R-5521
.
.
RESOLUTION NO.
(City Council Series)
5521
A RESOLUTION OF THE CITY COUNCIL
OF THE CITY OF SANTA MONICA URGING
COOPERATION WITH THE SEA CASTLE
TENANTS' UNION IMPLEMENTING ~HE
FORMATION OF A TENANT COOPERATIVE
WHEREAS, the Sea Castle Apartments at 1725 The Promenade,
Santa Monica, provldes 178 housing units affordable to persons of
low and moderate lncome; and
WHEREAS, the residents of the Sea Castle have formed a
tenants' unlon which is engaged in a study of the feasibllity
of forming a 1imlted equlty cooperat~ve to preserve this ~mportant
housing asset; and
WHEREAS, the City of Santa Monica is lnterested in
maintalning its stock of moderate cost housing, partlcu1arly ln
the Coastal Zone: and
WHEREAS, the C~ty of Santa Monica recognizes the formatlon
of limited equity cooperatives as a possible means of preserving
lts stock of affordable houslng and has demonstrated its interest
by allocating Community Development Block Grant funds to The Sea
Castle Tenants' Union for study of the feasibillty of forming a
Ilmlted equity cooperatlve;
THE CITY COUNCIL OF THE CITY OF SANTA MONICA HEREBY
RESOLVES AS FOLLOWS:
Section 1. The Clty of Santa Monlca urges all partles
to cooperate wlth the lmplementation of this study and further
.
.
urges that no action be taken wh~ch m~ght preclude the
formation of a tenant cooperative unt~l its feas~bi1ity
at the Sea Castle can be fully assessed.
Section 2. The Mayor shall sign and the C~ty Clerk
shall certify to the adopt~on of this resolution, and
thenceforth and thereafter the same shall be in full
force and effect.
APPROVED AS TO FORM:
~s~~--
Act~ng C~ty Attorney
.
.
ADOPTED AND APPROVED THIS
4th
/
DAY
OF March
J 198Cl.
/~{ J}. /jaild~u~
/' --' nAY{)
,/ /.-'
\_/
I HEREBY CERTIFY THAT THE FOREGOING RESOLUTION)
No. 5521 J WAS DULY ADOPTED BY THE CITY COUNCIL OF THE CITY
OF SANTA MONICA AT A REGULAR MEETING THEREOF HELD ON
March 4
) 19~~ BY THE FOLLOWING COUNCIL VOTE:
AYES:
Yannatta Goldway, Jennings, Reed,Rhoden,
COUNCILMEMBERS:Scott, Bambrick
~
NOES:
COUNCILMEMBERS: None
i~Bsan :
COUNCILMEMBERS:van den Steenhoven
ABSTAH~ :
COUNCILMEMBERS:Kone
ATTEST:
~
CITY CLERK