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SR-6I (19) . ' < 6 I PCD:SF:DKW:SHK:F:\PLAN\SHARE\TORCA\FNMAP\TPC219 Councll Mtg: August 9, 1994 Santa Monica, Callfornia TO: Mayor and Clty Council FROM: City Staff SUBJECT: Recommendation to Adopt Resolutlon Approving Final Map for Tenant-Participating Conversion TPC-219 at 1427 25th Street. INTRODUCTION This report transmits for Clty Councll approval a Flnal Map for the following Tenant-Partlcipating ConverSlon project Tract No. TPC NO. ADDRESS OWNER UNITS 51159 219 1427 25th St. Maged E. 6 GUlrguls BACKGROUND The City Plannlng Commisslon approved the Tentatlve Map and the Ten- ant-Particlpatlng Conversion for the above project on July 8, 1992, after a publlc hearing and a careful review of the record and staff recommendations. The actlon of the Plannlng Commlssion was based on the Commisslon's findlngs that the proposed Tenant-Particlpating COTIVerSl0n meets the requlrements of Article XX of the City Charter and that the proposed subdivlsion lS consistent wlth appllcable general and speclfic plans as adopted by the Clty of Santa Monica along wlth all mandatory requlrements of the Subdivislon Map Act of the State of California. The owners have submitted to the Clty a Wrltten Consent Agreement bindlng the owners and any successors in lnterest to each condltion 1 61 , , ~mposed ~n connectlon w~th approval of this Tenant-Participating Convers~on. This Written Consent has been approved by the City Attorney and the City Manager. Each partic~pat~ng tenant has been ~nformed ~n writ~ng of h~s or her r~ghts under Article XX of the Ci ty Charter. The L1cense D1 vis10n reports that proper arrangements have been made to ensure payment of the Tenant-Partlcipating Convers1on Tax. The Final Map conforms to the Tentat~ve Map. The Final Map has been certif1ed by the City Eng~neer for conformance wlth the Tentat~ve Map and cond1t1ons thereon, the Subdiv1sion Map Act and local ordinances. The City Attorney's off1ce has approved a Declaration of Covenants, Cond1tions, and Restr~ct~ons, or equlvalent document, for thlS project as complying with the conditlons of the Tentative Map and the Tenant-Part1cipating Conversion. Counc~l approval of a final map for a Tenant-Partic1patlng ConverS1on represents one of the last steps necessary 1n the converS1on process Follow~ng C~ty Council act10n and approval by the Cal~fornia Department of Real Estate the applicants may beg1n selling their Ull1ts to the tenants. As each un~t 1S sold a converS1on tax per Sectlon 2008 of Article XX is due In an amount equal to twelve times the monthly maximum allowable rent for that un~t. These taxes w~ll be used to assist low and moderate income households to purchase or lmprove the~r units subJect to affordable repayment per Sect10n 2009 of Artlcle XX. 2 BUDGET/FISCAL IMPACT The recommendation presented In this report does not have an lmmedl- ate budget or fiscal impact. If and as unlts in the proJect are sold lTI the future, Tenant-Particlpating Converslon Taxes will be collected pursuant to the provislons of Article XX of the City Charter and some lncreased property tax revenues may be generated. RECOMMENDATION It is respectfully recommended that the Flnal Map for thls Tenant- Partlclpatlng Conversion be approved by adopt~on of the accompanYlng resolutlon. Prepared by: Suzanne Frlck, Dlrector of PCD D. Kenyon Webster, Plannlng Manager Susan Healy Keene, Assistant Planner Planning and Zoning Divislon Planning and Community Development Department f:\plan\share\torca\fnmap\tpc219 3 . r . RESOLUTION NO 8805 (CCS) (C~ty Council Series) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA ACCEPTING AND APPROVING A FINAL SUBDIVISION MAP FOR TRACT NO.51159 AT 1427 25th STREET THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. That the F~nal Map for Tract No.51159 in the City of Santa Mon~ca hereby is accepted and approved SECTION 2, That the C~ty 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 City Clerk shall certify to the adoption of this Resolution, and thenceforth and thereafter the same shall be ~n full force and effect APPROVED AS TO FORM ~~ MARSHA J ES MOUTRIE C~ty Attorney - . . Adopted and approved tlus 9th of August, 1994 a~~ /Mayor I hereby certify that the foregomg ResolutIOn 8805 (CCS) was duly adopted at a meeting of the CIty CounCIl held on the 9th of August, 1994 by the following vote Ayes: Councilmembers Abdo, Genser, Holbrook, Olsen, Rosenstein,Vazquez Noes CouncIlmembers None Abstain: Councllmembers: None Absent" Councllmembers' Greenberg ATTEST A~;(,L2~ ~ ~ City - Clerk'