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 the zoning plans for the City. The ordinance may be enacted not less than thirty (30) days after holding a public hearing in accordance with Iowa Code section 362.3. Such 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. 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. 5-89, 6-20-1989)