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SR-10-28-1986-6H '/(}tj /' ()() ~ c,- II OCT 28 19a6 C/ED:RAS:RM:nh Council Mtg: October 28, 1986 Santa Monica, California TO: Mayor and City Council FROM: City staff SUBJECT: Recommendation to Adopt Resolution Approving Final Map for Tenant-Participating Conversion TPC-Oll at 2215 Oak Street. INTRODUCTION This report transmits for city Council approval a Final Map for the following tenant-participating conversion project: Tract No. TPC NO. ADDRESS OWNER UNITS 43871 TPC-Oll 2215 Oak street Gratz 6 BACKGROUND The City Planning Commission approved the Tentative Map and the Tenant-Participating Conversion for the above project on May 20, 1985, after a public hearing and a careful review of the record and staff recommendations. The action of the Planning commission was based on the Commission's findings that the proposed Tenant- participating Conversion meets the requirements of Article XX of the city Charter and that the proposed subdivision is consistent with applicable general and specific plans as adopted by the city of Santa Monica along with all mandatory requirements of the Sub- division Map Act of the state of California. ~..,J/ ocr 2 8 I. - 1 - The owners have submitted to the city a Written Consent Agreement binding the owners and any successors in interest to each condi- tion imposed in connection with approval of this Tenant- Participating Conversion. This written Consent has been approved by the City Attorney and the city Manager. Each participating tenant has been informed in writing of his or her rights under Article XX of the City Charter. The License Division reports that proper arrangements have been made to ensure payment of the Tenant-Participating Conversion Tax. The Final Map conforms to the Tentative Map. The Final Map has been certified by the city Engineer for conformance with the Ten- tative Map and conditions thereon, the Subdivision Map Act and local ordinances. The City Attorney's office has approved a Dec- laration of Covenants, Conditions, and Restrictions, or equiva- lent document, for this project as complying with the conditions of the Tentative Map and the Tenant-Participating Conversion. Council approval of a final map for a tenant-participating con- version represents one of the last steps necessary in the conver- sion process. Following city Council action and approval by the California Department of Real Estate the applicants may begin selling their units to the tenants. As each unit is sold a con- version tax per Section 2008 of Article XX is due in an amount equal to twelve times the monthly maximum allowable rent for that unit. These taxes will be used to assist low and moderate income households to purchase or improve their units subject to afford- able repayment per section 2009 of Article XX. - 2 - BUDGET/FISCAL IMPACT The recommendation presented in this report does not have an im- mediate budget or fiscal impact. If and as units in the project are sold in the future, Tenant-Participating Conversion Taxes will be collected pursuant to the provisions of Article XX of the ci ty Charter and some increased property tax revenues may be generated. RECOMMENDATION It is respectfully recommended that the Final Map for this Tenant-Participating Conversion be approved by adoption of the accompanying resolution. Prepared by: R. Ann Siracusa, Director of Planning Richard Mills, Associate Planner city Planning Division community and Economic Development Department RM: nh CCTPCOll 10/08/86 - 3 - RESOLUTION NO. 7331 (CCS) (city Council Series) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SANTA MONICA ACCEPTING AND APPROVING A FINAL SUBDIVISION MAP FOR TRACT NO. 43871 THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. That the Final Map of 'Tract No. 43871 in the City of Santa Monica hereby is accepted and approved. SECTION 2. That the city Clerk hereby 1.5 autho:::"l.zed and directed to endorse upon the face of said Map this order authen- ticated by the Seal of the city of Santa Monica. SECTION 3. That the City Clerk shall certl.fy to the adop- tion of this Resolution, and thenceforth and thereafter the sa~e shall be in full force and effect. APPROV~D AS TO FOR~: ~~.~ 0- Robert N. :Hyers City Attorney - 4 - . Adopted and approved this 28th day of October, 1986. (}~~l-M / Mayor; I hereby certify that the foregoing Resolution No. 7331(CCS) was duly adopted by the City Council of the City of santa Monica at a meeting thereof held on October 28, 1986 by the follmving Council vote: Ayes: Councilmembers: Conn, Epstein, Jennings, A. Katz, H. Katz, Zane and Mayor Reed Noes: Councilmembers: None Abstain: Councll~embe~s: None Absent: Councilmembers: None AI'TEST: ~ ~xJV~ CJ..ty Clerk