AN ORDINANCE GRANTING A THIRTY (30) YEAR TAX ABATEMENT TO 81-93 ORANGE STREET URBAN RENEWAL, LLC, OF PASADENA, MARYLAND, 21122, FOR A PROJECT TO CONSTRUCT A NEW (14) STORY BUILDING CONSISTING OF (280) MARKET RATE RESIDENTIAL RENTAL UNITS, (70) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (17) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”), (17) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI AND (36) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, 8,503 SQUARE FEET OF COMMERCIAL SPACE AND (178) ON-SITE PARKING SPACES LOCATED AT 24-38 UNIVERSITY AVENUE, ALSO KNOWN AS 81-93 ORANGE STREET, NEWARK, NEW JERSEY 07102 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 31, LOT 27 (CENTRAL WARD).