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6. That Section 35-217 of the Code of the City of Portsmouth, Virginia (t988), be amended and reordained to read as follows: Sec. 35-217. What constitutes substantial rehabilitation-Residential real estate. For the purpose of this division, residential real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is no less than twenty-five (25) years of age has been so improved as to increase the assessed value of the structure by no less than forty (40) percent without increasing the total square footage of such structure by more than fifteen (15) percent. 7. That Section 35-218 of the Code of the City of Portsmouth, Virginia (1988), be amended and reordained to read as follows: Sec. 35-218. Same-Commercial or industrial real estate. For the purpose 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 twenty-five (25) 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 such 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 hundred and ten (110) percent. 8. That Section 35-219 of the Code of the City of Portsmouth, Virginia (1988), be amended and reordained to read as follows: Sec. 35-219. Owner's application. The owner of rehabilitated real estate 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 a building permit for the rehabiliation. The owner shall also be required to pay a fee of fifty dollars ($50.00) to the city for processing the application.