Except for buildings in Local Historic Districts whose repair or rebuilding is exempt from Preservation Commission review per Section 5.6.7(f) of the Town By-Laws, a nonconforming building listed in the National and/or State Registers of Historic Places as an individual or contributing property or located in a Local Historic District, which building has been damaged or destroyed by fire, explosion, or other catastrophe to such an extent that the cost of rebuilding would equal or exceed fifty percent of the replacement value of the building at the time of the catastrophe, as estimated by the Building Commissioner, may be rebuilt if approved by the Board of Appeals by special permit. In such cases, the Board of Appeals shall consider the recommendations of the Preservation Commission and the Planning Board.