SR-6-D (72)
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PCD'SF:DKW:DB'PLAN\SHARE\TORCA\fnmap\tp237fm
Counell Mtg' November 15, 1994 Santa Monica, Ca11forn1a
HOV 1 5 1991t
TO: Mayor and Clty Councll
FROM: Clty Staff
SUBJECT: Recommendation to Adopt Resolution Approvlng Flnal Map
for Tenant-Partlc1pat1ng ConverSlon TPC-237 at 121-125
Strand Street.
INTRODUCTION
ThlS report transmlts for Clty Counc11 approval a F1nal Map for the
following Tenant-Partlcipatlng Conversion proJect:
Tract No. TPC NO. ADDRESS OWNER UNITS
51342 237 121-125 Strand St. L. Martoff 15
BACKGROUND
The City Planning Commlssion approved the Tentative Map and the Ten-
ant-Partlc1pat1ng ConverSlon for the above proJect on September 2,
1992, after a public hear1ng and a careful review of the record and
staff recommendatlons. The action of the Plann1ng CommlSSlon was
based on the Commlssion's findlngs that the proposed Tenant-
Participatlng ConverSlon meets the requirements of Article XX of the
City Charter and that the proposed subdlvision 18 conslstent with
applicable general and specific plans as adopted by the C1ty of
Santa MODlca along with all mandatory requirements of the
Subdlvlslon Map Act of the State of Ca11fornia
The owners have submitted to the Clty a Written Consent Agreement
blndlng the owners and any successors in lnterest to each condltlon
NOV 1 5 199't
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lmposed in connection w1th approval of th1S Tenant-Part1clpatlng
ConverSlon This Wrltten Consent has been approved by the Clty
Attorney and the City Manager. Each part1clpatlng tenant has been
lnformed 1n wr1tlng of hlS or her rights under Art1cle XX of the
ci t y Charter The Llcense Dl VlSlon reports that proper arrangements
have been made to ensure payment of the Tenant-Partlclpating
Converslon Tax.
The Flnal Map conforms to the Tentative Map The Final Map has been
certlf1ed by the City Englneer for conformance wlth the Tentative
Map and conditlons thereon, the Subdlv1s1on Map Act and local
ordinances. The C1ty Attorney's offlce has approved a Declaratlon
of Covenants I Conditions I and Restrlctions I or equ1 valent document,
for thlS proJect as complYlng wlth the condltions of the Tentatlve
Map and the Tenant-Particlpating ConverSlon.
Councll approval of a flnal map for a Tenant-Part1c1pating
ConverSlon represents one of the last steps necessary In the
converSlon process. Followlng Clty Councll act10n and approval by
the Callfornla Department of Real Estate the appllcants may begln
selllng thelr unlts to the tenants. As each unit 1S sold a
conversion tax per Sectlon 2008 of Artlcle XX 1S due In an amount
equal to twelve tlmes the monthly maXlmum allowable rent for that
unlt These taxes wlll be used to assist low and moderate lncorne
households to purchase or improve their units subject to affordable
repayment per Sectlon 2009 of Art1cle XX.
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BUDGE~/FISCAL IMPACT
The recommendatlon presented 1n thlS report does not have an immedl-
ate budget or f1scal impact. If and as unlts ln the proJect are
sold 1TI the future, Tenant-Partlcipating ConverSlon Taxes wlll be
collected pursuant to the prOV1Slons of Artlcle xx of the City
Charter and some lDcreased property tax revenues may be generated.
RECOMl"'ENDATION
It 15 respectfully recommended that the F1nal Map for this Tenant-
Particlpatlng Conversion be approved by adoption of the accompanying
resolutlon
Prepared by. Suzanne Frlck, Dlrector of PCD
D. Kenyon Webster, Planning Manager
Drummond Buckley, ASSoclate Planner
Planning and Zonlng Divis10n
Plann1ng and Community Development Department
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RESOLUTION NO (CCS)
(City Counc11 Ser1es)
A RESOLUTION OF THE CITY COuNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO. 51342
AT 121-125 Strand Street
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS.
SECTION 1. That the Flnal Map for Tract No. 51342 ln the Clty
of Santa Monica hereby is accepted and approved.
SECTION 2. That the City Clerk hereby 15 author~zed and
d~rected to endorse upon the face of sa~d Map th1s order
authent1cated by the Seal of the City of Santa Mon1ca.
SECTION 3. That the Clty Clerk shall certify to the adoptlon
of th~s Resolutlon, and thenceforth and thereafter the same shall
be ~n full force and effect.
APPROVED AS TO FORM:
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MARSHA JottEs MOUTRIE
Clty Attorney
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