A person may submit a proposal to the City Council for prior approval for eligibility for a tax exemption. The City Council, by ordinance, may give its prior approval of a tax exemption for a new construction if the speculative shell building is in conformance with the zoning plans for the city, provided the ordinance shall not be finally adopted until at least 30 days after a public hearing as required by Iowa Code § 427B.1. Prior approval shall not entitle the owner to the exemption until the new construction has been completed and found to be qualified real estate. However, if the exemption for new construction is not approved, the person may submit an amended proposal to the City Council to approve or reject.
(Ord. 2290, passed 4-12-2005)