AN ORDINANCE GRANTING A TWENTY (20) YEAR LONG TERM TAX ABATEMENT TO NAIMOR S ORANGE URBAN RENEWAL LLC, 90 WASHINGTON ST., SUITE 307, EAST ORANGE, NEW JERSEY 07017 FOR A PROJECT, LOCATED IN THE WEST WARD AT 753 AND 755-757 SOUTH ORANGE AVENUE, NEWARK, NEW JERSEY 07106 AND IDENTIFIED AS BLOCK 4208, LOTS 12, 13 & 14 ON THE TAX MAP OF THE CITY (THE “PROPERTY”), TO CONSTRUCT A NEW FIVE (5) STORY MIXED-USE BUILDING WITH THIRTY-SIX (36) RESIDENTIAL DWELLINGS UNITS ON THE 2ND THROUGH 5TH FLOORS. THE THIRTY-SIX (36) RESIDENTIAL RENTAL UNITS ARE INCLUSIVE OF TWENTY-EIGHT (28) MARKET RATE RESIDENTIAL DWELLING RENTAL UNITS WITH SIXTEEN (16) ONE-BEDROOM UNITS AND TWELVE (12) TWO-BEDROOM UNITS (THE “MARKET RATE UNITS”), EIGHT (8) AFFORDABLE HOUSING RESIDENTIAL DWELLING RENTAL UNITS, OF WHICH THERE IS ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT WHICH SHALL BE RESTRICTED TO TENANTS UP TO 40% OF AREA MEDIAN INCOME (“AMI”), ONE (1) ONE-BEDROOM UNIT AND ONE (1) TWO-BEDROOM UNIT BOTH OF WHICH SHALL BE RESTRICTED TO TENANTS UP TO 60% OF AMI, AND TWO (2) ONE-BEDROOM UNITS AND TWO (2) TWO-BEDROOM UNITS WHICH SHALL BE RESTRICTED TO TENANTS UP TO 80% OF AMI (COLLECTIVELY, THE “INCOME RESTRICTED UNITS”), AND APPROXIMATELY 2,722 SF OF RETAIL/COMMERCIAL SPACE ON THE GROUND FLOOR (THE “COMMERCIAL/RETAIL UNITS”), ELEVEN (11) PARKING SPACES, A GYM, LAUNDRY ROOM, ROOF DECK, ELEVATOR, AND THREE (3) MECHANICAL ROOMS, (COLLECTIVELY, THE “PROJECT”) (WEST WARD).