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AN ORDINANCE TO ~END CHAPTER 35 OF T~E CODE. OF ~i~C~Y OF PORTSMOUTH, VIRGINIA, BY ADDING THERETO ART!CLEX~I, SECTION 35-234~ PERTAINING TO URBAN ENTERPRISE ZONE EXEMPTION FOR CERTAIN~REAL ESTATE. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia, that Chapter 35 of the Code of the City'. of Portsmouth, Virginia, be amended by adding thereto Article XVI, Section 35-234, to read as follows: ARTICLE XVI: Urban Enterprise Zone Exempt.ion for Certain Real Estate Section 35-234. Exemption for certain residential~ eo~erc~al or industrial real estate. Pursuant to the authority of ~59.1-283~ Cod~ of ~irginia, 1950, as amended, and the designation by~th~ Govel~no~ of Virginia of census tracts 110, 111, 112 and 113 of the Ci~l~ of Portsmouth as an Urban Enterprise Zone, the following real esSa~ce tax ex- emptions are hereby authorized~ for~ q~lifie~p-_.~ located within said census tracts: (a) Exemption for certain residential real estate. For the purpose of this subsection, a~ residential real estate shall be deemed to ha~e been subst~%i~31~ rehabilitated when a structure which is no less than twenty-f~ve (25) years of age has been so improved as to ~ncrease the ass~sse~ vatue of the structure ~y no less ~han forty percent (4~%) w~ho~t increas- ing the total square footage of such structure ~ r a ore than fifteen percent (15%). A real estate tax exemp_~ion, is hereby authorized for such qualified property in an ama~n~eq~al to the increase in the assessed value resulting frock_he 'rehabili- tation of the residential real estate as de~ermi~_~ by %he City Assessor, and this ~mount only, shall be applicai~.~ to any subse- quent assessment or reassessment for a period of ~en (10) years commencing on the I~t day of Jul__~ t_h~ .ear f~llowi~ _ the The owner of such rehabilitated residential ~eat estate shall be required to file an application req~desting ~he exemption provided by this subsection with the City Assesso~ no~ later than ten (10) days after obtaining a building permit ~or said re- habilitation. Said property owner shall also be required to pay a fee of twenty dollars ($20.00) to the City of Portsmouth for processing such application requesting ~he