SR-02-23-1988-6G
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Council Mtg: February 23, 1988
Santa Monica, California
TO: Mayor and City Council
FROM: city Staff
SUBJECT: Recommendation to Adopt Resolution Approving Final Map
for Tenant-Participating Conversion TPC-036 at 720 Pier
Avenue.
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
17774 TPC 036 720 pier Avenue
Larry Feinstein, 4
Sol Genuth and
Harvey Hayutin
BACKGROUND
The City Planning Commission approved the Tentative Map and the
Tenant-Participating Conversion for the above project on November
10, 1986, 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 pro-
posed 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 adop-
ted by the city of Santa Monica along with all mandatory require-
ments of the Subdivision Map Act of the State of California.
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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.
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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: Suzanne Frick, Principal Planner
Larry Miner, Assistant Planner
City Planning Division
Community and Economic Development Department
SF:LM:nh
PC/TPM17774
02/05/88
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