(a)      (1)      If an application is submitted for construction, reconstruction, or alteration affecting a site or the exterior of a structure or for the moving or demolition of a structure, and a historic district commission or historic preservation commission considers preservation of the site or structure to be of unusual importance to the local jurisdiction, the State, or the nation, the commission shall attempt, with the owner of the structure, to formulate an economically feasible plan to preserve the site or structure.

            (2)      Unless the historic district commission or historic preservation commission is satisfied that the proposed construction, reconstruction, or alteration will not materially impair the historic, archeological, or architectural significance of the site or structure, the commission shall:

                  (i)      Reject the application; and

                  (ii)      File a copy of its rejection with the building inspector of the local jurisdiction.

      (b)      The historic district commission or historic preservation commission shall have 90 days from the date that it concludes that an economically feasible plan cannot be formulated under this section to negotiate with the owner and other parties to find a means of preserving the site or structure.