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meeting for which notice can be provided following the hearing and not later than the <br />60" day after the date the appeal is filed. <br />h) In exercising its authority to hear requests for variances, the Floodplain Management <br />Appeals Board shall be subject to the following standards and guidelines: <br />(1) Prerequisites for granting variances: <br />(a) Variances shall only be issued upon a determination that the variance is the <br />minimum necessary, considering the flood hazard, to afford relief. <br />(b) Variances shall only be issued upon: (i) showing a good and sufficient cause; <br />(ii) a determination that failure to grant the variance would result in <br />exceptional hardship to the applicant, and (iii) a determination that the <br />granting of a variance will not result in increased flood heights, additional <br />threats to public safety, extraordinary public expense, create nuisances, cause <br />fraud on or victimization of the public, or conflict with existing local laws or <br />ordinances. <br />(c) Any application to which a variance is granted shall be given written notice <br />that the structure will be permitted to be built with the lowest floor elevation <br />below the base flood elevation, and that the cost of flood insurance will he <br />commensurate with the increased risk resulting from the reduced lowest floor <br />elevation. <br />(2) Variances may be issued for new construction and substantial improvements and <br />for other development necessary for the conduct of a functionally dependent use <br />provided that (i) all applicable criteria outlined in this article are met, and (ii) the <br />structure or other development is protected by methods that minimize flood <br />damages during the base flood and create no additional threats to public safety." <br />(3) Variances may be issued for new construction and substantial improvements to <br />be erected on a lot of one-half acre or less in size contiguous to and surrounded <br />by lots with existing structures constructed below the base flood level, providing <br />the relevant factors in section 94-64(2) of this article have been fully considered. <br />As the lot size increases beyond the one-half half acre, the technical justification <br />required for issuing the variance increases. <br />(4) Variances shall not be issued within any designated floodway if any increase in <br />flood levels during the base flood discharge would result. <br />(5) Variances may be issued for the repair or rehabilitation of historic structures upon <br />a determination that the proposed repair or rehabilitation will not preclude the <br />