(A) Notwithstanding any of the provisions of the ordinance to the contrary, the Committee may issue a certificate of economic hardship to allow the performance of work for which a certificate of appropriateness has been denied.
(B) An application for a certificate of economic hardship may submit any or all of the following information in order to assist the Committee in making its determination on the application:
(1) The amount paid for the property, the date of purchase, and the party from whom purchased (including a description of the relationship, if any, between the owner and the person from whom the property was 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 use 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 income tax bracket 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) If the Commission finds that without approval of the proposed work, the property owner cannot obtain a reasonable economic return therefrom, then the application shall be delayed for a period not to exceed 90 days. During this period of delay, the Committee shall investigate plans and make recommendations to the City Council to allow for a reasonably beneficial use or a reasonable economic return, or to otherwise preserve the subject property. Such plans and recommendations may include, but not be limited to:
(1) A relaxation of the provisions of the ordinance;
(2) A reduction in real property taxes;
(3) Financial assistance;
(4) Building code modifications; and/or
(5) Changes in zoning regulations.
(D) If by the end of this 90 day period, the Committee has found that without approval of the proposed work, the property cannot be put to a reasonable beneficial use or the owner cannot obtain a reasonable economic return therefrom, then the Committee shall issue a certificate of economic hardship approving of the proposed work. If the Committee finds otherwise, it shall deny the application for a certificate of economic hardship. The certificate of economic hardship takes effect 14 days following Commission approval.
(Am. Ord. 1532, passed 2-3-15)