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SR-012396-6C 6C PCD SF:DKW:SHK:f.\plan\share\torca\fnmap\tpc170 JAN 2 3 1996 Counc~l Mtg: January 23, 1996 Santa Mon~ca, Cal~forn~a TO Mayor and City Councll FROM, Clty Staff SUBJECT: Recommendatlon to Adopt Resolution Approvlng an Amended Final Map for Tenant-Participating Conversion TPC-170 at 1021 12th Street. INTRODUCTION ThlS report transmits for Clty Councll approval an Amended Final Map for ~he followlng Tenant-Particlpatlng ConverSlon proJect: Tract No. TPC NO. ADDRESS OWNER UNITS 50877 170 1021 12th George & 23 Street Peggy s. Ferrell BACKGROUND Clty Councll approved the Final Map for thlS project on July 12, 1994 Prlor to recordatlon, an lncrease in allowable rents rendered the pr~or llen invalid. The appllcant has recorded a Release of Prlor L~en and an Agreement Creatlng a New Lien. The City Plannlng Commission approved the Tentatlve Map and the Tenant-Partlclpatlng ConverSlon for the above proJect on November 13, 1991, after a public hearlng and a careful review of the record and staff recommendat~ons, The action of the Plann~ng Commission was based on the Commisslon's flndlngs that the proposed Tenant-Participatlng Conversion meets the requlrements of Article XX of the City Charter and that the proposed subdlvislon lS conslstent wlth appllcable general and speclflc plans as adopted by the Clty of Santa Monlca 1 6C JAN 2 3 1996 along wlth all mandatory requlrements of the Subdlvlsion Map Act of the State of Callfornia. The owners have submltted to the Clty a Wrltten Consent Agreement bindlng the owners and any successors In lnterest to each condltion lmposed In connectlon wlth approval of thlS Tenant-Partlclpatlng ConverSlon. Thls Written Consent has been approved by the Clty Atto~ney and the City Manager. Each partlcipating tenant has been lnformed In writlng of hls or her rlghts under Artlcle XX of the Cl ty Charter. The Llcense Dl vlsion reports that proper arrangements have been made to ensure payment of the Tenant-Participatlng Converslon Tax. The Amended Final Map conforms to the Tentative Map. The Amended Final Map has been certlfled by the Clty Englneer for conformance with the Tentatlve Map and conditions thereon, the Subdlvlsion Map Act and local ordinances. The Clty Attorney's offlce has approved a Declaration of Covenants, Condltlons, and Restrlctlons, or equlvalent document, for thls project as complYlng wlth the conditions of the Tentatlve Map and the Tenant-Partlclpating Converslon. Councll approval of a flnal map for a Tenant-Partlcipat~ng Converslon represents one of the last steps necessary In the conversion process. Following Clty Counell actlon and approval by the California Department of Real Estate the applicants may begin 2 --- selllng the1r un1ts to the tenants. As each unit 1S sold a converS1on tax per Sect10n 2008 of Art1cle XX 18 due 1n an amount equal to twelve tlmes the monthly maximum allowable rent for that unit. These taxes w1Il be used to aSs1st low and moderate income households to purchase or 1mprove their un1ts subJect to affordable repayment per Sect10n 2009 of Art1cle XX. BUDGET(FISCAL IMPACT The recommendat1on presented 1n this report does not have an 1mmedi- ate budget or f1scal impact. If and as unlts 1n the project are sold 1n the future, Tenant-Part1c1pating Convers1on Taxes will be collected pursuant to the prov1s1ons of Art1cle XX of the City Charter and some 1ncreased property tax revenues may be generated. RECOMMENDATION It is respectfully recommended that the Amended Flnal Map for th1S Tenact-Part1cipat1ng ConverSlon be approved by adopt1on of the accompanY1ng resolut1on Prepared by: Suzanne Fr1ck, D1rector of PCD D. Kenyon Webster, Planning Manager Susan Healy Keene, Acting Associate Planner Planning and Zon1ng Div1s1on Plannlng and CommuDlty Development Department f:\plan\share\torca\fnmap\tpc170 3 - - RESOLUTION NO. 8989 (CCS) (C1ty Council Series) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA ACCEPTING AND APPROVING AN AMENDED FINAL SUBDIVISION MAP FOR TRACT NO.50S?? AT 1021 12th STREET THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. That the Amended Final Map for Tract NO.50S77 1n the City of Santa Monlca hereby 15 accepted and approved. l' SECTION 2. That the Clty Clerk hereby 1.8 authorlzed and directed to endorse upon the face of sald Map this order authenticated by the Seal of the City of Santa Monica. SECTION 3. That the Clty Clerk shall cert1fy to the adoptlon of this Resolution, and thenceforth and thereafter the same shall be 1n full force and effect. APPROVED AS TO FORM. rhJ~L~ MARSHA JONE$}MOUTRIE - City Attorney Adopted and approved thts 23rd of January, 1996 dJ~c~ Mayor I hereby certify that the foregoIng ResolUTIon 8989 (CCS) was duly adopted at a meetIng of the CIty CouncIl held on the 23rd of January, 1996 by the followmg vote Ayes CouncIl members Abdo, Ebner, Genser, Greenberg, Holbrook, O'Connor, RosensteIn I"- Noes CouncIl members None Abstam CouncIl members None Absent CouncIl members None ATTEST ~.~,~~ CIty Clerk \.