§ 13.5-10. Unreasonable economic hardship.

When a claim of unreasonable economic hardship is made due to the effect of this chapter, the owner of record must present evidence sufficient to prove that as a result of the preservation commission's action he is unable to obtain a reasonable return or a reasonable beneficial use. The owner of record shall submit by affidavit to the commission for its review at least the following information:

(a)

Date the property was acquired by its current owner;

(b)

Price paid for the property (if acquired by purchase) and the relationship (if any) between the buyer and the seller of the property;

(c)

Mortgage history of the property, including current mortgage;

(d)

Current market value of the property;

(e)

Equity in current use and in alternative uses;

(f)

Past and current income and expense statements for a two-year period;

(g)

Past capital expenditures during ownership of current owner;

(h)

Appraisals of the property obtained within the previous two years; and

(i)

Income and property tax factors affecting the property.

The preservation commission may require that an applicant furnish additional information relevant to its determination of unreasonable economic hardship.

The preservation commission may receive and consider studies and economic analyses from other city agencies and from private organizations relating to the property in questions.

Should the commission determine that the owner's present return is not reasonable, it must consider whether there are other uses currently allowed that would provide a reasonable return and whether such a return could be obtained through investment in the property for rehabilitation purposes.

Should the applicant satisfy the commission that he will suffer an unreasonable economic hardship if a certificate of appropriateness is not approved, such certificate must be approved.

(Ord. of 10-25-2004)