The new construction of shell buildings by the community development organization, not-for-profit cooperative association under Chapter 499 of the Code of Iowa, or for-profit entity for speculative purposes is eligible for property tax exemption. The exemption shall be for one of the following:
1. The value added by new construction of a shell building or addition to an existing building or structure.
2. The value of an existing building being reconstructed or renovated, and the value of the land on which the building is located, if the reconstruction or renovation constitutes complete replacement or refitting of the existing building or structure.
The exemption shall apply only for (i) properties that are currently served with public water and sewer and for which no road improvements are needed or (ii) properties for which the developer will assume all responsibilities for such public improvements.