The demolition and the extensive alteration of the exterior facade of a structure identified as historical under state statutes shall not occur without a public hearing to encourage the protection of the structure. No demolition or alteration shall occur until 120 days after the conclusion of the hearing. During the 120-day period, the city shall, through public and private efforts, seek to save the structure. At the termination of the 120-day period, if the public or private efforts are not successful in saving the structure, demolition and alteration can occur without further notice.