AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO 1080 BERGEN DEVELOPER URBAN RENEWAL LLC, 90 WASHINGTON ST., SUITE 307, EAST ORANGE, NEW JERSEY 07017 FOR A PROJECT, LOCATED IN THE SOUTH WARD AT 1072-1078 BERGEN STREET, NEWARK, NEW JERSEY 07112 AND IDENTIFIED AS BLOCK 3659, LOT 5.01 ON THE TAX MAP OF THE CITY (THE “PROPERTY”), TO CONSTRUCT A NEW FIVE (5) STORY, MIXED USE BUILDING WITH SIXTY-SIX (66) RESIDENTIAL UNITS CONSISTING OF FIFTY-THREE (53) MARKET RATE RESIDENTIAL RENTAL UNITS (THREE (3) STUDIO UNITS, THIRTY-SIX (36) ONE-BEDROOM UNITS, AND FOURTEEN (14) TWO-BEDROOM UNITS), (THE “MARKET RATE UNITS”), THIRTEEN (13) AFFORDABLE HOUSING RENTAL UNITS OF WHICH ONE (1) STUDIO UNIT AND TWO (2) ONE-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), TWO (2) ONE-BEDROOM UNITS AND ONE (1) TWO-BEDROOM UNIT SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI, AND FIVE (5) ONE-BEDROOM UNITS AND TWO (2) TWO-BEDROOM UNITS SHALL BE RESTRICTED TO TENANTS AT 80% OF AMI (THE “INCOME RESTRICTED UNITS”), AND 5,570 SQUARE FEET OF COMMERCIAL SPACE (THE “RETAIL”), AND TWENTY-NINE (29) ON-SITE RENTAL PARKING SPACES, 1080 SQUARE FOOT AMENITY SPACE AND A 723 SQUARE FOOT GYM, (COLLECTIVELY, THE “PROJECT”) (SOUTH WARD).