As is typical with bureaucracy, while asking the City to take action, they instead reply with hoops to jump through, below is the update from the Historical Landmarks Commission...

The key is to protect it from damage or destruction. If the current property owner does not want the sign and is willing to donate it to an entity that can care for it, or at least store the sign until a new use can be found, would be the best for now. I don’t know if the City or the constituents  have the capacity or willingness to protect/box and store the sign in the interim.

Additionally, the next Historic Landmarks Commission meeting is next Wednesday 9/5 from 6:30-8pm at City Hall in Wing Room 120. It is open to the public and you can voice your concerns and the petition there during public comments.