A. All persons, firms or corporations subdividing land for residential purposes will, prior to the recording of their respective final plat, and subject to the other provisions hereinafter following:
1. Dedicate land to be used solely and exclusively for public park and recreation purposes; or
2. Make an equivalent monetary contribution based upon a value of the land required to be dedicated, in lieu of the actual transfer of land.
B. When a proposed development contains an area delineated on the comprehensive plan as a park or playground site, that area must be reserved on the final plat. However, when the area exceeds the predetermined amount of land to be dedicated (as established by the formula or fixed rate) the excess area shall be reserved until the shorter of the following conditions are met:
1. The development is seventy five percent (75%) completed; or
2. The city exercises its option to purchase the excess area within three (3) years of plat approval. If the city does not exercise its purchase option either before the completion of seventy five percent (75%) of the development, or in three (3) years, the land will revert to the developer to be used as desired. (Prior Code, Chapter 16, as amended)