(A) Whenever the reasonable requirement provided by the comprehensive plan indicates the necessity for providing for a school site, park site or other public lands within any proposed subdivision for which approval has been requested, and no such provision has been made therefor, the governing authorities may require that land be designated for the public purpose before approving the plat.
(B) Whenever a final plat of subdivision, or part thereof, has been approved by the governing authorities as complying with the comprehensive plan and there is designated therein a school site, park site or other public land, the governing authorities having jurisdiction of the use, be it a school board, park board or other authority, shall acquire the land so designated by purchase or commence proceedings to acquire the land by condemnation within one year from the date of approval of the plat; and if it does not do so within the period of one year, the land so designated may then be used by the owners thereof in any other manner consistent with the code, including the comprehensive plan and Zoning Code of the village.
(2001 Code, § 34-6-31)