The City Council declares it to be the intention of this chapter to provide for a partial property tax exemption for actual value added to industrial real estate by the new construction of industrial real estate and the acquisition of or improvement to machinery and equipment assessed as real estate pursuant to section 427A.1, subsection 1, paragraph e, of the Iowa Code, as set forth in House File 650 of the 68th General Assembly. (Ord. 03-2, 2-18-2003)