AN ORDINANCE GRANTING A TWENTY-FIVE (25) YEAR TAX ABATEMENT TO BALLANTINE EFG PROPERTY OWNER URBAN RENEWAL, LLC, 29 MADISON AVENUE, 24TH FLOOR, NEW YORK, NEW YORK 10017, FOR A PROJECT TO CONSTRUCT A MULTI-UNIT RESIDENTIAL BUILDING CONSISTING OF APPROXIMATELY (246) MARKET RATE RESIDENTIAL RENTAL UNITS, (34) AFFORDABLE HOUSING RENTAL UNITS, OF WHICH (8) UNITS SHALL BE RESTRICTED TO TENANTS AT 40% OF AREA MEDIAN INCOME (“AMI”) OR LESS, (8) UNITS SHALL BE RESTRICTED TO TENANTS AT 60% AMI OR LESS AND EIGHTEEN (18) UNITS SHALL BE RESTRICTED TO TENANTS AT 80% AMI, APPROXIMATELY 2,600 SQUARE FEET OF RETAIL SPACE AND APPROXIMATELY (125) ON-SITE PARKING SPACES LOCATED AT 74-82 FREEMAN STREET AND 428-442 FERRY STREET, NEWARK, NEW JERSEY 07105 AND IDENTIFIED ON THE OFFICIAL TAX MAP OF THE CITY OF NEWARK, AS BLOCK 2474, LOTS 1.02 AND 8 (INCLUDING “ADDITIONAL” LOT 14). (EAST WARD)