(A) Commission consideration. Upon application for a certificate of appropriateness, the Commission shall, when requested by the property owner, consider evidence of the economic impact on the owner of denial or partial denial of a certificate of appropriateness. In no case may a certificate be denied, in whole or in part, where the Commission establishes that the denial or partial denial will, when available incentives are utilized, deprive the owner of a reasonable economic use of the designated property within a landmark district. A certificate of appropriateness shall be granted, subject to conditions stipulated by the Commission, if a structural evaluation by the owner and confirmed by the Commission demonstrates that the significant feature or features at issue are beyond reasonable repair and a hazardous condition exists.
(B) Factors considered for denial or partial denial.
(1) In determining whether denial or partial denial of a certificate of appropriateness will permit the owner of a reasonable economic use of designated property in a historic district, the Commission shall consider the following factors:
(a) The market value of the designated property in its existing condition, taking into consideration the ability to maintain, operate, or rehabilitate the designated property with the alterations or changes sought by the owner, and without the alterations or changes sought by the owner. Available incentives shall be included in both calculations of market value;
(b) The owner’s yearly net return on the designated property to the extent available during the five years prior to the hearing;
(c) Estimates of the owner’s future net yearly return on the designated property with and without the alterations or changes sought by the owner and with available incentives;
(d) The net return and the rate of return necessary to attract capital for investment in such designated property and in the land on which the designated property is situated without the alterations or changes sought by the owner and available incentives, if such information is available or, if such information is not available; in a comparable building, structure, area, or site and in the land on which such comparable building, structure, area, or site is situated; and
(e) The net return and rate of return realized on comparable buildings, structures, areas, or sites not subject to this chapter.
(2) Upon written request from the Commission, the owner or person in charge shall provide the Commission with such information as is necessary and sufficient to make the determinations required hereunder.
(C) Appointment of expert. Upon reasonable notice to the owner, the Commission may appoint an expert or experts to provide advice and/or testimony concerning the value of the property, the availability of incentives and the economic impacts of approval, denial, or partial denial of a certificate of appropriateness.
(Prior Code, § 12-8-8) (Ord. 492, passed 7-14-1987)