Sec. 5-30020. Evidence of economic hardship.

301 words·~1 min read·/il/chapter-55/act-5/5-30020

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Sec. 5-30020. Evidence of economic hardship. An applicant for a certificate of economic hardship may submit any or all of the following information in order to assist a preservation commission in its determination on the application:

(1)Amount paid for the property, the date of purchase and the party from whom purchased, including a description of the relationship, if any, between the owner of record or applicant and the person from whom the property was purchased, and any terms of financing between seller and buyer;

(2)Assessed value of the property according to the two most recent assessments;

(3)Real estate taxes for the previous two years;

(4)Remaining balance on any mortgage or other financing secured by the property and annual debt service, if any, for the previous two years;

(5)All appraisals obtained within the previous two years by the owner or applicant in connection with the purchase, financing or ownership of the property;

(6)Any listing of the property for sale or rent, price asked and offers received, if any, within the previous two years;

(7)Any consideration by the owner as to profitable adaptive uses for the property;

(8)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, depreciation deductions and annual cash flow before and after debt service, if any, during the same period;

(9)Form of ownership or operation of the property, whether sole proprietorship, for-profit or not-for-profit corporation, limited partnership, joint venture, or other;

(10)Any other information, including the income tax bracket of the owner, applicant, or principal investors in the property, necessary to a determination as to whether the property can be reasonably used or yield a reasonable return to present or future owners.