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the hearing related to the Variance, and will maintain this record in the files of the <br />Building Commissioner. <br />The Town shall also issue an official executed written notice to the property owner <br />regarding potential impacts to the annual premiums for the flood insurance policy <br />covering the subject property noting that: (i) the issuance of a Variance to construct a <br />structure below the base flood level will result in increased premium rates for flood <br />insurance in amounts as high as $25 for $100 of insurance coverage and (ii) such <br />construction below the base flood level increases risks to life and property. <br />Such notification shall be maintained with the record of all Variance actions for the <br />referenced development in the Floodplain Overlay District. <br />§174-61.3 Variances to local Zoning Bylaws related to compliance with the National Flood <br />Insurance Program (NFIP) <br />A Variance from these floodplain bylaws issued by the Zoning Board of Appeals must <br />meet the variance requirements established by State law, and may only be granted if: <br />1. Good and sufficient cause and exceptional non -financial hardship exist; <br />2. the Variance will not result in additional threats to public safety, extraordinary <br />public expense, or fraud or victimization of the public; and <br />3. the Variance is the minimum action necessary to afford relief. <br />§174-61.4 Historic District Procedures <br />Qualifying Historic Structures listed as defined in § 174-3.1 are exempt from only those <br />substantial improvement modifications which would alter the historic character of the <br />building. All other substantial improvement modifications must be completed in <br />accordance herewith. <br />§174-62 Subdivisions <br />All Subdivision proposals shall be designed to ensure that: <br />1. All public utilities and facilities are located and constructed to minimize or <br />eliminate flood damage; and <br />2. Adequate drainage is provided to reduce exposure to flood hazards. <br />3. Such proposals minimize flood damage. <br />§174-62.1 Base Flood Elevation Data for Subdivision Proposals <br />When proposing subdivisions or other developments including more than 50 lots or 5 <br />acres in area, the proponent must provide technical data to determine base flood <br />elevations for each developable parcel shown on the design plans. <br />10 <br />