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iJ,~...~...2 O. 1... 1- 6 9 w't?.. . .~'-"-""":'T AN ORDINANCE AMENDING CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTIONS 35-216, 35-218, AND 35-219 THEREOF PERTAINING TO REAL EST A TE TAX EXEMPTIONS FOR REHABILITATED, RENOVATED, AND REPLACEMENT PROPERTIES IN ENTERPRISE ZONES. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Sections 35-216, 35-218, and 35-219 of the Code of the City of Portsmouth, Virginia are amended and reordained to read as follows: Sec. 35-216. - Authorized; amount; duration. (a) Pursuant to Section 59.1-283 of the Code of Virginia, and the designation as an enterprise zone of such area(s) as approved by the Governor of the Commonwealth of Virginia and described in those official Portsmouth, Virginia Enterprise Zone real estate parcel maps, which shall be retained by the local Enterprise Zone administrator, and as may be amended from time to time, a real estate tax exemption is hereby authorized for commercial, industrial, and mixed use real estate which is located within such zone and which has undergone substantial rehabilitation or renovation. For purposes of this Division, the term "mixed use" shall mean any building developed as a mixed use development, as defined in Chapter 40.1 of this code. The exemption shall be in an amount equal to the increase in the assessed value resulting from the rehabilitation of the real estate, as dt:termined 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 July 1 of the year following the completion of the rehabilitation or renovation. If a commercial, industrial, or mixed use structure located within such zone has been improved through substantial rehabilitation or renovation so as to increase the assessed value of the structure by at least 100% without increasing the square footage of the structure by more than 15%, the exemption shall continue but shall be reduced by 15% annually for a period of five additional years so that the exemption in the 11 th year will be 85% of the full exemption, 70% in the 12th year, 55% in the 13th year, 40% in the 14th year, and 25% in the 15th year. The exemption shall expire on June 30 of the 15th year. (b) Property shall be eligible for the exemption referred to in subsection (a) of this section if the appropriate building permits were acquired by the property owner or the rehabilitation indicated on the application was completed subsequent to the inclusion of the property in the zone as verified by the city assessor. Sec. 35-218. - Same--Commercial, industrial, or mixed use real estate. For the purposes of this division, commercial, industrial, or mixed use real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is no less than 15 years of age has been so improved as to increase the assessed value of the structure by no less than 60 percent without increasing the total square footage of such structure by more than 15 percent. In the event of