SR-0 (96)
LUTM:SF'DKW'SHK'F:\PLAN\SHARE\TORCA\FNMAP\TPC294
Council Mtg. June 14, 1994 Santa Monlca,
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TO: Mayor and City COUDCll
FROM: City Staff
SUBJECT. Recommendation to Adopt Resolution Approvlng Final Map
for Tenant-Partlcipating ConverSlon TPC-294 at 1222
Prlnceton Street.
INTRODUCTION
ThlS report transmlts for Clty Council approval a Flnal Map for the
followlng Tenant-Particlpatlng Conversion project
Tract No. TPC NO. ADDRESS OWNER UNITS
51620 294 1222 Prlnceton Prlnceton 19
Street South, A
Limlted
Partnership
BACKGROUND
The Clty Planning Commlssion approved the Tentatlve Map and the Ten-
ant-Partlcipatlng ConverSlon for the above project on July 7, 1993,
after a public hearing and a careful reVlew of the record and staff
reco~mendatlons. The actlon of the Planning Commlssion was based
on the Commission's findlngs that the proposed Tenant-Partlcipatlng
Conversion meets the requlrements of Article XX of the City Charter
and that the proposed subdlvlslon is consistent wlth appllcable
general and speclfic plans as adopted by the Clty of Santa Monica
along wlth all mandatory requlrements of the Subdlvlsion Map Act of
the State of Cal~fornia.
The owners have submitted to the Clty a Wrltten Consent Agreement
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binding the owners and any successors ln interest to each condition
imposed in connection with approval of this Tenant-Participatlng
ConverSlon. This Wrltten Consent has been approved by the Clty
Attorney and the Clty Manager Each partlclpating tenant has been
informed In writing of hls or her rights under Artlcle XX of the
Clty Charter. The License Dl VlSlon reports that proper arrangements
have been made to ensure payment of the Tenant - Partlclpatlng
Conversion Tax.
The Final Map conforms to the Tentatlve Map The Flnal Map has been
certlfled by the City Englneer for conformance wlth the Tentatlve
Map and conG.ltions thereon, the Subdivislon 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 condltlons of the Tentatlve
Map and the Tenant-Partlclpating ConverSlon.
Council approval of a final map for a Tenant-Partlclpatlng
ConverSlon represents one of the last steps necessary In the
converSlon process. Followlng Clty Councl1 action and approval by
the Callfornla Department of Real Estate the appllcants may begin
selllng their unl ts to the tenants. As each unlt lS sold a
conversion tax per Section 2008 of Artlcle XX is due in an amount
equal to twelve times the monthly maXlmum allowable rent for that
unlt. These taxes wlIl be used to asslst low and moderate lncorne
households to purchase or lmprove thelr unlts subject to affordable
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repayment per Section 2009 of Artlcle XX.
BUDGET/FISCAL IMPACT
The recommendatlon presented ln this report does not have an immedl-
ate budget or flscal impact
If and as units In the proJect are
sold in the future, Tenant-Partlclpatlng Converslon Taxes w11l be
collected pursuant to the provisions of Artlcle 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-
Partlclpating ConverSlon be approved by adoptlon of the accompanYlng
resolutlon
Prepared by: Suzanne Frlck, Dlrector of LUTM
D. Kenyon Webster, Plannlng Manager
Susan Healy Keene, Assistant Planner
Planning and Zonlng DlVlSlon
Land Use and Transportatlon Management Department
f:\plan\share\torca\fnmap\tpc294
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RESOLUTION NO.
8760
(CCS)
(CLty Counc~l Serles)
A RESOLUTION OF THE CITY COu~CIL
OF THE CITY OF SANTA MONICA
ACCEPTING AND APPROVING
A FINAL SUBDIVISION MAP FOR TRACT NO.51620
AT 1222 PRINCETON STREET
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS
FOLLOWS:
SECT~ON 1 That the Final Map for Tract No 51620 ln the C~ty
of Santa Monlca hereby is accepted and approved.
SECT:ON 2. That the Clty Clerk hereby lS authorlzed and
dlyected to endorse upon the face of sald Map thlS order
auchentlcated by the Seal of the City of Santa Monlca.
SEC':'ION 3. That the City Clerk shall certlfy to the adoption
cf thlS Resolutlonr and thenceforth a~d thereafter the same shall
be lTI rull force and effect
APPROVED AS TO FORM:
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Clty Attof;~Mm.rr:
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Adopted and approved this 14th of June, 1994
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May6r
I hereby certify that the foregomg Resolution 8760 (CCS) was duly adopted at a
meetmg of the City CouncIl held on the 14th of June, 1994 by the followmg vote
Ayes' Councilmembers.
Abdo, Greenberg, Holbrook, Olsen, Rosenstem, Vazquez
Noes CouncIlmembers
None
Abstam Councilmembers
None
Absent Councllmembers.
Genser
ATTEST
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.,./ City Clerk