(A) Any party who is listed as the owner of record of a historic structure or historic site at the time of designation, who can demonstrate to the Commission that by virtue of such designation he/she is unable to find a buyer willing to preserve such historic structure or historic site, even though he/she has made reasonable attempts in good faith to find and attract a buyer, may petition the Commission to recommend to the Common Council a rescission of its designation.
(B) Following the filing of such petition with the City Clerk:
(1) The owner and the Commission shall work together in good faith to locate a buyer for the subject property who is willing to abide by its designation.
(2) If at the end of a period not exceeding 6 months from the date of such petition, no such buyer can be found, and if the owner still desires to obtain such rescission, the Commission shall recommend to the Common Council to rescind its designation of the subject property.
(3) In the event of such rescission, the Commission shall notify the City Clerk, Building Inspector, City Planner and the City Assessor of the same, and shall cause the same to be recorded, at the City's expense, in the County Register of Deeds Office.
(4) Following any such rescission, the Commission may not recommend to designate the subject property as a historic structure or historic site for a period of not less than 5 years following the date of rescission.
(Ord. 705/96, passed 3-28-96)