(1) Applications for the low income housing property tax exemption shall be filed with the city manager.

(2) The city manager shall process each application and the manager shall make a written recommendation to the council in sufficient time to allow the council to act within 30 days of the filing of the application.

(3) The city manager shall recommend approval and the council shall grant an annual exemption for any eligible property owned by an eligible corporation.

(4) Upon receipt of the city manager’s written recommendation, the council shall consider the application. At that meeting the council shall determine if the applicant qualifies for the exemption. If the council allows the exemption, the council shall adopt a resolution approving the application, which contains findings on the approval criteria and certifies to the Lane County Tax Assessor that all or a portion of the property for which application was made shall be exempt from the ad valorem property tax levy of the city of Eugene.