Where private space for park and recreational purposes is provided in a proposed subdivision and such space is to be privately owned and maintained by the future residents of the subdivision, such areas shall be credited at a rate of fifty percent (50%) against the requirements of dedication for park and recreation purposes, as set forth in § 18.65.080.E., or the payment of fees in lieu thereof, as set forth in § 18.64.080.G., provided the Planning Commission finds it is in the public interest to do so, and that the following standards are met:
A. That yards, court areas, setbacks and other open areas required to be maintained by the zoning and building regulations shall not be included in the computation of such private open space; and
B. That the private ownership and maintenance of the open space and associated facilities is adequately provided for by written agreement; and
C. That the use of the private open space is restricted for park and recreational purposes by recorded covenants which run with the land in favor of the future owners of property within the tract and which cannot be defeated or eliminated without the consent of the counsel; and
D. That the proposed private open space is adaptable for use for park and recreational purposes, taking into consideration such factors as size, shape, topography, geology, access and location of the private open space land; and
E. That facilities proposed for the open space are in substantial accordance with the provisions of the recreational element of the General Plan, and are approved by the Planning Commission.