AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO NEWARK PORTFOLIO II URBAN RENEWAL, LLC, 429 CHESTNUT STREET, ROSELLE PARK, NEW JERSEY 07204, FOR A PROJECT TO CONSTRUCT OF A FIVE-STORY MIXED USE BUILDING WITH TWENTY-THREE (23) TWO-BEDROOM RESIDENTIAL UNITS, INCLUSIVE OF EIGHTEEN (18) TWO-BEDROOM MARKET RATE RESIDENTIAL RENTAL UNITS (THE “MARKET RATE UNITS”) A FIVE (5) TWO-BEDROOM AFFORDABLE HOUSING RENTAL UNITS, OF WHICH ONE (1) UNIT SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI, AND TWO (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (THE “INCOME RESTRICTED UNITS”), APPROXIMATELY 1,350 SQUARE FEET OF COMMERCIAL SPACE, AND FIVE (5) ASSOCIATED PARKING SPACES LOCATED AT 15-19 SOUTH 13TH STREET, NEWARK, NEW JERSEY 07107 AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 1898, LOT 13.01 (COLLECTIVELY, THE “PROJECT”). (WEST WARD)