AN ORDINANCE GRANTING A TWENTY (20) YEAR TAX ABATEMENT TO ELIZABETH URBAN DEVELOPMENT URBAN RENEWAL, LLC, 7 GLENWOOD AVENUE, SUITE 418, EAST ORANGE, NEW JERSEY 07017, FOR A PROJECT TO CONSTRUCT A FIVE-STORY BUILDING CONSISTING OF (22) MARKET RATE RESIDENTIAL UNITS, (7) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (3) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% OF AREA MEDIAN INCOME (“AMI”) AND (4) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI (THE “INCOME RESTRICTED UNITS”) AND 2,000 SQUARE FEET OF GROUND FLOOR RETAIL, LOCATED ON REAL PROPERTY COMMONLY KNOWN AS 89-93 ELIZABETH AVENUE, NEWARK, NEW JERSEY 07108 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2672, LOTS 14 AND 16 (SOUTH WARD).