(A) Where a tract to be subdivided contains all or any part of a park, school, flood control facility or other area shown on the general plan as a public area, or required by Town Council as a public area, the site shall be dedicated to the public or reserved for acquisition by the public within a specified time period. The developer and the appropriate public agency shall reach an agreement regarding the acquisition prior to consideration of final plat by Town Council.
(B) The town may reserve land within a proposed subdivision for public schools and parks, recreational facilities, public safety facilities, open space, water and wastewater facilities and public safety annexes, subject to the following conditions:
(1) The required reservations are in accordance with principles and standards adopted by Town Council, which standards include the policies for open space set forth in the general plan.
(2) The land reserved shall be of such a size and shape as to permit the remainder of the land area of the subdivision within which the reservation is located to develop in an orderly and efficient manner.
(3) The public agency for whose benefit an area has been reserved shall have a period of one year after the recording of the final subdivision plat to enter into an agreement to acquire the reserved land area.
(4) If the public agency for whose benefit an area has been reserved does not exercise the reservation agreement set forth in this section within a one year period or the extension of time as may be mutually agreed upon by the public agency and the developer, the reservation of the area shall terminate.
(Prior Code, Ch. 4, Art. V, § 4-370) (Ord. 432-06, passed 6-19-2006)