A person may submit a proposal to the City Council for 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 a new construction if the new construction is in conformance with the zoning plans for the City and after public hearing as by law provided. Such prior approval shall not entitle the owner to said exemption 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. (Ord. 03-2, 2-18-2003)