EFFECTIVE MAY 30, 2022 179 chapter 10 the Economic Hardship Considerations Section. The HZC will use this information to assist with the review of economic hardship claims. • If the structural instability or deterioration of a property is demonstrated through a report by a structural engineer or architect with demonstrated experience working with historic structures. Such a report must clearly detail the property’s physical condition, reasons why rehabilitation is not feasible, and cost estimates for rehabilitation versus demolition and construction of a comparable structure. In addition to this report, there should be a separate report that details future action on the site. Economic Hardship Considerations In support of an application for relief on economic hardship grounds, the applicant must submit evidence sufficient to enable the HZC to render a decision. The burden of proof is on the applicant. In reviewing an application to remove a historic structure, the HZCmay consider economic hardship based on the following information: 1. Current level of economic return • Amount paid for the property, date of purchase, party from whom purchased, and relationship between the owner of record, the applicant, and person from whom the property was purchased; • Annual gross and net income from the property and the previous three years; itemized operating and maintenance expenses for the previous three years, and depreciation deduction and annual cash flow before and after debt service, if any, during the same period; • Remaining balance on the mortgage or other financing secured by the property and annual debt services, if any during the prior three years; • Real estate taxes for the previous four years and assessed value of the property according to the two most recent assessed valuations; • All appraisals obtained within the last two years by the owner or applicant in connection with the purchase, financing, or ownership of the property; • Form of ownership or operation of the property, whether sole proprietorship, for-profit or not-for-profit corporation, limited partnership, joint venture, or other; • Any state or federal income tax returns relating to the property for the last two years.
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