§ 151.47  CERTIFICATE OF ECONOMIC HARDSHIP.
   (A)   General. Notwithstanding the provisions of § 151.46 of this chapter, the Commission may issue a certificate of economic hardship permitting demolition of a landmark site or a building or structure with a landmark site where denial of a certificate of appropriateness would result in a loss of all reasonable use of the property.
   (B)   Applying for certificate. Certificate of economic hardship may be applied for and issued in accordance with the following procedures and  requirements.
      (1)   Application, hearing required. Application for a certificate of economic hardship shall be made on forms prepared by the Commission. Within a reasonable time following receipt of an application for a certificate of economic hardship, the Commission shall set a date, time and place for public hearing in writing concerning the application. The Commission shall  provide notice of the public hearing in writing and by publication. The Commission shall mail by first class United States mail written notification to all owners of record of property within the preliminary boundaries of the area to be considered not less than 15 days, nor more than 30 days, prior to the date of the public hearing. Each such notice shall identify the property or properties under consideration, and the date, time and place of the public hearing. A copy of the notice of public hearing shall also be given to the city’s Code Enforcement Official, the Community Development Director, the Zoning Hearing Officer, the Chair of the Planning Commission and the City Council.
      (2)   Hearing procedures. The public hearing shall be conducted by the Commission, and all interested persons shall be given an opportunity to be heard, in person, by counsel or by correspondence. The hearing may be continued without additional notice. The Commission may solicit expert testimony and require that the applicant for a certificate of economic hardship make submissions concerning any or all of the following information before the Commission makes a determination on the application:
         (a)   Estimate of the cost of the proposed demolition and an estimate of any additional cost that would be incurred to comply with the recommendations of the Commission for changes necessary for the issuance of a certificate of appropriateness;
         (b)   A report from a licensed engineer or architect with experience in rehabilitation as to the structural soundness of any structures on the property and its suitability for rehabilitation;
         (c)   Estimated market value of the property in its current condition; after completion of the proposed demolition; and, after any changes recommended by the Commission;
         (d)   An estimate from a real estate consultant, appraiser or other real estate professional experienced in rehabilitation as to the economic feasibility of rehabilitation or reuse of the existing structure on the property;
         (e)   Amount paid for the property, the date of purchase, and the party from whom purchased, and any terms of financing between the seller and buyer;
         (f)   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 depreciation deduction and annual cash flow before and after debt service, if any, during the same period;
         (g)   Remaining balance on any mortgage or other financing secured by the property annual debt service, if any, for the previous two years;
         (h)   All appraisals obtained within the previous two years by the owner or applicant in connection with the purchase, financing or ownership of the property;
         (i)   Any listing of the property for sale or rent, price asked and offers received, if any, within the previous two years;
         (j)   Assessed value of the property according to the two most recent assessments;
         (k)   Real estate taxes for the previous two years;
         (l)   Form of ownership or operation of the property, whether sole proprietorship, for-profit or not-for-profit corporation, limited partnership, joint venture or other; and
         (m)   Any other information considered necessary by the Commission to a determination as to whether the property yields or may yield a reasonable return to the owners.
   (C)   Review and decision. The Commission shall review all the evidence and information required of an applicant for a certificate of economic hardship and shall issue written findings and approve or deny the application within 45 days of conclusion of the public hearing. A copy of the written decision shall be provided to the applicant and to the city’s Code Enforcement Official, the Community Development Director, the Zoning Hearing Officer, the Chair of the Planning Commission and the City Council.
(1999 Code, § 151.47)  (Ord. 1833, passed 4-15-1996; Ord. 3043, passed 2-5-2001)