As soon as practicable after a public hearing held pursuant to NRS 384.120, but not more than 60 days, Saturdays, Sundays and legal holidays excluded, after the filing of the application for the certificate of appropriateness, or within such further time as the applicant may in writing allow, the Commission shall determine:

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1.  That the proposed erection, construction, reconstruction, restoration, alteration, moving or razing of the exterior architectural feature involved will be appropriate to the preservation of the historic district for the purposes of NRS 384.010 to 384.210, inclusive;

2.  That, even though the proposed project may be inappropriate, failure to issue a certificate would involve a substantial hardship to the applicant because of conditions especially affecting the structure involved, but not affecting the historic district generally, and that a certificate could be issued without substantial detriment to the public welfare or the purposes of NRS 384.010 to 384.210, inclusive; or

3.  That the proposed project is inappropriate.