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Sec. 35-217. What constitutes substantial rehabilitation—Residential real estate. For the purposes of this division, residential real estate shall be deemed to have undergone substantial rehabilitation, renovation or replacement when a structure which is no less than 25 years of age has been so improved as to increase the assessed value of the structure by no less than 40 percent without increasing the total square footage of such structure by more than 15 percent. If the total square footage of such rehabilitated, renovated, or replacement structure exceeds that of the original structure by more than 15 percent, the excess square footage above said additional 15 percent shall not be entitled to the real estate assessment credit authorized by this division. 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 complete replacement of such structure, the portion of the replacement structure that shall be eligible for the real estate assessment credit shall not exceed 110 percent of the square footage of the original structure. Sec. 35-219. Process and requirements – Enterprise Zone. (a) The owner of property located in an enterprise zone which is intended to undergo substantial rehabilitation, renovation or replacement shall be required to file an application requesting the assessment credit provided for in this division with the city assessor not later than ten days after obtaining the building permit for the rehabilitation, renovation, or replacement. The owner shall not be required to pay a fee to the city for processing the application (b) No owner shall be eligible to apply for or receive the assessment credit if any real property taxes or assessments owed for the subject property are delinquent. (c) For residential applications that were approved by the city assessor prior to June 23, 2026, the rehabilitation, renovation or replacement must be completed (including providing notice to the city assessor so that a final inspection can be performed) by December 23, 2026 or two years from the date of approval, whichever is later. For all other residential applications, the rehabilitation, renovation or replacement must be completed (including providing notice to the city assessor so that a final inspection can be performed) within two years of the city assessor's approval of the application. (d) For commercial, industrial or mixed-use applications that were approved by the city assessor prior to June 23, 2026, the rehabilitation, renovation or replacement must be completed (including providing notice to the city assessor so that a final inspection can be performed) by December 23, 2026 or three years from the date of approval, whichever is later. For all other commercial, industrial or mixed-use applications, the rehabilitation, renovation or replacement must be complete (including providing notice to the city assessor so that a final inspection can be performed) within three years of the city assessor's approval of the application. (e) During the period between submittal of the application and either (i) the final inspection of the completed rehabilitation, renovation or replacement by the city assessor or (ii) the A-4