(A) Written Agreement: A developer may enter into a written agreement with any or all of the park districts and/or school districts which will serve the recreational and school needs of the ultimate residents of the proposed subdivision or planned unit development providing for voluntary contributions intended to satisfy, in whole or in part, the requirements stated above. Such agreement may include, but is not limited to, the following provisions:
1. Contributions of cash or land;
2. Deferral of cash or land contributions or installment payments of contributions;
3. Security for performance of the agreement;
4. Limitations or conditions to the use or disposition of cash or land contributions;
5. Whether the contributions stated in the agreement are intended to satisfy, in whole or in part, the developer's obligations stated above to dedicate land for park and school sites, or to contribute cash in lieu of land for the acquisition or improvement of park and school sites;
6. Recording of the agreement with the DuPage County Recorder of Deeds.
(B) Negotiated Contributions Satisfying Chapter Requirements: Any written agreement between a developer and any or all of the park districts or school districts affected by a proposed development which purports to satisfy the requirements provided herein for dedication of land or contribution of cash in lieu of land is subject to approval by the City. If, in the sole discretion of the City Council, the contributions to be made under such agreement are attributable to and fairly proportioned to the immediate and future needs of the residents of such proposed development, the City Council may waive application of the strict requirements of this Chapter to such development and require instead performance of such agreement as a condition of approval of a final plat of subdivision or of a final plat of planned unit development for such proposed development.
(C) Binding Effect Of Contribution Agreement: An agreement between the developer and one or more of the school and park districts affected by a proposed development shall be binding upon the parties to such agreement, the City when approved by the City and upon the successors, heirs, grantees and heirs of such parties, but shall not be binding upon any school or park district affected by the development which is not a party to such agreement. Land shall be dedicated or cash in lieu of land shall be contributed as required under this Chapter for any such nonparty school or park district.
(D) Negotiations Not To Delay Plat Approval: Unless a developer agrees in writing to an extension of time for approval of a final plat of subdivision or planned unit development, the approval of such final plat shall not be delayed to allow or compel negotiations or execution of a land or cash contribution agreement between a developer and one or more of the school and park districts affected by a proposed development. (Ord. 0-56-87, 12-7-1987)