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LUTM:SF:DKW:SHK:F:\PLAN\SHARE\TORCA\STFRPT\TPC292
Council Mtg: December 14, 1993 Santa Monica, Californ1a
TO' Mayor and City Councll
FROM' City Staff
SUBJECT: Recommendation to Adopt Resolution Approvlng Flnal Map for
Tenant-Participatlng ConverSlon TPC-292 at 960 Th~rd
Street
INTRODUCTION
This report transmits for City Councll approval a F1nal Map for the
followlng Tenant-Partlc1pat1ng ConverS1on proJect:
Tract No. TPC NO. ADDRESS OWNER UNITS
51580 292 960 Thlrd St Ch1ng Chung Yu 34
BACKGROUND
The C1ty Plannlng Comm1SSlon approved the Tentatlve Map and the Ten-
ant-Partlc1pat1ng ConverS1on for the above proJect on July 7, 1993,
after a public hear1ng and a careful review of the record and staff
recommendat~ons. The act10n of the Plann~ng Comm1SS1on was based on
the CommlSSlon's findings that the proposed Tenant-Partlc1pating
Conversion meets the requ1rements of Art1cle XX of the Clty Charter
and that the proposed subdlv1s1on 1S cons1stent w1th appl1cable
general and spec1f~c plans as adopted by the City of Santa Monica
along with all mandatory requirements of the Subd~v1s1on Map Act of
the State of California.
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DE C ~ 1 1993
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The owners have submitted to the City a Written Consent Agreement
blndlng the owners and any successors in lnterest to each condition
lmposed in connection wlth approval of this Tenant-Participating Con-
verSlon. This Written Consent has been approved by the C~ty Attorney
and the C~ty Manager Each participating tenant has been informed in
wrltlng of his or her rights under Article XX of the Clty Charter.
The License Division reports that proper arrangements have been made
to ensure payment of the Tenant-Participatlng Converslon Tax.
The Final Map conforms to the Tentatlve Map. The Flnal Map has been
certlfled by the C~ty Englneer for conformance with the Tentatlve Map
and conditions thereon, the Subdivision Map Act and local ordinances.
The Clty Attorney's offlce has approved a Declaration of Covenants,
Conditlons, and Restrlctlons, or equivalent document, for thlS proj-
ect as complying with the conditions of the Tentatlve Map and the
Tenant-Part~cipating ConverSlon
Councll approval of a flnal map for a Tenant-Participating Conversion
represents one of the last steps necessary in the converSlon process.
Following City Councl1 action and approval by the Californla Depart-
ment of Real Estate the applicants may begin selling thelr unlts to
the tenants. As each unit is sold a conversion tax per Sectlon 2008
of Article XX lS due ln an amount equal to twelve times the monthly
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maXlmum allowable rent for that unit. These taxes will be used to
assist low and moderate lncorne households to purchase or lmprove
thelr units subject to affordable repayment per Bectlon 2009 of Arti-
cle XX
BUDGET/FISCAL IMPACT
The recommendation presented ln this report does not have an lmmedl-
ate budget or fiscal impact If and as units ln the project are sold
ln the future, Tenant-Partlclpatlng Conversion Taxes wlll 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 ~s respectfully recommended that the Flnal Map for this Tenant-
Participating Conversion be approved by adoption of the accompanying
resolutlon.
Prepared by: Suzanne Frick, Acting Dlrector of LUTM
D. Kenyon Webster, Plannlng Manager
Susan Healy Keene, Assistant Planner
Planning and Zoning Divlslon
Land Use and Transportation Management Department
f:\plan\share\torca\stfrpt\tpc292
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RESOLUTION NO. 8690 (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. 51580
AT 960 THIRD STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the Final Map for Tract No. 51580 in the City
of Santa Monica hereby is accepted and approved.
SECTION 2. That the City Clerk hereby ~s 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 certlfy to the adoption of
this Resolution, and thenceforth and thereafter the same shall be in
full force and effect.
APPROVED AS TO FORM:
lrO ,#-3--u-
- JO EPIl LAWRENCE
; Ac ing C~ty Attorney
SHK
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Adopted and approved this 14th day of December, 1993.
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I hereby certify that the foregoing Resolution No. 8690 (CCS) was duly adopted at a
meetmg of the CIty Council of the City of Santa Monica on the 14th day of December, 1993
by the followmg vote:
AYES' Councllmembers. Genser, Greenberg, Holbrook, Olsen, Rosenstem,
Vazquez, Mayor Abdo
NOES: Councllmembers: NONE
ABSTAIN Councilmembers: NONE
ABSENT- Councllmembers' NONE
ArrEST:
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CIty Clerk