(1) Form and Manner of Filing. An application shall be filed for each project resulting in actual value added for which an exemption shall be filed by the owner of the property with the local assessor by February 1st of the assessment year in which the value added is first assessed for taxation. Applications for exemptions shall be made on forms prescribed by the director of revenue, and shall contain information pertaining to the nature of the improvement, its cost, and other information deemed necessary by the director of revenue.

(2) Submission to Council. A person may submit a proposal to the city council to receive 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 new construction if the new construction is in conformance with the zoning plans for the city. The prior approval shall also be subject to the hearing requirements of this chapter. 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. 384, 1984; Code 1975 § 1-1.0507.]