Real property within the boundaries of a final subdivision tract map or parcel map shall be reserved for parks, recreational facilities, fire stations, libraries or other public uses, subject to the following conditions:
A. Standards for Reservations. The requirement for a reservation of real property shall be based upon a duly adopted Specific Plan or an adopted General Plan containing a Community Facilities Element, a Recreation and Parks Element or a Public Building Element and the required reservations shall be in accordance with definite principles and standards contained therein. The reserved area shall be of such size and shape to permit the balance of the property within which the reservation is located to develop in an efficient and orderly manner and the amount of land reserved shall not make development of the remaining land held by the subdivider or developer economically unfeasible. The reserved area shall conform to the adopted Specific or General Plan and shall be in such multiples of streets, lots and parcels as to permit an efficient division of the reserved area in the event that it is not acquired within the prescribed period; in such an event, the subdivider or developer shall make those changes as are necessary to permit the reserved area to be developed for the intended purpose, consistent with good subdividing practices.
B. Procedure. The City or other public agency for whose benefit an area has been reserved shall at the time of approval of the final tract map or parcel map enter into a binding agreement, in a form approved by the City Attorney, to acquire such reserved area within two years after the completion and acceptance by the City of all improvements required as condition of the approval of the map, or, if no improvements were required, within two years from the date of recordation of the tract map or parcel map, unless such periods of time are extended by mutual agreement.
The purchase price shall be the fair market value of the reserved land, determined at the time of the filing of the tentative map or parcel map, plus the taxes against the reserved area from the date of the reservation and any other costs incurred by the subdivider or developer in the maintenance of the reserved area, including interest costs incurred on any loan covering such reserved area.
C. Termination of Reservation. If the City or other public agency for whose benefit an area has been reserved does not enter into such a binding agreement, the reservation of such area shall automatically terminate.
(Ord. 2722 (part), 1990).