AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO RISING PLAINS URBAN RENEWAL, LLC, 1515 MORRIS PLACE, HILLSIDE, NEW JERSEY 07205, FOR A PROJECT TO CONSTRUCT A NEW 4 FOUR-STORY RESIDENTIAL BUILDING CONSISTING OF (19) AFFORDABLE RENTAL UNITS (3) STUDIOS, (6) ONE-BEDROOMS UNITS, AND (10) TWO-BEDROOM UNITS, OF WHICH (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 35% OF THE AREA MEDIAN INCOME (“AMI”), (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AMI, (6) UNITS SHALL BE RESTRICTED AT 50% OF AMI, (2) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AMI AND (5) UNITS SHALL BE RESTRICTED TO TENANTS AT 70% OF AMI, A PARKING GARAGE WITH A TOTAL OF (14) SPACES, A 458 SQUARE FOOT COMMUNITY ROOM FOR RESIDENTS, AND A PORTION OF THE ROOF WILL BE A RECREATION TERRACE FOR THE RESIDENTS, LOCATED AT 475-481 SOUTH 16TH STREET, NEWARK, NEW JERSEY 07103, AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 327, LOT 15. (WEST WARD) Deferred 6PSF-j 121824