SR-01-23-1996-6E
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Councll Mtg: January 23, 1996 Santa Monica, Californla
TO. Mayor and Clty Council
FROM City Staff
SUBJECT: RecommendatJ.on to Adopt Resolutlon Approvlng Flnal Map
for Tenant-Participating ConverSlon TPC-303 at 1454 Yale
Street.
INTRODUCTION
This report transmlts for City Council approval a Flnal Map for the
following Tenant-Participating ConverSlon proJect:
Tract No. TPC NO. ADDRESS OWNER UNITS
51686 303 1454 Yale St. The Shu Llvlng 7
Trust, Stanley
& Cecilia Shu,
Trustees, and
Raymond A Cullen
BACKGROUND
The City Plannlng Commlssion approved the Tentative Map and the Ten-
ant-Participatlng ConversJ.on for the above proJect on May 4, 1994,
after a publlC hearlng and a careful reVlew of the record and staff
recommendatlons. The action of the Plannlng Commission was based
on the Commission's flndJ.ngs that the proposed Tenant-PartJ.cipating
ConverSlon meets the requlrements of Article XX of the CJ.ty Charter
and that the proposed subdlvlslon is conslstent wlth applJ.cable
general and speclfic plans as adopted by the City of Santa Monica
along wlth all mandatory requlrements of the Subdlvision Map Act of
the State of Callfornla.
1 6E
JAN 2 3 1996
The owners have submitted to the City a Wrltten Consent Agreement
blndlng the owners and any successors In lnterest to each condltJ.on
lmposed ln connection with approval of thlS Tenant-Partlclpatlng
Converslon. This Written Consent has been approved by the City
Attorney and the Clty Manager. Each participating tenant has been
lnformed J.n writing of hlS or her rlghts under Article XX of the
City Charter The License D1V1Slon reports that proper arrangements
have been made to ensure payment of the Tenant-Participating
Converslon Tax.
The Flnal Map conforms to the Tentative Map. The Flnal Map has been
certlfled by the City Englneer for conformance with the Tentatlve
Map and condltlons thereon, the Subdlvlslon Map Act and local
ordlnances. The Clty Attorney's office has approved a Declaratlon
of Covenants, Condltions, and Restrlctlons, or equivalent document,
for this proJect as complying with the condltJ.ons of the Tentative
Map and the Tenant-Participating ConverSlon.
Council approval of a flnal map for a Tenant-ParticlpatJ.ng
Conversion represents one of the last steps necessary in the
converSlon process. Followlng Clty Council action and approval by
the California Department of Real Estate the applicants may begin
selling thelr unlts to the tenants As each unit is sold a
converSlon tax per Sectlon 2008 of Article XX is due ln an amount
equal to twelve tlmes the monthly maXlmum allowable rent for that
unit. These taxes wlll be used to aSslst low and moderate income
2
-,
households to purchase or improve the~r units subJect to affordable
repayment per Sect~on 2009 of Article XX
BUDGET/FISCAL IMPACT
The recommendation presented in this report does not have an ~mmedi-
ate budget or fiscal ~mpact. If and as un~ts in the project are
sold ln the future, Tenant-Partlclpating Converslon Taxes will be
collected pursuant to the provisions of Art~cle XX of the CJ.ty
Charter and some lncreased property tax revenues may be generated.
RECOMMENDATION
It is respectfully recommended that the Final Map for thlS Tenant-
Part~clpating Conversion be approved by adoptlon of the accompanYlng
resolution
Prepared by: Suzanne Frick, Dlrector of peD
D Kenyon Webster, Planning Manager
Susan Healy Keene, Actlng ASSoclate Planner
Planning and Zoning D1V1Slon
Plannlng and Communlty Development Department
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3
RESOLUTION NO. 8991 (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.51686
AT 1454 YALE STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS'
SECTION 1 That the Final Map for Tract No.5l686 in the Clty
of Santa Monica hereby lS accepted and approved.
(Ii.
SECTION 2. That the Clty Clerk hereby is authorlzed and
dlrected to endorse upon the face of sald Map this order
authentlcated by the Seal of the City of Santa Monica.
SECTION 3 That the Clty Clerk shall certify to the adoptlon
of this ResolutJ.on, and thenceforth and thereafter the same shall
be In full force and effect.
APPROVED AS TO FORM:
L~
MOUTRIE
ey
Adopted and approved thIS 23rd of January, 1996
ttJ~
Mayor
I hereby certIfy that the foregomg ResolutlOn 8991 (CCS) was duly adopted at a meetmg
of the City CouncIl held on the 23rd of January, 1996 by the followmg vote
Ayes Councd members Abdo, Ebner, Genser, Greenberg. Holbrook, O'Connor,
Rosenstem
r..
Noes Councd members None
Abstam Councd members None
Absent Couned members None
ATTEST
~ .~""*
CIty Clerk
~