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SR-6C (27) . or.. ~ 6C ; PCD'SF:DKW:res:\PLk~\SHARE\TORCA\fnmap\tpc293 Councll Mtg: August 9, 1994 Santa Monlca, Callfornla TO: Mayor and City Counell AUG 0 9 1994 FROM: Clty Staff SUBJECT: Recomfllendation to Adopt Resolution Approvlng Flnal Map for Tenant-Particlpatlng Conversion TPC-293 at 914 21st . Street. INTRO=:>UCTION This repo~t transmits for Clty Councll approval a Flnal Map for the followlng Tenant-Partlcipating Conversion proJect: Tract No. TPC NO. ADDRESS OWNER UNITS 51138 293 914 21st Street Leonld Kallka 5 BACKGROUND The C:..ty Planning Commission approved the Tentative Map and the Ten- ant-Partlcipatlng ConverSlon for the above proJect on 5/19/93, after a public hearlng and a careful reVlew of the record and staff recommendat:lons The actlon of the Planning CommlSSlon was based on the Commisslon' s findlngs that the proposed Tenant-Partlcipatlng ConverSlon meets the requlrements of Artlcle XX of the City Charter and that the proposed subdivlslon is conslstent with appllcable general and speclfic plans as adopted by the Clty of Santa Monlca along wlth all mandatory requiremen~s of the Subdlvision Map Act of the State of Callfornla The owners have subTltted to the City a Written Consent Agreement blndlng the owners and any successors In lnterest to each condltlon AUG 0 9 199't 1 6C - - ... ' .' imposed in connectlon wlth approval of thls Tenant-Participating ConverSlon. ThlS Wrltten Consent has been approved by the Clty Attorney and the City Manager. Each participatlng tenant has been lnformed ln wrlting of his or her rlghts under Artlcle XX of the Clty Charter The License Di VlSlon reports that proper arrangements have been mi3.de to ensure payment of the Tenant-Partlcipatlng Conversion Tax. The Final Map conforms to the Tentatlve Map. The F lnal Map has been certifled by the Clty Englneer for conformance with the Tentative Map and conditlons thereon, the Subdivlslon Map Act and local ordlnances. The Clty Attorney's offlce has approved a Declaratlon of Covenants, Conditions, and Restr1ct1ons, or equ1 valent document, for th~s proJect as complying wlth the condltions of the Tentatlve Map and the Tenant-Partlcipatlng ConverSlon Counell approval of a flnal map for a Tenant-Partlcipatlng Converslon represents one of the ~ast steps necessary ln the converSlon process Following Clty Council actlon and approval by the California Department of Real Estate the appllcants may begln selling thelr units to the tenants As each unlt lS sold a conVerSlon tax per Section 2008 of Artlcle XX 1S due ln an amount equal to twelve times the mon~hly maXlmum allowable rent for that unlt. These taxes wlll be used to assist low and moderate income households to purchase or lmprove thelr unlts subJect to affo~dable repayment per Section 2009 of Artlcle XX. 2 . ~ BUDGET/FISCAL IMPACT The recommendation presented in thlS report does not have an im!TIedl- ate budget or flscal lmpact. If and as unlts in the project are sold In the future, Tenant-Partlclpatlng Conversion Taxes will be collected pursuant to the provlslons of Artlcle XX of the Clty Charter and some increased property tax revenues may be generated. RECOMMENDATION It is respectfully reco~~ended that the Flnal Map for this Tenant- Participating Conversion be approved by adoption of the accompanying resolution. Prepared by: Suzanne Frick, Director of PCD D. Kenyon Webster, Planning Manager Glna sZllak, Asslstant Planner Planning and Zoning Divlslon Planning and Com~unlty Development Department f:\plan\share\torca\fnmap\tpc293 3 . ~ RESOLUTION NO. 8794 ( CCS) (Clty Councll Serles) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA ACCEPTING AND APPROVING A FINAL SUBDIVISION MAP FOR TRACT NO. 51138 AT 914 21st STREET THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS. SECTION 1. That the Flnal Map for Tract No 51138 in the City of Santa Monica hereby is accepted and approved SECTION 2. That the City Clerk hereby lS authorized and directed to endorse upon the face of said Map this order authenticated by the Seal of the Clty of Santa Monica. SECTION 3. That the Clty Clerk shall certlfy to the adoptlon of this Resolution, and thenceforth and thereafter the same shall be in full force and effect. APPROVED AS TO FORM ~ fu-.- J;;;;;: flt<<< ftu MARSHA JONE MOUTRIE City Attorney r" i . Adopted and approved this 9th of August, 1994 4~,f I hereby certify that the foregoing Resolution 8794 (CCS) was duly adopted at a meetmg of the CIty CouncIl held on the 9th of August, 1994 by the following vote Ayes' Councilmembers Abdo, Genser, Holbrook, Olsen, Rosenstem, Vazquez Noes CouncIlmembers: None Abstain: Councilmembers. None Absent. Councilmembers Greenberg ATTEST ~~~ ~ .......- City CIer.k' .