A person may submit a proposal to the city council to receive prior approval for eligibility for 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 title 14, "Zoning Code", of this code. The ordinance may be enacted not less than thirty (30) days after a public hearing is held in accordance with the code of Iowa, as amended. Such prior approval shall not entitle the owner to exemption from taxation until the new construction has been completed and found by the city assessor 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. (1978 Code §32.1-36; amd. 1994 Code)