1. The actual value added to industrial real estate for the reasons specified in Section 3.04.020 is eligible to receive a partial exemption of taxation for a period of five years.  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;

        b. For the second year, sixty percent;

        c. For the third year, forty-five percent;

        d. For the fourth year, thirty percent;

        e. For the fifth year, fifteen percent;

    2. However, the granting of the exemption under this section 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. S-39496, 1980)