The following definitions shall apply to the terms used in this chapter:
ACTUAL VALUE ADDED: The actual value added as of the first year for which the exemption is received, except that actual value added by improvements to machinery and equipment means the actual value as determined by the Assessor as of January 1 of each year for which the exemption is received.
NEW CONSTRUCTION: New buildings and structures and includes new buildings and structures which are constructed as additions to existing buildings and structures. New construction does not include reconstruction of an existing building or structure which does not constitute complete replacement of an existing building or structure or refitting of an existing building or structure, unless the reconstruction of an existing building or structure is required due to economic obsolescence and the reconstruction is necessary to implement recognized industry standards for the manufacturing and processing of specific products and the reconstruction is required for the owner of the building or structure to continue to competitively manufacture or process those products which determination shall receive prior approval of the City Council upon the recommendation of the Iowa Development Commission.
NEW MACHINERY AND EQUIPMENT: New machinery and equipment assessed as real estate pursuant to section 427A.1, subsection 1, paragraph e, of the Iowa Code, unless the machinery or equipment is part of the normal replacement or operating process to maintain or expand existing operational status. (Ord. 03-2, 2-18-2003)