(A) The Preservation Commission may issue a certificate of economic hardship upon determination that the failure to issue a Certificate of Appropriateness has denied, or will deny, the owner of a landmark or of a property within a preservation district all reasonable use of, or return on, the property. Application for a certificate of economic hardship shall be made on a form and in the manner as prescribed by the Preservation Commission. The Preservation Commission may schedule a public hearing concerning the application and provide notice in the same manner as prescribed in § 166.030, of this chapter and conduct the hearing in the same manner as prescribed in § 166.031, of this chapter.
(B) The Preservation Commission may solicit expert testimony and the applicant for a certificate of economic hardship shall submit all of the following information in order to assist the Preservation Commission in its determination on the application:
(1) An estimate of the cost of the proposed construction, alteration, demolition, or removal, and an estimate of any additional cost that would be incurred to comply with the recommendations of the Preservation Commission for changes necessary for the issuance of a certificate of appropriateness;
(2) A report from a licensed engineer or architect with experience in rehabilitation as to the structural soundness of any structures on the property and their suitability for rehabilitation;
(3) Estimated market value of the property in its current condition; after completion of the proposed constriction, alteration, demolition, or removal; after any changes recommended by the Preservation Commission; and, in the case of a proposed demolition, after renovation of the existing property for continued use;
(4) In the case of a proposed demolition, an estimate from an architect, developer, 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;
(5) Amount paid for the property, the date of purchase, and the party from whom purchased, including a description of the relationship, of any, between the owner of record or applicant and the person from whom the property was purchased, and any terms of financing between the seller and buyer;
(6) 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;
(7) Remaining balance on any mortgage or other financing secured by the property and annual debt service, if any, for the previous two years;
(8) Any listing of the property for sale or rent, price asked and offers received, if any, within the previous two years;
(9) Assessed value of the property according to the two most recent assessments;
(10) Real estate taxes for the previous two years;
(11) Form of ownership or operation of the property, whether sole proprietorship, for profit or not-for-profit corporation, limited partnership, joint venture, or other.
(12) Any other information, including the income tax bracket of the owner, applicant, or principal investors in the property considered necessary by the Preservation Commission to make a determination as to whether the property does yield or may yield a reasonable return to the owners.
(C) Determination of economic hardship. Within 60 days from receiving a request for a Certificate of Economic Hardship, the Commission, upon a determination that the denial of a certificate of appropriateness has denied, or will deny the owner of a landmark or of a property within a preservation district of all reasonable use of or return on the property, may undertake one of the following actions:
(1) Offer the owner of the property reasonable financing, tax or other incentives sufficient to allow a reasonable use of, or return on, the property; or
(2) Offer to purchase the property at a reasonable price or institute eminent domain proceedings pursuant to Article VII of the Illinois Code of Civil Procedure; or
(3) Issue a Certificate of Appropriateness for the proposed construction, alteration, demolition or removal. Written notice of the determination shall be provided in the same manner as required by § 166.051(E). This time limit may be waived only by mutual consent of the applicant and the Commission.
(D) Appeals. A denial of a certificate of economic hardship is an administrative decision as defined in Section 3-101 of the Illinois Administrative Review Law, and it shall be subject to judicial review pursuant to provisions of said law and all amendments and modifications thereof, and the rules adopted thereto.
(Res. 92-192, passed 9-17-1992)