6-10-11 Economic Hardship.
A. An application for demolition or removal of a landmark or property within a Historic District may, if appropriate, be accompanied by a request for relief from economic hardship.
B. Before granting such request, the Commission shall study the historic or cultural value of the property, and shall review options including incentives to the owner for restoration, or recommendation to Council that the Town purchase the property.
C. Separate standards and application requirements may be established by the Town for granting economic hardship relief for income-producing properties and for non-income producing properties.
1. Investment or income producing properties: Economic hardship relief may be granted if the applicant satisfactorily demonstrates that a reasonable rate of return cannot be obtained from a property which retains features which contribute to its distinctive character in its present condition nor if rehabilitated, either by the current owner or a potential buyer.
2. Non-income producing properties: Economic hardship relief may be granted if the applicant satisfactorily demonstrates that the property has no reasonable use as a single-family dwelling or for institutional use in its present condition or if rehabilitated, either by the current owner or a potential buyer.
D. Economic hardship relief shall not be granted due to any of the following circumstances: willful destructive acts committed or caused by the owner; purchase of the property for substantially more than its fair market value; failure to perform normal maintenance and repair; or failure to diligently solicit and retain tenants or provide normal tenant improvements. ((O)06-20, 10/04/2006)