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2. Section 10-92. Rehabilitated commercial or industrial property. For the purposes of this article, commercial or industrial real estate shall be deemed to have been substantially rehabilitated when a structure which is no less than twenty-five years old has been so improved as to increase the assessed value of the structure by no less than sixty per cent. Section 10-93. Amount of exemption; commencement; duration. The exemption provided by this article shall be an amount equal to the increase in assessed value resulting from the rehabilitation of the structure as determined by the city assessor and this amount only shall be applicable to any subsequent assessment or reassess- ment. The exemption shall commence on January one of the year following completion of the rehabilitation or replacement and shall run with the real estate for ten years. Section 10-94. Administration of exemptions. The exemptions provided by this article shall be administered by the superintendent of the inspections division of the city department of public works, the city assessor and the city treasurer, as hereinafter set forth. Such officials are hereby authorized and directed to adopt and enforce such reasonable rules and regulations, not in conflict with the provisions of this article, as may be reasonably necessary to determine the increase in the assessed value of a structure resulting from the rehabilitation including, without limitation, requiring the production of documents and the furnishing of answers under oath. Section 10-95. Requirements for exemption; building permits necessary; application form and processing fee. The exemption provided by this article shall be granted to applicants meeting the following requirements: (a) The person claiming the exemption holds title, or partial title, to the property for which the exemption is claimed. . (b) No person shall be eligible for the exemption unless the appropriate building permits have been acquired and the city assessor has verified that the rehabilitation indicated on the application has been completed.