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AN ORDINANCE TO AMEND CHAPTERS 7 AND 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988) BY REPEALING SECTION 7-140 AND BY AMENDING SECTION 35-216 THEREOF, PERTAINING TO THE VIRGINIA ENTERPRISE ZONE AND THE FEDERAL EMPOWERMENT ZONE. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 7-140 of the Code of the City of Portsmouth, Virginia (1988) be repealed. 2. 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. Authorized; amount; duration. (a) Pursuant to the authority of section 59.1-283 of the Code of Virginia, 1950, as amended, and the designation of census tracts 2109, 2111, and 2121 of the city as a Virginia enterprise zone and census tracts 2111, 2114, 2118, 2119, 2121, and portions of census tracts 2126, 2127 and 2130.01 as a federal empowerment zone, a real estate Tax exemption is hereby authorized for commercial and industrial real estate which is located within such zones and which has undergone substantial rehabilitation or renovation. 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 years commencing on the first day of July of the year following the completion of the rehabilitation. (b) Property shall be eligible for the exemption referred to in subsection (a) if the appropriate building permits were acquired by the property owner or the rehabilitation indicated on the apphcation was completed subsequent to the inclusion of the property in the zone as verified by the city assessor. 3. That this ordinance shall take effect on the date of its adoption. ADOPTED by the Council of the City of Portsmouth, Virginia, at a meeting held on March 12, 2002. Teste: City Clerk