The Mayor and Council hereby determine to provide an exemption from
taxation of improvements to commercial and industrial structures.
Such an improvement, as defined under P.L. 1991, c. 441, shall not
include ordinary painting, repairs and replacement items or an enlargement
of the volume of the existing structure by more than thirty (30%)
percent. The exemption shall be granted for a five (5) year period
and shall not increase the value of the property by the value of the
improvement, notwithstanding that the value of the property to which
the improvement is made is increased thereby. During the exemption
period, the assessment on the property shall not be less than the
assessment thereon existing immediately prior to the improvement,
unless there is damage to the structure through action of the elements
sufficient to warrant a reduction.