Approval of a Plan of Finance for the Timber Senior Housing Project
Summary
SCH Number
2024020887
Public Agency
City of Newark
Document Title
Approval of a Plan of Finance for the Timber Senior Housing Project
Document Type
NOE - Notice of Exemption
Received
Posted
2/22/2024
Document Description
The City Council of the City of Newark approved a plan of finance for the issuance of revenue bonds by the California Municipal Finance Authority (CMFA) in an aggregate principal amount not to exceed $50,000,000 to finance and refinance a qualified residential rental project (Timber Senior Housing Project) for the benefit of Timber Street Investors, L.P. and Eden Housing, Inc. or an affiliate thereof, and certain other matters relating thereto.
Contact Information
Name
Carmelisa Lopez
Agency Name
City of Newark
Job Title
Senior Planner
Contact Types
Lead/Public Agency
Phone
Location
Cities
Newark
Counties
Alameda
Regions
Northern California
Cross Streets
Timber Street and Central Avenue
Zip
94560
Total Acres
1
Parcel #
92A-2125-10-2
Notice of Exemption
Exempt Status
Other
Type, Section or Code
CEQA Guidelines Section 15061(b)(3) - Review for Exemption - Common Sense Exemption
Reasons for Exemption
The issuance of revenue bonds by the CMFA is exempt pursuant to CEQA Guidelines Section 15061 (b)(3), as the Timber Senior Housing Project has previously undergone City review under CEQA, the City has approved a Mitigated Negative Declaration determining that the Timber Senior Housing Project will not have a significant negative effect upon the environment, there has been no substantial change in the Timber Senior Housing Project since the City's CEQA finding was made, and the issuance of revenue bonds will not change the scope of the Timber Senior Housing Project as previously approved. Therefore, the issuance of revenue bonds by the CMFA to finance the Timber Senior Housing Project is exempt from CEQA pursuant to Section 15061 (b)(3) of the CEQA Guidelines, as an activity covered by the common sense exemption to CEQA where it can be seen with certainty that there is no possibility that the activity in question may have a significant effect on the environment.
County Clerk
Alameda
Attachments
Notice of Exemption
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