The Board of Building Appeals shall notify the applicant for
a variance, in writing, that the issuance of a variance to construct
a structure below the one-hundred-year flood elevation:
A. Increases the risks to life and property; and
B. Will result in increased premium rates for flood insurance.
A record shall be maintained of the above notification as well
as all variance actions, including justification for the issuance
of the variances. Any variances that are issued shall be noted in
the annual or biennial report submitted to the Federal Insurance Administrator.