All new industrial or commercial structures, or additions to existing structures located in the corporate limits of the city or within three miles of the corporate limits of the city which new structures or additions have a true and full value of thirty thousand dollars ($30,000.00) or more, added to real property are specifically classified for the purpose of taxation in the following manner:

A. For the first tax year following construction, twenty-five (25) percent of the new or additional taxable value shall be used for tax purposes on such property.

B. For the second year following construction, fifty (50) percent of the new or additional taxable value for tax purposes on such property.

C. For the third, fourth and fifth years following construction, seventy-five (75) percent of the new or additional taxable value shall be used for tax purposes on such property. (Ord. 346 § 1, 1990)

The city adopts the ordinance codified in this chapter in compliance with SDCL 10-6-35.2 and 10-6-35.4. (Ord. 346 § 2, 1990)