§ 153.062 MARKET VALUE OF ALTERATIONS.

   (A)   The cost of all structural alterations or additions to a nonconformity over the life of the nonconformity shall not exceed 50% of the current market value of the structure.

   (B)   When determining the value of the alterations or additions, the following standards shall be used.

      (1)   Determining value. The cost of all structural alterations and additions constructed since July 30, 1976, the adoption of the city’s initial floodplain controls, must be calculated into today’s current cost which will include all costs such as construction materials and a reasonable cost placed on all manpower or labor.

      (2)   Cumulative value. If the current cost of all previous and proposed alterations and additions exceeds 50% of the current market value of the structure, then the structure must meet the standards of §§ 153.030 and 153.031 for new structures.

(Ord. 197, passed 10-5-1992)