AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 648-652 RAYMOND BOULEVARD URBAN RENEWAL, LLC, 449 EAST 18TH STREET, PATERSON, NEW JERSEY 07524, FOR A PROJECT TO CONSTRUCT A NEW (5) STORY BUILDING CONSISTING OF (96) MARKET RATE RESIDENTIAL RENTAL UNITS, (24) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), (6) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (12) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, 2,800 SQUARE FEET OF GROUND FLOOR RETAIL SPACE AND (89) ON-SITE PARKING SPACES LOCATED AT 648-652 RAYMOND BOULEVARD, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2020, LOT 1 (EAST WARD).