If a site or structure is considered to be valuable for its historic, archeological, or architectural significance, a historic district commission or historic preservation commission may approve proposed construction, reconstruction, alteration, moving, or demolition, despite the fact that the changes come within the provisions of § 8.09 of this subtitle, if:

            (1)      The site or structure is a deterrent to a major improvement program which will be of substantial benefit to the local jurisdiction; or

            (2)      The retention of the site or structure would:

                  (i)      Cause undue financial hardship to the owner; or

                  (ii)      Not be in the best interests of a majority of persons in the community.