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<br /> <br />excess square footage above said additional 15% shall not be entitled to the real estate tax <br />exemption authorized by this Division. <br /> <br />Sec.35-218. Same--Commercial or industrial real estate. <br /> <br />For the purposes of this division, commercial or industrial real estate shall be <br />deemed to have undergone substantial rehabilitation, renovation or replacement when a <br />structure which is no less than 25 years of age has been so improved as to increase the <br />assessed value of the structure by no less than 60 % without increasing the total square <br />footage of such structure by more than 15 %. In the event of complete replacement of <br />such structure, the increase in the total square footage shall be not more than 110 %. If <br />the total square footage of such rehabilitated, renovated, or replacement structure exceeds <br />that of the original structure by more than 110%, the excess square footage above said <br />additional 110% shall not be entitled to the real estate tax exemption authorized by this <br />Division. <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 October 27,2009. <br /> <br />Teste: <br /> <br />City Clerk <br />