For use in this chapter, the following definitions apply:
1. “New construction” means new buildings or structures and includes new buildings or structures that are constructed as additions to existing buildings or structures. “New construction” also includes reconstruction or renovation of an existing building or structure that constitutes complete replacement of an existing building or structure or refitting of an existing building or structure, if the reconstruction or renovation of the existing building or structure is required due to economic obsolescence, if the reconstruction or renovation is necessary to implement recognized industry standards for the manufacturing or processing of products, and the reconstruction or renovation is required in order to competitively manufacture or process products or for for-profit entities to market a building or structure as a speculative shell building, which determination must receive prior approval from the Council.
2. “Speculative shell building” means a building or structure owned and constructed or reconstructed by a for-profit entity without a tenant or buyer for the purpose of attracting an employer or user that will complete the building to the employer’s or user’s specification for manufacturing, processing, or warehousing the employer’s or user’s product line.