AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO MT. PLEASANT APARTMENTS URBAN RENEWAL, LLC, 4 LIBELLA COURT, NEWARK, NEW JERSEY, 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE STORY MULTIFAMILY RESIDENTIAL BUILDING CONSISTING OF TWENTY-FOUR (24) RESIDENTIAL RENTAL UNITS, CONSISTING OF NINETEEN (19) MARKET-RATE RESIDENTIAL RENTAL UNITS, (THE “MARKET RATE UNITS”), FIVE (5) 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 (ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT), (COLLECTIVELY THE “INCOME RESTRICTED UNITS”), GROUND FLOOR PARKING AND ROOFTOP AMENITY SPACE, LOCATED AT 209-213 MOUNT PLEASANT AVENUE, NEWARK, NEW JERSEY AND IDENTIFIED ON THE CITY’S TAX MAP AS BLOCK 440, LOT 26. (CENTRAL WARD)