SR-6-B (61)
68
NOV 11t 1995
PCD:SF:DKW:SHK:\PLAN\SHARE\TORCA\fnmap\fmtpc302
Counc~l Mtg: November 14, 1995 Santa Monica, Callforn~a
TO: Mayor and City Council
FROM. City Staff (
SUBJECT: Recommendatlon to Adopt Resolution Approv1ng F1nal Map
for Tenant-Partlc1pating Converslon TPC-302 at 1118 Fifth
Street
INTRODUCTION
This report transm1ts for City Council approval a Final Map for the
following Tenant-Part~cipat~ng Conversion project:
Tract No. TPC NO. ADDRESS OWNER UNITS
51399 302 1118 Flfth St. Pac1f~c 10
Business Corp.
A Californ1a
Corporation
BACKGROUND
The Clty Plann1ng Comm1ssion approved the Tentat~ve Map and the Ten-
ant-particlpating Conversion for the above project on September 9,
1993, after a public hearing and a careful review of the record and
staff recommendatlons. The action of the Plannlng Commlssion was
based on the Commlssion's findlngs that the proposed Tenant-
Partic~pating Conversion meets the requlrements of Article XX of the
Clty Charter and that the proposed subd1vls1on is consistent wlth
appl1cable general and spec1f1c plans as adopted by the c~ ty of
Santa Monica along with all mandatory requ1rements of the
Subd1v~sion Map Act of the State of Callfornia.
The owners have submltted to the Clty a Written Consent Agreement
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68
NOV 1 It 1995
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blndlng the owners and any successors in interest to each condlt1on
imposed in connection with approval of thlS Tenant-Participating
Conversion. Thls Written Consent has been approved by the C1ty
Attorney and the City Manager Each participating tenant has been
lnfor-ned in wrlt1ng of his or her rlghts under Art1cle XX of the
City Charter The License D1 V1Slon reports that proper arrangements
have been made to ensure payment of the Tenant-Partlclpating
Conversion Tax.
The Flnal Map conforms to the Tentative Map. The Final Map has been
certified by the City Englneer for conformance wlth the Tentative
Map and condltions thereon, the Subdlv1sion Map Act and local
ordinances The C1ty Attorney's offlce has approved a Declaratlon
of Covenants, Condltions, and Restrictions, or equivalent document,
for thls proJect as complYlng with the conditions of the Tentat1ve
Map and the Tenant-Particlpat1ng ConverSlon.
Councll approval of a flnal map for a Tenant-Partlclpatlng
Converslon represents one of the last steps necessary in the
conversion process. Fallowlng Clty Cauncll actlon and approval by
the Callfornia Department of Real Estate the appllcants may begin
selllng their un1ts to the tenants As each unlt lS sold a
converS1on tax per Section 2008 of Art1cle XX 1S due 1n an amount
equal to twelve times the monthly maXlmum allowable rent for that
unit. These taxes wlll be used to ass1st low and moderate 1ncome
households to purchase or 1mprove the1r unlts subject to affordable
2
-
./
repayment per Section 2009 of Art1cle XX
BUDGET/FISCAL IMPACT
The recommendat1on presented 1n thlS report does not have an immedi-
ate budget or f1scal 1mpact If and as units 1n the proJect are
sold in the future, Tenant-Part1clpatlng Conversion Taxes w1ll be
collected pursuant to the provisions of Article XX of the C1ty
Charter and SOfie increased property tax revenues may be generated
RECOMMENDATION
It 1S respectfully recommended that the Pinal Map for this Tenant-
Part1cipat1ng Conversion be approved by adopt1on of the accompanying
resolutlon
Prepared by' Suzanne Frick, Director of PCD
D. Kenyon Webster, Plann1ng Manager
Susan Healy Keene, Acting ASSOclate Planner
Plannlng and 20n1n9 Dlvision
Planning and Communlty Development Department
f:\plan\share\torca\fnmap\fmtpc302
3
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RESOLUTION NO. 8954 (CCS)
(City Cauncll Serles)
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO. 51399
AT 1118 FIFTH STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the F1nal Map for Tract No. 51399 ln the Clty
of Santa Mon1ca hereby is accepted and approved.
SECTION 2. That the Clty Clerk hereby 18 authorlzed and
dlrected to endorse upon the face of said Map th1.s order
authentlcated by the Seal of the C1ty of Santa Monlca.
SECTION 3 That the C1.ty Clerk shall certlfy to the adoptlon
of thls R~801ut1on. and thenceforth and thereafter the same shall
be 1n full force and effect.
APPROVED AS TO FORM:
~o~'l<LL6(
MARSHA JON MOUTRIE
Clty A":.torney
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Adopted and approved thIS 14th of November. 1995
IJ~
Mayor
I hereby centfy that the foregomg ResolutIon 8954 (CCS) was duly adopted at a meetmg
of the CIty CaUDell held on the 14th of November, 1995 by the followmg vote
Ayes CouncIl members Abdo, Ebner, Genser, Greenberg, Holbrook, O'Connor,
Rosenstelll
Noes CouncIl members None
Abstam CouncIl members None
Absent Councll members None
ATTEST
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City Clerk
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