New construction does not include reconstruction of an existing building or structure which does not constitute complete replacement of an existing building or structure or refitting of an existing building or structure, unless the reconstruction of an existing building or structure is required due to economic obsolescence and the reconstruction is necessary to implement recognized industry standards for the manufacturing and processing of specific products and is required for the owner of the building or structure to continue to competitively manufacture or process those products, which determination shall receive prior approval from the city council upon the recommendation of the Iowa Development Commission. [Ord. 384, 1984; Code 1975 § 1-1.0503.]