1. If the speculative shell building project is a project described in Subsection 1 of Section 7A.03, an application shall be filed pursuant to Section 427B.4 of the Code of Iowa.
2. If the speculative shell building project is a project described in Subsection 2 of Section 7A.03, an application shall be filed pursuant to Section 427.1(27) of the Code of Iowa.
A person may submit a proposal to the City Council to receive prior approval for eligibility for a tax exemption on new construction. The City Council, by ordinance, may give its prior approval of a tax exemption for new construction if the new construction is in conformance with the zoning plans for the City. The prior approval shall also be subject to the hearing requirements of Iowa Code Section 427B.1. Prior approval does not entitle the owner to exemption from taxation until the new construction has been completed and found to be qualified real estate. However, if the tax exemption for new construction is not approved, the person may submit an amended proposal to the City Council to approve or reject.