating Con-
verSlon. This Wrltten Consent has been approved by the Clty Attorney
and the C1ty Manager Each partic1pating tenant has been informed in
writing of his or her rights under Article XX of the C1ty Charter.
The L1cense Divis10n reports that proper arrangements have been made
to ensure payment of the Tenant-Part1cipatlng Conversion Tax.
The Final Map conforms to the Tentative Map. The F1nal Map has been
certif1ed by the C1ty Engineer for conformance with the Tentative Map
and condltions thereon, the Subdivlsion Map Act and local ordinances.
The City Attorney's off1ce has approved a Declaration of Covenants,
Conditions, and Restr1ct1ons, or equivalent document, for this prOJ-
ect as complYln9 wlth the conditions of the Tentative Map and the
Tenant-Partic1pating Conversion.
Counc11 approval of a final map for a Tenant-Partlcipating Conversion
represents one of the last steps necessary in the conversion process.
Followlng City Council actlon and approval by the Callfornla Depart-
ment of Real Estate the appllcants may beg1n selling their units to
the tenants. As each unit is sold a conversion tax per Sectlon 2008
of Art1cle XX 1S due in an amount equal to twelve times the monthly
rraX1mum allowable rent for that un1t. These taxes w1ll be used to
asslst low and moderate lncorne households to purchase or improve
the1r un1ts subject to affordable repayment per Sect10n 2009 of Arti-
cle xx.
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BUDGET/FISCAL IMPACT
The recommendation presented in th1s report does not have an 1mmed1-
ate budget or fiscal 1mpact. If and as units 1n the project are sold
in the future, Tenant-Partlcipating Converslon Taxes will be col-
lected pursuant to the provisions of Article XX of the City Charter
and some 1ncreased property tax revenues may be generated.
RECOMMENDATION
It 1S respectfully recommended that the F1nal Map for th1s Tenant-
Particlpat1ng ConverS1on be approved by adoption of the accompanying
resolution
Prepared by' Suzanne Fr1ck, Act1ng D1rector of LUTM
D. Kenyon Webster, Plann1ng Manager
Susan Healy Keene, ASs1stant Planner
Plann1ng and Zoning D1vision
Land Use and Transportation Management Department
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RESOLUTION KO 8705 (CCS)
(C~ty COUDCll Serles)
A RESOLUTION OF TEE CITY COUNCIL
OF THE C:TY OF Sk~TA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISIO~ MAP FOR TRACT NO.51358
AT 2911 FOURTH STREET
THE CITY COUNCIL OF THE C:TY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. ~hat the F1nal Map fc~ Tract No.51358 in the City of
Santa Monica hereby 18 accepted and approved.
SECT~ON 2 That the Clty Clerk nereby is authorlzed and direct-
ed to endorse upon the face of sald Map this order authenticated by
~he Seal of the City of Santa Monica
SECT::;:ON 3. That the City Clerk shall certlfy to the adoptlon of
th18 Resolut10n, and thenceforth and thereafter the same shall be in
full force and effect.
APPROVED AS TO FORM:
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JOmH LANREN E
Act1 9 Clty Attorney
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Adopted and approved thlS 11th day of January. 1994
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{A. Mayor
I hereby certIfy that the foregomg Resolutlon No 8705 (CCS) was duly adopted at a
meetmg of the CIty CouncIl 11th day of January, 1994 by the fol1owmg vote.
Ayes: Councllmembers Abdo. Genser, Greenberg, Holbrook, Olsen, Rosenstem
Noes Councdmembers-
Abstam: Councllmembers.
Absent' Councllmembers: Vazquez
ATTEST-
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City CleFit