A commission shall attempt, with the owner of a site or structure, to formulate an economically feasible plan to preserve the site or structure 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 the commission considers preservation of the site or structure to be of unusual importance to the local jurisdiction, the State, or the nation. Unless the commission is satisfied that the proposed construction, reconstruction, or alteration will not materially impair the historic, archaeological, or architectural significance of the site or structure, the commission shall: reject the application; and file a copy of its rejection with the building inspector of the local jurisdiction. The commission shall have 90 days after the date on which the commission 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. If a site or structure is considered to be valuable for its historic, archaeological, or architectural significance, a commission may approve proposed construction, reconstruction, alteration, moving, or demolition, despite the fact that the changes come within the provisions of this section if: the site or structure is a deterrent to a major improvement program that will be of substantial benefit to the local jurisdiction; or the retention of the site or structure would: cause undue financial hardship to the owner; or not be in the best interests of a majority of persons in the community.