(55 ILCS 5/5-30020) (from Ch. 34, par. 5-30020)
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.
(Source: P.A. 86-962.)
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