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is no greater than on other members of the official's business classification, profession, or occupation, shall take the following actions: (1) prepare a written statement describing the matter requiring action or decision and the nature of the potential conflict of interest; (2) deliver copies of the statement to the official's immediate superior, if any; and (3) if a member * * * of a governing body of a metropolitan governmental unit, deliver a copy of the statement to the presiding officer of the body of service. If a potential conflict of interest presents itself and there is insufficient time to comply with clauses (1) to (3), the public * * * official shall orally inform the superior or the official body of service or committee of the body of the potential conflict. A Council member who has a potential conflict of interest relating to some matter before the Council should not chair the meeting, participate in any vote on the matter, or offer any motion or discussion on the matter giving rise to the member's potential conflict of interest, and generally should refrain from exerting any influence over the action or decision to which the conflict of interest relates," whether the matter is before the entire governing body of the Council or one of its committees. The statutory conflict of interest provisions generally apply to Council members when: (1) a Council member is discharging official duties as a member of the Metropolitan Counci1; (2) a Council member is participating in some action or making a decision as a Metropolitan Council member; and (3) the action or decision in which the Council member is participating will "substantially affect" the Council member's personal "financial interests" or the financial interests of an associated business. The Council does not always take an action or make a decision when the members or the governing body of the Council discharge official duties. Business items or policy issues sometimes are addressed by the Council and its committees on a discussion -only basis; the discussions may be preliminary to formal actions or final decisions. Although the Ethics in Government Act refers to circumstances under which officials must "take an action or make a decision," a Council member who would have a conflict of interest if a particular business item or policy issue were before the Council for action or decision should disclose the potential conflict of interest and refrain from further participation in the matter, particularly when the preliminary discussions are detailed and formulate the bases upon which a future final action or decision will be made. A potential conflict of interest exists when the action or decision in which a Council members is participating will "substantially affect" 14 the member's personal financial interests or the financial interests of some "associated business." The term "financial interest" generally means "any ownership or control in an asset which has the potential to produce a monetary return." 15 The term "associated business" is defined by statute as: