SR-05-14-1996-6F
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PCD:SF:DKW:f:\PLAN\SHARE\TORCA\fnmap\tpc286
Council Mtg: May 14, 1996 Santa Monica, CalifornTa - -
HAY 1 It f996
TO: Mayor and City Council
FROM: C~ty Staff
SUBJECT: Recommendation to Adopt Resolution Approving Flnal Map
for Tenant-Participating Conversion TPC-286 at 1320
Princeton Street.
INTRODUCTION
ThlS report transmits for Clty COUDCll approval a Final Map for the
following Tenant-Participating ConverSl0n proJect:
Tract No. TPC NO. ADDRESS OWNER UNITS
51459 286 1320 Princeton St. 1320Princeton twenty-
Street two
Partnership (22)
BACKGROUND
The City Planning Commission approved the Tentative Map and the Ten-
ant-Participatlng Conversion for the above project on December I,
1993, after a public hearlng and a careful review of the record and
staff recommendations. The action of the Planning Commlssion was
based on the Commisslon's findings that the proposed Tenant-
Participating Conversion meets the requirements of Article XX of the
Clty Charter and that the proposed subdivision is consistent with
appll.cable general and speciflc plans as adopted by the Clty of
Santa Monica along with all mandatory requirements of the
Subdivis20n Map Act of the State of California.
The owners have submitted to the Clty a Written Consent Agreement
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binding the owners and any successors in interest to each condition
imposed in connection with approval of this Tenant-Partlcipating
Conversion. ThJ.s Written Consent has been approved by the City
Attorney and the City Manager. Each particlpating tenant has been
lnformed in wrlting of his or her rights under Article XX of the
Ci t Y Charter. The License Dlvision reports that proper arrangements
have been made to ensure payment of the Tenant-Participatlng
Conversion Tax.
The Final Map conforms to the Tentative Map. The Flnal Map has been
certifled by the City Engineer for conformance wlth the Tentative
Map and conditlons thereon, the Subdivision Map Act and local
ordinances. The City Attorney's office has approved a Declaration
of Covenants, Conditions, and Restrictions, or equivalent document,
for thlS project as complying with the conditions of the Tentative
Map and the Tenant-Part1cipating Conversion.
Council approval of a final map for a Tenant-Participating
Conversion represents one of the last steps necessary in the
converSlon process Following City Counc~l action and approval by
the California Department of Real Estate the appl~cants may begin
selling their units to the tenants. As each unit is sold a
converSlon tax per Sectlon 2008 of Article XX is due In an amount
equal to twelve tlmes the monthly maximum allowable rent for that
unit. These taxes will be used to ass 1st low and moderate income
households to purchase or 1mprove their units subJect to affordable
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repayment per Section 2009 of Article xx.
BUDGET/FISCAL IMPACT
The recommendation presented 1n this report does not have an lmmed1-
ate budget or fiscal impact. If and as units in the proJect are
sold 1n the future, Tenant-Partic1pat1ng Conversion Taxes will be
collected pursuant to the provisions of Article XX of the City
Charter and some increased property tax revenues may be generated.
RECOMMENDATION
It is respectfully recommended that the Final Map for this Tenant-
Particlpatlng Conversion be approved by adoption of the accompanY1ng
resolution.
Prepared by: Suzanne Frick, Director of PCD
D. Kenyon Webster, Planning Manager
Gina Szilak, Assistant Planner
Planning and Zoning Divlsion
Planning and Community Development Department
f:\plan\share\torca\fnmap\tpc286
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RESOLUTION NO. 9026 (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. 51459
AT
1320 PRINCETON STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECTION 1. That the Final Map for Tract No. 51459 ~n the City
of Santa Monica hereby is accepted and approved.
SECTION 2. That the City Clerk hereby is authorized and
directed to endorse upon the face of said Map this order
authenticated by the Seal of the City of Santa Monica.
SECTION 3. That the C~ty Clerk shall cert~fy to the adoption
of thlS Resolution, and thenceforth and thereafter the same shall
be 1n full force and effect.
APPROVED AS TO FORM:
~~ftuufh
MARSHA JONES~OUTRIE
Clty Attorney
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Adopted and approved thIs 14th of May, 1996
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Mayor
I hereby certIfy that the foregoing ResolutIOn 9026 (CCS) was duly adopted at a meetmg
of the CIty CouncIl held on the 14th of May, 1996 by the followmg vote
Ayes Councllmembers Abdo, Ebner, Genser. Greenberg, O'Connor Rosenstem
Noes Councllmembers None
Abstam Councllmembers None
Absent Councl1members Holbrook
ATTEST
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CIty Clerk