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City Assessor. Applications for such exemption described in this paragraph shall be made no5 later than thirty (30) days after adoption of this ordinance. Where the rehabilitation is achieved through demolition or replacement of an existing structure, the exemption pro- vided herein shall not apply when any structure demolished is a registered Virginia landmark or is determined by the Virginia Historic Landmark's Commission to contribute to the significance of a registered historic district. The exemption provided herein shall terminate immediately upon conveyance of fee simple ownership of the subject property. Section 35-230. Exemption for certain rehabilitated com- mercial or industrial real estate. For the purpose of this section, any rehabilitated commercial or industrial real estate shall be deemed to have been substantially rehabilitated 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 such structure by more than fifteen (15%) percent. A real estate tax exemption is hereby authorized for such qualified property in an amount equal to the in- crease in the assessed value resulting from the rehabilitation of the commercial or industrial real estate as determined by the City Assessor and this amount only shall be appli- cable to any subsequent assessment or reassessment for the period of five (5) years commencing on July 1 of the year following completion of the rehabilitation. The owner of such rehabilitated commercial or industrial real estate shall be required to file an application requesting the exemption provided by this section with the City Assessor not later than ten (10) days after obtaining the building permit for said rehabilitation. Said property owner shall also be required to pay a fee of twenty ($20.00) dollars to the City of Portsmouth for processing such application re- questing the exemption. Nothing in this section shai% be construed as to permit the City Assessor to list upon the land book any reduced value due to the exemption provided herein. No property shall be eligible for such exemption unless the appropriate building permits were acquired by the property o~ner or the rehabilitation indicated on the application was completed subsequent to January 1, 1980 as verified by the City Assessor. Applications for such exemptions described in this paragraph shall be made no later than thirty (30) days after adoption of this ordinance.