SR-400-004-07
CA RLK:A~L~:1~1II-l0-78
COUDCll l1tg: .22-78
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AUG 2 2 1978
Santa Monlca, Callfornla
August 10, 1978
TO: I1ayor and Cl ty Counell
FROM: Clty Attorney
SUBJECT: Cooperatlve Apartment Ordlnance
Introductlon
ThlS report transffilts the attached ordlnance for
second reading and adoptlon WhlCh establlshes standards and
procedures for development and converS10n of stock cooperatlve
apartments.
Background
A recent change 1n the State law (permittlng loans
on the securlty of lndlvldual shares or ~embershlp certlflcates)
has made stock cooperatlve apartments more financially
attractlve and a vlable alternatlve to condomlnlum development.
Inasmuch as the development or converSlon of rental UDlts to
stock cooperatlves has essentially the same affects as con-
verSlon to condomlnlums, the P1annlng Commlsslon recommended
that the same procedures and condltlons should be requlred
for both arrangement~. The proposed ord1nance 1S deslgned to
accompllsh thlS purpose. The tax aspects of stock cooperatlve
houslng has already been adopted.
Alternatlve Solutlons
8fJ
Not app1lcable.
AUG 2 2 ISIS
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CA 8-l0-?8
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Recommendat1on
It 1S respectfully recommended that the attached
ord1nance be reintroduced for second reading and adopt1on.
Prepared by: R1chard L. Kn1ckerbocker, City Attorney
Anne M. K1rl1n, Deputy C1ty Attorney
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CA RLK:AK:lc~l-78
Councll Mtg: ~8-78
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Santa Monlca, Callfornla
August 8, 1978
~~
AUG 8 1978
TO: Mayor and Clty Counell
FROM: Clty Attorney
SUBJECT: Cooperatlve Apartment Ordlnance
Introductlon
ThlS report transmlts the attached ordlnance
establlshlng standards and procedures for development and
converSlon of stock cooperatlve apartments.
Background
A recent change ln the State law (permlttlng loans
on the securlty of lndlvldual shares or membershlp certlflcates)
has made stock cooperatlve apartments more flnanclally
attractlve and a vlable alternatlve to condomlnlum development.
Inasmuch as the development or converSlon of rental unlts to
stock cooperatlves has essentlally the same affects as con-
verSlon to condomlnlums, the Plannlng CommlSSlon recommended
that the same procedures and condltlons should be requlred for
both arrangements. The proposed ord1nance lS deslgned to
accompllsh thlS purpose. The tax aspects of stock cooperatlve
houslng has already been adopted.
The attached ordlnance also lncludes certaln
modlficatlons deslgned to: a) correct clerlcal errors 1n
the eXlstlng ordlnance; and b) brlng the local code lnto
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'iA
AUG a 1978
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. CA 8-1-78
It
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conformance w~th ex~sting State Map Act requlrements relat~ve
to tenants' r~ght of flrst refusal; and c) address lssues
ralsed ~n the ongolng Iltlgat~on over the val~dlty of the
Clty'S condoIDlnlum llcense tax.
Alternatlve Solutlons
Not appllcable.
Recommendatlon
It lS respectfully recommended that the attached
ordlnance be 1ntroduced for f1rst read1ng.
Prepared by: Rlchard L. Knlckerbocker, C1ty Attorney
Anne M. K1rlln, Deputy Clty Attorney
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