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identify, plan for and advise the Common Council concerning the designation of historic <br /> landmarks. <br /> (1) The Historic Preservation Commission shall recommend the designation of historic <br /> landmarks and the establishment of Historic Preservation Districts on the basis of <br /> historical and cultural significance, educational value and suitability for preservation. <br /> (2) Historic landmarks shall be designated and Historic Preservation Districts shall be <br /> established by the Common Council through the passage of an ordinance. Said ordinance <br /> shall be initiated in the usual manner: By the Common Council; by a petition of the <br /> owners of fifty(5 0)percent or more of the subject area;or by the Area Plan Commission. <br /> (3) If any proposed ordinance is introduced to the Common Council for the purpose of <br /> creating a new Historic Preservation District , or repealing, altering, or modifying an <br /> established Historic Preservation District , then prior to referral to the Area Plan <br /> Commission, the proposed ordinance shall be referred by the Common Council to the <br /> Historic Preservation Commission which shall hold a public hearing within ninety (90) <br /> days of the referral, unless such public hearing was conducted by the Historic <br /> Preservation Commission prior to introduction of the proposed ordinance which shall <br /> satisfy this requirement of a public hearing. The public hearing before the Historic <br /> Preservation Commission shall be for the purpose of hearing comments on the proposed <br /> ordinance and for the purpose of delivering either a favorable or unfavorable <br /> recommendation to the Common Council. Notice of such hearing shall be given to all <br /> owners of property in the affected Historic Preservation District. Failure of the Historic <br /> Preservation Commission to deliver a recommendation within ninety(90)days following <br /> referral by the Common Council shall be considered a favorable recommendation. <br /> (4) If any proposed ordinance is introduced to the Common Council for the purpose of <br /> creating a new historic landmark , or repealing, altering, or modifying an established <br /> historic landmark , then prior to the Common Council's public hearing, the proposed <br /> ordinance shall be referred by the Common Council to the Historic Preservation <br /> Commission which shall hold a public hearing within ninety (90) days of the referral, <br /> unless such public hearing was conducted by the Historic Preservation Commission prior <br /> to introduction of the proposed ordinance which shall satisfy this requirement of a public <br /> hearing. The public hearing before the Historic Preservation Commission shall be for the <br /> purpose of hearing comments on the proposed ordinance and for the purpose of delivering <br /> either a favorable or unfavorable recommendation to the Common Council. Notice of <br /> such hearing shall be given to all owners of the affected historic landmark. Failure of the <br /> Historic Preservation Commission to deliver a recommendation within ninety (90) days <br /> following referral by the Common Council shall be considered a favorable <br /> recommendation. <br /> (5) (A) Upon the earlier of the reading of a proposal for a historic landmark before <br /> the Historic Preservation Commission or upon the filing of an ordinance before the <br /> Common Council for the purpose of creating a new historic landmark , the <br /> Commission may declare such proposed new historic landmark to be under interim <br /> protection. <br /> (B) Not more than two (2) working days after declaring a building, structure, or <br /> site to be under interim protection under this section, the Historic Preservation <br /> 3 <br />