The city hereby provides for a partial exemption from property taxation of the actual value added to industrial real estate by the new construction of industrial real estate and the acquisition of or improvement to machinery and equipment assessed as real estate pursuant to Iowa Code Section 427A.1(1)(e), all of which is incorporated in and provided for by Iowa Code, Chapter 427B, as amended. [Ord. 384, 1984; Code 1975 § 1-1.0501.]