Item 6-M

City Council Meeting: 12-15-98

TO: Mayor and City Council

FROM: City Staff

SUBJECT: Recommendation to Adopt Resolution Approving Final Map No. 46210 for Tenant-Participating Conversion TPC-208 at 117 Pacific 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
46210 208 117 Pacific Street Kas Rudaitis,
Nancy Osborne &
Bruce Borneman
16

BACKGROUND

The City Planning Commission approved the Tentative Map and the Tenant-Participating Conversion for the above project on August 19, 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. On March 25, 1998, the Planning Commission approved a one year extension of the Tentative Tract Map.

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.

Prepared by: Suzanne Frick, Director of PCD

Karen Ginsberg, Planning Manager

David Martin, Senior Planner

Gina Szilak, Assistant Planner

City Planning Division

Planning and Community Development Department









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. 46210

AT

117 Pacific StreetTHE CITY COUNCIL OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS:

SECTION 1. That the Final Map for Tract No. 46210 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