AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO 5 MERCHANT MANAGEMENT URBAN RENEWAL, LLC, 124 POLK STREET, #S-2, NEWARK, NEW JERSEY 07105, FOR A PROJECT TO CONSTRUCT A NEW FIVE (5) STORY, MULTI-FAMILY RESIDENTIAL BUILDING COMPRISED OF (21) RESIDENTIAL RENTAL UNITS (13) STUDIOS AND (8) ONE-BEDROOMS, CONSISTING OF (19) MARKET-RATE RESIDENTIAL RENTAL AND (2) AFFORDABLE HOUSING RENTAL UNITS, BOTH OF WHICH SHALL BE RESTRICTED TO TENANTS AT 60% AREA MEDIAN INCOME, AMENITIES INCLUDING A GYM, GAME ROOM, A CONFERENCE ROOM, STORAGE SPACE AND OFFICES, AND (6) OFF-STREET PARKING SPACES FOR RESIDENTS LOCATED AT 5-7 MERCHANT STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 1993, LOT 3 (EAST WARD).