When consideration is given by the subdivider to the allocation of areas suitably located, and of adequate size for playgrounds, school sites, parks, and recreation facilities, as indicated in the master plan and zoning code, the areas shall be provided by one of the following methods.
(A) Dedication to the municipality.
(B) Reservation of land for the use of property owners by deed or covenants.
(C) Reservation for acquisition by the municipality or school board within a period of two years. The reservation shall be made in such manner as to provide for a release of the land to the subdivider in the event that the municipality or school board does not proceed with the purchase.
(‘83 Code, § 151.37) (Ord. 70-008, passed 7-27-70) Penalty, see § 10.99