AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR LONG TERM TAX ABATEMENT TO 824 S20th MANAGEMENT URBAN RENEWAL ENTITY, LLC, 124 POLK STREET, #S-2, NEWARK, NEW JERSEY 07105, FOR A PROJECT, LOCATED IN THE SOUTH WARD AT 824-830 S 20TH STREET NEWARK, NEW JERSEY 07104 AND IDENTIFIED AS BLOCK 2642, LOT 41 ON THE TAX MAP OF THE CITY (THE “PROPERTY”), TO CONSTRUCT A NEW FOUR (4)-STORY RESIDENTIAL MULTIFAMILY DWELLING CONSISTING OF TWENTY-FIVE (25) AFFORDABLE HOUSING RESIDENTIAL UNITS, CONSISTING OF FIVE (5) ONE-BEDROOM UNITS, FIFTEEN (15) TWO-BEDROOM UNITS, AND FIVE (5) THREE-BEDROOM UNITS, NINETEEN (19) PARKING SPACES, A 932 SQUARE FEET TENANT AMENITY ROOM, LOBBY, ELEVATOR, STAIRWELL, MAIL ROOM, TRASH AND RECYCLING ROOM, AND A COMMON LAUNDRY ROOM (COLLECTIVELY, THE “PROJECT”) (SOUTH WARD).