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~~~ AN ORDINANCE TO AMEND CHAPTER 35 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006), BY AMENDING SECTION 35-135 THEREOF TO PROVIDE AN INCREASED TAX .EXEMPTION FOR ENVIRONMENTAL RESTORATION SITES LOCATED WITHIN THE ENTERPRISE ZONE DESIGNATED BY THE GOVERNOR OF THE COMMONWEALTH OF VIRGINIA ON JANUARY 1, 2014. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 35-135 of the Code of the City of Portsmouth, Virginia (2006) be amended as follows: Sec. 35-135. -Environmental restoration sites. (a) Pursuant to the authority granted by § 58.1-3664 of the Code of Virginia, environmental restoration sites are hereby determined to be a separate class of property which is exempt from real estate taxation up to limit set herein, as set forth in this section. (b) An environmental restoration site means real estate which contains or did contain environmental contamination from the release of hazardous substances, hazardous wastes, solid waste or petroleum, the restoration of which would abate or prevent pollution to the atmosphere or waters of the Commonwealth of Virginia and which (i) is subject to voluntary remediation pursuant to § 10.1-1232 of the Code of Virginia and (ii) receives a certificate of continued eligibility from the Virginia Waste Management Board during each year for which it qualifies for the applicable tax exemption. (c) An environmental restoration site shall be classified as such for a single five-year period. That period shall commence on the date that the department of environmental quality issues a certification of voluntary completion for the property. A classification issued at any time during a calendar year shall be effective for the entire calendar year, without pro rating. The classification shall be for the current year and subsequent years only, no property shall be eligible for the classification for any year prior to 2006, and requests for reclassification for years prior to 2006 are both unauthorized and prohibited. No property shall be eligible for more than one five-year classification period. (d) If an environmental restoration site is located in an enterprise zone designated by the Governor of the Commonwealth of Virginia to take effect as of but not prior to January 1, 2014, then the classification granted by this section shall be for the full assessed value of land and improvements for any qualified tax parcel, up to a maximum assessed value of $5,000,000.00. Any assessed value in excess of $5,000,000.00 for any qualified tax parcel shall be fully taxable. For all other environmental restoration sites, the classification granted by this section shall be for the full assessed value of land and improvements for any qualified tax parcel, up to a maximum assessed value of $3,000,000.00. Any assessed value in excess of $3,000,000.00 for any qualified tax parcel shall be fully taxable.