(A) A certificate of economic hardship shall be issued by the Historical Commission upon a finding by it that all reasonable use of, or return from, a designated landmark or property within a Historic District would be denied a property owner as a result of the disapproval of a certificate of appropriateness.
(B) An applicant for a certificate of economic hardship may submit any or all of the following information in order to assist the Commission in making its determination on the application:
(1) The amount paid for the property, the date of purchase and the party from whom purchased.
(2) The assessed value of the land and improvements thereon according to the two most recent assessments.
(3) Real estate taxes for the previous two years.
(4) Remaining balance on mortgage, if any, and annual debt service, if any, for the previous two years.
(5) All appraisals obtained within the previous two years by the owner or applicant in connection with this purchase, financing or ownership of the property.
(6) Any listing of the property for sale or rent, price asked and offers received, if any.
(7) Any consideration by the owner as to profitable adaptive uses for the property.
(8) If the property is income-producing, the annual gross income from the property for the previous two years, itemized operating and maintenance expenses for the previous two years, and annual cash flow before and after debt service, if any, during the same period.
(9) Form of ownership or operation of the property, whether sole proprietorship, for-profit or not-for-profit corporation, limited partnership, joint venture or other.
(10) Any other information, including the portion of the returns respecting the property income tax of the owner, applicant or principal investors in the property, reasonably necessary for a determination as to whether the property can be reasonably used or yield a reasonable return to present or future owners.
(C) Upon a finding by the Commission that without approval of the proposed work all reasonable use of, or return from, a designated landmark or property within a Historic District will be denied a property owner, then the application shall be delayed for a period not to exceed 60 days. During this period of delay, the Commission shall investigate plans and make recommendations to the Village Board of Trustees with concurrence of the Plan Commission, to allow for a reasonable use of, or return from the property, or to otherwise preserve the subject property. Such plans and recommendations may include, but are not limited to, a relaxation of the provisions of this chapter, building code modifications and/or changes in zoning regulations, provided that a public hearing will be held before the Plan Commission, as may be necessary, with the recommendation of the Plan Commission.
(D) If by the end of this 60-day period, the Historical Commission has found that, without approval of the proposed work, the property cannot be put to a reasonable use or the owner cannot obtain a reasonable economic return therefrom, then the Commission shall issue a certificate of economic hardship approving the proposed work. If the Commission finds otherwise, it shall deny the application for a certificate of economic hardship, and notify the applicant by mail of the final denial.
(Ord. 642-87, passed 11-17-87)