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SR-062596-6G lD<=t PCD;SF:DKW;GS:f;\PLAN\SHARE\TORCA\fnwap\tpc324 JUN 2 5 1998 Councll Mtg' June 25, :'996 Santa Mon::..ca, California TO' Mayor and Clty Councll FROM: Clty Staff SUBJECT; Recommendatlon to Adopt Resolution Approving ~. 1 Map !'lna_ for Tenant-Partlclpatlng ConverSlon TPC-324 at 1048 18th Street. INTRODUCTION Thls report transmlts for City Councll approva~ a Flnal Map for t~e followlng Tenant-Particlpatlng Conve~Slon proJect: Tract No, TPC NO. ADDRESS OWNER f,JNITS 52030 324 1048 18th Street M. Rudolph Nulty Seven Trustee, Nulty (7) Trust BACKGRotTND The Clty Plannlng CommlSSlon approved the Vesting Tentatlve Map and the Tenant-Particlpatlng ConverSlon for the above proJect or: January 24 1 1996, after a public hearlng and a careful reVlew of the record and staff recommendations The actlon of the Plannlng Commlssion was based on the Commisslon's findlngs that the proposed Tenanc-Pa~ticlpatlng Conversion meets the requirements of Artlcle xx of the Clty Charter and that ::he proposed SL:.bdlV1Slon ::..s conslstent wlth appllcable general and speclflc plans as adopted by the Clty of Santa Monlca along wlth all mandatory requirements of the Subdivlslon Map Act of the State of Callfornla. The owners have sunmltted to the Clty a Wrltte~ Consent Agreement blndlng the owners and any successors l~ i~terest to each condltlon 1 JUN 2 5 1996 lD<i --- lmposed In connect lOr:. Wlth app~oval of th~s ~enant-Partlclpating Conversion. ThlS Wrltten Consent has been approved by the Clty Attorney and the Clty Manager. Each partlclpatlng tenant has been lnforned in wrl::'lng of :ns or he~ rlghts under Artlcle XX of tr:.e Cl ty Charter. The Llcense Division reports that proper arrangel1ents have been made to ensure payment of the Tenar.t-Participatl~g ConVerS10::1 Tax. The Flnal ~ap conforms to t~e Tentatlve Map The Flnal Map has been certified by ~he City Englneer for conformance with the Tentatlve Map and condltions thereon, the Subdlvlslon Map Act and local ordulances The Clty At~orney's offlce has approved a Declaratlon of Covenants r Condltlons, and Restrlct:.ons, or eqc:i valent docuTie::1t, for thlS project as CO~?lYlng wlth the condlt:'O::1S of the Tentat:..ve Map and the Tenant-Partlclpating ConverSlon. Councll approval. of a flnal map for a Tenant-?artlclpatlng Converslon ~epresents one of the last steps necessary lr. the converSlon process ?ollowlng Clty Councll actlon and approval by the Californla Depar~ment of Real Estate the applicants may beglll selllng their unlts ::'0 the tenants As each unlt is sold a converSlon tax per Section 2008 of Artlcle XX lS due in an amount eq"u.al to twelve tlnes t~e mor.thly maximum allowable rent for that llnlt These taxes will be used to asslst low and moderate lncome households to purchase or l~prove thelY u~its subJect to affordab~e repayment per Sect lOr. 2009 of Artlcle xx. 2 -- BUDGET/FISCAL IMPACT The recommendation presented ln thlS report does not have an immedi- ate budget or flscal lmpact If and as units In the proJect are sold lE the future, Tenant-Particlpating Converslon Taxes wlll be collected p..:rsuant to the prov181ons of Artlcle XX of the Clty Charter and so~e increased property tax revenues May be generated RECOMMENDATION :a 18 re8pectf~~ly recommended that the ?lnal Map for tr.is Tena~~- Part:,clpat:..ng Conversion be approved by adoptlon of the accOl11panylng resolut1on. Prepared by Suzanne Frlck, Dlrector of peD D Kenyan Webster, Plannlng Manager Gina Szilal(, Ass1stant planner Plann1ng and Zoning D1vis1on Plann1ng and Commun1ty DevelopMent Department 3 R2S0UJTIOK NC 9049 (C3S ~~- (C~ty Co~nc~l SeYlesi A ~E50LUTION 02 T3E CITY COUNCIL O~ ?EE C:TY OF SANTA MONICA ACCEPTING AND AP?ROV:NG A ?INAL SL~DIVISION MA? F02 ~RACT NO ~2030 AT 1048 18th STRE~T TH2 CITY COUNCIL O~ THE CITY OF SANTA MONICA DOES RESOLVE AS FO~!..OiJS ~ S~CTIOX:. T~at the Final Map for Tract No. 52030 ~n the Clty 0: Sa~~a Mcnlca he~eby 18 accepted and approved. SEC':::'2:0N 2 ':'hat ~he C~ty Clerk hereby lS aULhOY1Zed and dl~ected to enQ.orse upor: -:'he face of sald Map this order a~t~e~~ica~ed by che Seal 0: the Cl~y of San~a MO~lca. SEC~:ON 3 ~hat the C~ty Clerk shal: certlfy to the adoptlon of ~{llS ~esolut~o~, a~d ~her.ceforc~ and the~eafter the same sha::'l be lrl ful::" force and e::::ect APPROVE~ AS TO FORM- &~ i1.lmSHA JCN !'10GTRIE Cl:'Y Attorney ---- ----- Adopted and appmved tlus 25th of June, 1996 kY~ ~layor I hereby certify that the foregomg Resolutlon 9049 (CCS) was duly adopted at a meetmg of the Cny CouncIl held on the 25th of June, 1996 by the followmg vote Aves Councllmembers Abdo. Genser. Greenberg, Holbrook. 0" Connor, Rosenstem Xoes C ouncllmembers "!\Jone Abstam Councllmembers None Absent Councllmembers Ebner ATTEST ~._~. ~"^* Cny Clerk - ~~ ~