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<br />ORDINANCE ...20q9~8. <br /> <br />AN ORDINANCE TO AMEND ARTICLE III, DIVISION 5, OF CHAPTER 35 OF <br />THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY <br />ADOPTING A NEW SECTION 35-191 PERTAINING TO THE EXEMPTION <br />FROM TAXES OF DEMOLISHED OR RENOVATED DERELICT BUILDINGS. <br /> <br />BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br />1. That Article III, Division 5, of Chapter 35 of the Code of the City of <br />Portsmouth, Virginia (2006) be amended by adopting a new Section 35-191 to read as <br />follows: <br /> <br />Sec. 35-191. Removal or repair of derelict buildings. <br /> <br />Any building declared to be a "derelict building" pursuant to Sec. 17-2 of the <br />Code of the City of Portsmouth and which has been demolished or renovated shall be <br />exempt from taxation for a period often years commencing on July 1 of the year <br />following completion of the demolition or renovation in an amount equal to the fair <br />market value of the demolition costs or the fair market value of the renovation <br />improvements as determined by the Real Estate Assessor for the City, and as reflected in <br />the real estate tax assessment records. The abatement of taxes for demolition shall not <br />apply if the structure demolished is a registered Virginia landmark or is determined by <br />the Department of Historic Resources to contribute to the significance of a registered <br />historic District. This exemption shall be transferable with the property. <br /> <br />2. That this Ordinance shall take effect on the date of its adoption. <br /> <br />ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on August 11,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />