§ 23-1-14 Economic hardship.
Separate standards for obtaining a Certification of Economic Hardship are established for investment or income producing and non income producing properties. Non income producing properties shall consist of owner occupied single family dwellings and non income producing institutional properties.
(A) The basis to establish economic hardship for an income producing property shall be that a reasonable rate of return cannot be obtained from a property that retains its historic features or structures in either its present condition or if its features or structures are rehabilitated.
(B) Economic hardship in regard to a non income producing property shall be found when the property owner demonstrates that the property has no beneficial use as a single family dwelling or for an institutional use in its present condition or if rehabilitated.
(C) Demonstration of an economic hardship shall not be based on or include any of the following circumstances:
(1) Willful or negligent acts by the owner;
(2) Purchase of the property for substantially more than market value;
(3) Failure to perform normal maintenance and repairs;
(4) Failure to diligently solicit and retain tenants;
(5) Failure to provide normal tenant improvements. (Ord. 2001-748, passed 6-25-2001)