(A) Application. Application on forms prescribed by the Commission for certificate of economic hardship may be made by an owner or his or her agent who has been denied a certificate of appropriateness for any work specified in § 153.10 of this chapter.
(B) General provisions and procedures. The Commission may require that the applicant for a certificate of economic hardship make submissions concerning any or all of the following information before it makes a determination on the application:
(1) An 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 Preservation Commission for changes necessary for the issuance of a certificate of appropriateness;
(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) The 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 Preservation Commission and, in the case of a proposition, after renovation of the existing property for continued use;
(4) In the case of a proposed demolition, an estimate from an architect, developer, real estate consultant, appraiser, or other real estate professional experienced in rehabilitation as to the economic feasibility or 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 a description of the relationship, if any, between 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 the property is income producing, the annual gross income from the property for the previous two years and 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 and annual debt service, if any, for the previous two years;
(8) All appraisals obtained within the previous two 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, within the previous two years; and
(10) Assessed values of the property according to the two most recent assessments.
(C) Public hearing required. After the application for certificate of economic hardship has been submitted, the Commission shall hold a public hearing at which any person may testify concerning economic hardship.
(D) Determination of economic hardship. The Commission shall review all the evidence and information required of any applicant for a certificate of economic hardship and make a determination within 45 days of receipt of the application whether the denial of a certificate of appropriateness has deprived, or will deprive, the owner of the property of reasonable use of, or economic return on, the property. If the Commission disapproves such a certificate of economic hardship, the applicant shall proceed with work only when issued a certificate of appropriateness as provided in § 153.10 of this chapter.
(Prior Code, § 9-11-11) (Ord. 563, passed 12-4-1990)