A person may submit a proposal to the City Council to receive prior approval for eligibility for a tax exemption on new construction. If the City Council resolves to consider the proposal, it shall publish notice and hold a public hearing thereon. Thereafter, at least 30 days after the hearing 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 city zoning. Prior approval shall not entitle the owner to exemption from taxation until the new construction has been completed and found to be qualified real estate.
(Iowa Code § 427B.4) (1999 Code, § 8.07)