The amount of actual value added which is eligible to be exempt from taxation shall be as follows:
A. For the first year: Seventy five percent (75%).
B. For the second year: Sixty percent (60%).
C. For the third year: Forty five percent (45%).
D. For the fourth year: Thirty percent (30%).
E. For the fifth year: Fifteen percent (15%).
F. After the fifth year, there shall be no exemption and the granting of the exemption hereunder for new construction constituting complete replacement of an existing building or structure shall not result in the assessed value of the industrial real estate being reduced below the assessed value of the industrial real estate before the start of the new construction added. (Ord. 03-2, 2-18-2003)