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Sec. 35-188. Same-Commercial or industrial real estate. For the purposes of this division commercial or industrial real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is no less than forty (40) years of age has been so improved as to increase the assessed value of the structure by no less than sixty (60) percent without increasing the total square footage of the structure by more than fifteen (15) percent. In the event of complete replacement of such structure, the increase in the total square footage shall be no more than one (100) percent. 4. That Section 35-189 of the Code of the City of Portsmouth, Virginia (1988), be amended and reordained to read as follows: Sec. 35-189. Owner's application. The owner of property which has undergone substantial rehabilitation, renovation or replacement shall be required to file an application requesting the exemption provided for in this division with the city assessor not later than ten (10) days after obtaining the building permit for the rehabilitation. The owner shall also be required to pay a fee of fifty dollars ($50.00) to the city for processing the application. 5. That Section 35-216 of the Code of the City of Portsmouth, Virginia (1988), be amended and reordained to read as follows: Sec. 35-216(a). Authorized; amount; duration. (a) Pursuant to the authority of section 59.1-283 of the Code of Virginia and the designation by the governor of Virginia of census tracts 110, 111, 112, 113, 121 and 122 of the city as an urban enterprise zone, a real estate tax exemption is hereby authorized for residential, commercial and industrial real estate which is located within such census 5racns and which as undergone substantial rehabilitation, renovation or replacement. The exemption shall be in an amount equal to the increase in the assessed value resulting from the rehabilitation of the real estate, as determined by the city assessor, and this amount only shall be applicable to any subsequent assessment or reassessment for a period of ten (10) years commencing on the first day of July of the year following the completion of the rehabiliation.