(A) Denial of COA.
Upon denial of a COA, an application for a Certificate of Economic Hardship may be made on a form approved by the BAR and provided by the Code Enforcement Director.
(B) Determination Process.
The BAR shall schedule a public hearing concerning the application and provide notice in the same manner as § 5-4-79(E). Any person may testify at the hearing concerning economic hardship in the same manner as § 5-4-80. The BAR may solicit expert testimony or require that the applicant make submissions concerning any or all of the following information before it makes a determination on the application:
(1) Estimate of the cost of the proposed construction, alteration, demolition or removal and an estimate of any additional cost that would be incurred to comply with the recommendations of the BAR for changes necessary for the issuance of a COA.
(2) A report from a licensed engineer or architect with experience in rehabilitation as to the structural soundness of any structures on the property and their suitability for rehabilitation.
(3) Estimated market value of the property in its current condition; after completion of the proposed construction, alteration, demolition or removal: after any changes recommended by the BAR; and in the case of proposed demolition, after renovation of existing property for continued use.
(4) In the case of proposed demolition, an estimate from an architect, developer, real estate consultant, appraiser, or other real estate professional experiences in rehabilitation as to the economic feasibility of rehabilitation or reuse of the existing structure on the property.
(5) Amount paid for the property, the date of purchase, and the party from whom purchased, including the description of the relationship, if any to the owner of record or applicant and the person from whom the property was purchased, and any terms of financing between the seller and buyer.
(6) If property is income producing, the annual gross income from the property for the previous two (2) years: itemized operating and maintenance expenses for the previous two years; depreciation deduction and annual cash flow before and after debt service, if any during the same period.
(7) Remaining balance on any mortgage or other financing secured by the property owner and annual debt service, if any, for the previous two (2) years.
(8) All appraisals obtained within the previous two (2) years by the owner or applicant in connection with the purchase, financing, or ownership of the property.
(9) Any listing of the property for sale or rent, price asked, and offers received, if any, in the last two (2) years.
(10) Assessed value of the property according to the two (2) most recent assessments.
(11) Real estate taxes for the past two (2) years.
(12) Form of ownership or operation of the property, whether sole proprietorship, for profit or not-for-profit corporation, limited partnership, joint venture or other.
(13) Any other information, including the income tax bracket of the owner, applicant or principal investors of the property considered necessary by the BAR to make a determination as to whether the property does yield or may yield a reasonable return to the owners.
(Am. Ord. 07-18, passed 9-10-2007)