(A) A certificate of economic hardship shall be issued by the Commission upon a finding by it that all reasonable use of or return from a property within the Historic District would be denied a property owner as a result of the disapproval of a certificate of appropriateness.
(B) The Commission may solicit expert testimony, or the applicant may submit evidence, concerning any of the following items at the time of the public hearing provided for in § 150.28.
(1) Any substantial decrease in the fair market value of the property as a result of the denial of the certificate of appropriateness.
(2) Any substantial decrease in the pre-tax or after-tax return to owners of record or other investors in the property as a result of the denial of the certificate of appropriateness;
(3) Any additional cost of work necessary to comply with the standards and criteria for the issuance of a certificate of appropriateness as stated in § 150.28.
(4) In the case of a proposed demolition, the economic feasibility of rehabilitation or reuse of the existing structure or improvement on the property.
(5) The Commission may adopt procedural rules concerning the types of information, evidence or expert testimony that it considers necessary to make a determination on an application for a certificate of economic hardship.
(6) Upon a finding by the Commission that without approval of the proposed work all reasonable use of, or return from, a property within the 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 City Council 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 subchapter, a reduction in real property taxes, financial assistance, building code modifications, and/or changes in zoning regulations.
(C) If by the end of this 60-day period, the 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 within seven days by mail of the final denial.
(`79 Code § 150.183) (Ord. 88-130, passed 10-3-88; Am. Ord. 07-699, passed 2-14-07; Am. Ord. 23-005, passed 3-1-23)