Item 6-H
Council Mtg: 8/12/97 Santa Monica,CA
TO: Mayor and City Council
FROM: City Staff
SUBJECT: Recommendation to Adopt Resolution Approving Final Map
for Tenant-Participating Conversion TPC-248 at 1915 -
1925 10th 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
51349 248 1915-1925 Dupond Financial 6
10th St. Services, Inc.
BACKGROUND
The City Planning Commission approved the Tentative Map and the
Tenant-Participating Conversion for the above project on
September 16, 1992, 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 Subdivision Map Act of the
State of California.
The owners have submitted to the City a Written Consent Agreement
binding the owners and any successors in interest to each
condition 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
Tentative Map and conditions thereon, the Subdivision Map Act and
local ordinances. The City Attorney's office has approved a
Declaration of Covenants, Conditions, and Restrictions, or
equivalent 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
Conversion represents one of the last steps necessary in the
conversion 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
conversion 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
affordable repayment per Section 2009 of Article XX.
BUDGET/FISCAL IMPACT
The recommendation presented in this report does not have an
immediate 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 City 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.
Attachment A: Resolution Accepting and Approving Final Map
RESOLUTION NO. (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. 51349
AT
1915-1925 10th Street
THE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE
AS FOLLOWS:
SECTION 1.
That the Final Map for Tract No. 51349 in the City of Santa
Monica hereby is accepted and approved.
SECTION 2.
That the City Clerk hereby is authorized and directed to endorse
upon the face of said Map this order authenticated by the Seal of
the City of Santa Monica.
SECTION 3.
That the City Clerk shall certify to the adoption of this
Resolution, and thenceforth and thereafter the same shall be in
full force and effect.
APPROVED AS TO FORM:
MARSHA JONES MOUTRIE
City Attorney