A.    For structures rehabilitated, developed or redeveloped in said area, the property owner shall be entitled to a deduction from the assessed value of the structure, not including real estate, for a period of ten years as follows:

        Year of Deduction            Percentage

            1st                100%

            2nd                 95%

            3rd                 80%

            4th                 65%

            5th                 50%

            6th                 40%

            7th                 30%

            8th                 20%

            9th                 10%

            10th                  5%

and otherwise in full accord with the terms and provisions of Indiana Code, 6-1.1—12.1-3, 6-1.1—12.1-4 and 6-1.1—12.1-5.

    B.    For new manufacturing equipment placed in use in said area, the property owner shall be entitled to a deduction from the assessed value of the property for a period of five years as follows:

        Year of Deduction                Percentage

            1st                    100%

            2nd                     95%

            3rd                     80%

            4th                     65%

            5th                     50%

            6th and thereafter                  0%

and otherwise in full accord with the terms of Indiana Code, 6-1.1—12.1-4.5 and 6-1.1—12.1-5.5. (Prior code § 32-4)