Whenever a proposed subdivision under the jurisdiction of this chapter has an area of more than five acres, the subdivider, developer, or redeveloper may be required to designate a minimum of 10% of the area, exclusive of public streets and alleys, as "reserved for a period of one year for future acquisition by a public agency and dedicated to public use, the price to be paid for the land shall be fair market value at the time of acquisition". The location of the area shall be referred to the Plan Commission for recommendation and then the Village Board for approval and the area shall be appropriately marked on the plat prior to the approval of the plat. The acquisition shall take place within one year from the date of approval of the subdivision or development. In the event a public agency does not acquire the land within the one year period, the land shall be eligible for subdivision in accordance with the then existing zoning standards and subdivision and development regulations.
(Ord. 7-42, passed 6-20-07)