A property owner who wishes to propose a project for a tax exemption shall complete the following:
A. File with the community development department the required application form, provided by the department, setting forth the grounds for tax exemption along with the required application fees. The application materials shall include the following information:
1. A brief written description of the project, and schematic site and floor plans of the multifamily dwelling units and the structure(s) in which they are proposed to be located.
2. Floor and site plans of the proposed project, which plans may be revised by the owner, provided such revisions are made and presented to the administrator prior to the city’s final action on the exemption application.
3. A statement from the owner acknowledging the potential tax liability when the property ceases to be eligible for exemption under this section.
4. Verification by oath or affirmation of the information submitted.
B. Deadline. The application shall be submitted prior to the issuance of the building permit for the project, unless otherwise approved by the council. The administrator shall approve or deny an exemption application within ninety days of receipt of a complete application.